Tara Gold Commences Production at Its La Currita Silver/Gold Project in Temoris, Mexico
Posted on: Wednesday, 20 June 2007, 09:01 CDT
Tara Gold Resources Corp. (PINKSHEETS: TRGD) (FRANKFURT: T8N) and Raven Gold Corp are pleased to announce that the La Currita mill upgrades have been completed and production has commenced to produce concentrate. In May of 2007, Tara Gold signed a Joint Venture Agreement with Raven Gold Corp giving Raven the option to earn up to 60% interest in the La Currita Groupings by making certain payments to Tara Gold, issuing 1,500,000 shares, making all remaining property payments, spending a minimum of $4.25 million over 30 months.
The La Currita Mill upgrades have now been completed and it is now capable of operating at the rate of 300 tonnes per day. Mine engineering and development has increased the potential for ore production to 320 tonnes per day. Once production has reached full capacity, the plant should produce approximately 1.5 tonnes of concentrate per operating day. The scale of future enhancements to the La Currita mill will be based on the upcoming exploration work to be undertaken by Raven Gold.
Mr. Francis Biscan Jr., President of Tara Gold Resources, stated, "We are very pleased to be back into production at La Currita and generating revenue. The grades we have been processing at La Currita have been better then expected and we look forward to the upcoming exploration program being conducted by our partner Raven Gold to expose the full potential of La Currita."
About La Currita
The La Currita Groupings includes 4 mines, a 300 ton/day operating floatation mill and stockpiled ore. The La Currita mine was in steady production from 1983 until 1998. A diamond drilling exploration program conducted in 1998 indicated grades of 2.59 g/t Au and 200 g/t Ag. Existing mines and mineralized structures hold potential to increase tonnage through systematic exploration. The area surrounding La Currita has numerous mines and recent substantial discoveries. Adjacent to the La Currita holdings, Palmarejo recently merged with Coeur d'Alene Mines Corporation and Bolnisi Gold NL, in a transaction valued at approximately US$1.1 billion, creating the world's leading primary silver producer. In addition, about 20 miles to the SE is the 170,000 ounce/year Glamis Gold's El Sauzal gold mine and 40 miles to the North is Gammon Lake Resource's Ocampo Gold-Silver Project with a projected 270,000 gold-equivalent ounces/year.
About Tara Gold Resources Corp.
Tara Gold Resources Corp. is a growth-oriented precious metals exploration and development company with existing production plants. It is management's objective to become a significant gold and precious metals producer by re-initiating and increasing production levels at La Currita, Lluvia de Oro and Picacho, and developing the San Miguel, La Millionaria, Pilar De Mocoribo and Las Minitas projects in Mexico. We continue to acquire other advanced-stage projects and/or producing mines in one of the most prolific precious metal districts in the world. For more information, please visit the Company's web site at: http://www.TaraGoldResources.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Contact Tara Gold Resources Corp.: Website: www.TaraGoldResources.com E-mail: president@taragoldresources.com Investor Relations: 317-218-0204 Investor Relations Website: www.sfpindy.com
SOURCE: Tara Gold Resources Corp.
Source: MARKET WIRE
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