CHICAGO, IL -- (Marketwire) -- 08/09/11 -- Tara Minerals Corp. (OTCBB: TARM) (BERLIN: 6T3) is pleased to announce that the Company has entered into a Definitive Agreement for the start-up of the mine and mill operations at the Don Roman grouping located in the State of Sinaloa, Mexico. Carnegie Mining and Exploration, Inc. (CME) will invest $13 million to earn an undivided fifty percent (50%) interest in various high grade gold, silver, zinc, lead and iron ore concessions.
A preliminary assessment report, complete by Hanlon Engineering & Architecture, Inc., verified numerous visible veins, assayed and confirmed the existence of high grade material, and estimated that the existing plant can be put back into production within a short time frame. All twelve visited concessions "showed significant geologic evidence of their continuity and the samples collected confirmed the metal assays." It is expected that work needed to estimate the available tonnage will be carried out in parallel with the determination of the correct chemical and physical operating parameters for the start-up of production.
Mr. Francis Biscan Jr., President of Tara Minerals Corp., commented, "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."
Under the option, CME can earn an undivided thirty percent (30%) interest by incurring a minimum of $2 million to start-up the existing Don Roman silver/zinc/lead mill and achieve a production rate of 120 tonnes per day within 120 days and incur another $6 million to achieve a production rate of 360 tonnes per day within 12 months. To increase its undivided interest to fifty percent (50%), CME will incur an additional minimum $5 million to achieve and maintain a minimum production rate not to be less than 600 tonnes per day, within twenty-four months. In addition, CME has a ninety day option to incur a minimum of $1 million, from the above investment targets, to earn an undivided fifty percent (50%) interest in Tara's current and future iron ore projects within Mexico. CME will be the operator for all projects and net revenue will be shared equally.
The Company is also pleased to announce the appointment of Mr. David Barefoot to the position of Chief Operating Officer ("COO"). Over the last year, Mr. Barefoot has been an integral part of streamlining the company and overall strategy development with regards to advancing the company's portfolio of properties. Working closely with the CEO, he will continue to build and manage the strengths of the company's team in the US and Mexico. David's initial focus will be to work closely with the Carnegie team towards the development of Tara's near-term revenue generating projects.
For over 26 years, Mr. Barefoot has built or assisted in the turnaround of companies in multiple industries. His strengths include leadership, developing vision, team building, and consistent execution, which have produced a history of short term profitability and long term stability.
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