Message #8 From:
NewsBot Date: January 11, 2008 09:15:02 AM
Tao Minerals Ltd. Update of the El Colmillo Mine Project Acquisition
Tao Minerals Ltd. ("Tao") (OTCBB: TAOL)
is pleased to announce a three-month extension of the time period to
acquire the El Colmillo Mine Project that it is in final negotiations to
acquire, as previously announced. The El Colmillo Mine is a producing gold
property in the Vegas De Segovia mining district, department of Antioquia,
Colombia. The El Colmillo mine is currently being mined and operated with
reasonable equipment and Tao is confident that the project could be turned
into a highly efficient producing gold project with minimal capital costs.
Tao is proposing a plant that would operate initially at 30 tonnes/day with
production doubling every 180 days during the first year. RMS-Ross will
provide a detailed report in the near future outlining the proposed design
and equipment costs.
The El Colmillo Mine presents an excellent opportunity for Tao to take
advantage of the near record high gold bullion prices and provides an
internal source of cash flow to fund its ongoing development of the El
Colmillo mine and further drilling to increase reserves on the property.
Historically one of the largest gold producing countries in the world,
Colombia's vast mineral potential has remained virtually unexplored using
modern exploration and mining techniques. Colombia's gold reserves haven't
been tapped in part because of 50 years of armed conflict involving the
army, left-wing guerillas, right-wing death squads and drug cartels, a
lethal mix that made mining dangerous. Driven by a new era of political and
economic stability and an investment-friendly mining code, Colombia has
emerged as one of the resource sector's most attractive new mining
frontiers. Tao president, James A. Sikora, stated, "Industry experts
believe there are rich pickings to be had for the early entry companies
into the virtually untouched gold belts of Colombia, and Tao Minerals Ltd.
is already well positioned to capitalize on those opportunities.
Tao Minerals Ltd. is a leading producer of gold and precious metals
currently operating in Colombia. For further information, please visit our
website at: www.taomining.com
Notice Regarding Forward-Looking Statements
This news release 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. Such forward-looking
statements include, among other things, the expectation of the gold
production of the property to be acquired, the minimal capital costs to
upgrade the El Colmillo operating plant. 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. 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 annual
report on Form 10-KSB for the 2005 fiscal year, our quarterly reports on
Form 10-QSB and other periodic reports filed from time to time with the
Securities and Exchange Commission.
Contact:
James A. Sikora
President Tao Minerals Ltd.
1-877-700-1644
