October 3, 2008
Tao Minerals Provides Update on $1 Million Financing Commitment
Tao Minerals, Ltd. (OTCBB: TAOL) is pleased to provide this update regarding the status of the company's current financing arrangements. Tao and the lender of the $1,000,000 financing previously announced in a news release dated April 10, 2008 have jointly agreed to the cancellation of that agreement. Due to the cancellation of the agreement, Tao will not be filing the registration statement required by the terms of that financing. The conversion rights for the $125,000 tranche that has been received by Tao from this financing will be held for an additional 6 months.
About Tao Minerals, Ltd.Tao Minerals (OTCBB: TAOL) is a junior exploration company based in Medellin, Colombia. Tao is successfully positioning itself as a leader in gold exploration in Colombia through key acquisitions of properties with exceptional potential for low extraction cost deposits. Tao's focus in calendar 2008 is on the upgrading and initiation of operations of its El Colmillo mine, which offers the potential to quickly provide a strong revenue stream, able to fund exploration activities on the estimated high grade gold deposit of its Golondrina property and finance additional acquisitions, while greatly enhancing shareholder value.
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the entry into any agreements for future financings and the conversion of the $125,000 tranche that has been received by Tao.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact Info: Tao Minerals Investor Relations 1-877-331-8777 [email protected]www.Taomining.com
SOURCE: Tao Minerals Ltd.