Tara Minerals Announces Cancellation of Tentative Merger Agreement With Tara Gold Resources
CHICAGO, IL -- (Marketwire) -- 03/07/11 -- Tara Minerals Corp. (OTCBB: TARM) (BERLIN: 6T3) today announced that Tara Gold Resources Corp. has elected not to move forward with the tentative share exchange agreement with Tara Minerals announced on September 13, 2010. The boards of directors for both companies have mutually agreed not to pursue further negotiations.
Tara Minerals is currently engaged in the development of the Don Roman silver/zinc/lead mine and mill, owns approximately 87% of the common stock of Adit Resources Corp., and holds several other mineralized prospects.
Tara Minerals has entertained a number of site visits from potential operating partners regarding a potential Joint Venture at Don Roman. Tara Minerals management will determine the most expedient approach to advancing Don Roman's near term production potential, whether by partnering with an experienced partner or by hiring a qualified operating team.
Tara Minerals is also working with Adit towards the completion of the Definitive Agreement with Yamana Gold Inc. that grants Yamana an option to acquire up to a 70% interest in the Picacho gold/silver project (see news release dated Feb. 2, 2011).
About Tara Minerals Corp. (http://www.TaraMinerals.com)
Tara Minerals Corp. is advancing the development of its Don Roman mine and mill, located in Choix, Mexico and completing the Definitive Agreement with Yamana Gold Inc. that grants Yamana an option to acquire up to a 70% interest in the Picacho gold/silver project. Management is focused on creating long-term shareholder value and deploying its capital to advance its projects by enhancing resources, further outlining new discoveries/targets, and acquiring additional strategic assets. Tara's strength in recognizing value early and strategy of reducing risk through a foundation of cash flow, positions it for low-risk value creation.
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