Tara Minerals Corp., with 100% interest in several gold/zinc/silver/lead mining properties in northwestern Mexico, announced today that they have entered into a definitive agreement for the startup of mine and mill operations at the company’s Don Romain project in the state of Sinaloa, Mexico.
Carnegie Mining and Exploration, Inc. will invest $13 million in exchange for an undivided 50% interest in various high-grade gold, silver, zinc, lead, and iron ore concessions. According to a preliminary assessment report by Hanlon Engineering & Architecture, the existing plant can be put back into production within a short time. Though work will still be needed to estimate the available tonnage, the report verified numerous visible veins, and confirmed the existence of high-grade material.
Tara Minerals President, Mr. Francis Biscan, Jr., commented on the agreement. “Carnegie’s technical team recognizes the significant near-term revenue potential our project offers, combined with the large scale long term development potential of our holdings. With the definitive agreement now behind us, Carnegie can begin to mobilize its considerable technical and financial resources to meet an aggressive development time line. We look forward to working with them to extract revenue from our gold, silver, zinc, lead and iron ore projects.”
Tara also announced the appointment of David Barefoot to the position of Chief Operating Officer. Mr. Barefoot has been involved over the past year in streamlining and strategy development for the company, and will help build and manage the company’s team in Mexico and the U.S. He will also work closely with Carnegie Mining on developing Tara’s near-term revenue generating projects.
In addition to its current projects, Tara Minerals is also pursuing future growth opportunities, and believes it is in a strong position to acquire additional opportunities due to its established office and relationships in Mexico.
For more information, visit the company’s website at www.TaraMinerals.com
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