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NewsBot Date: April 19, 2006 06:31:53 PM
TAOL Tao Minerals, Stock Message Board, Quote, DD, News
Tao Minerals Inc. Pursuing Additional Colombian Property Acquisitions
Tao Minerals Ltd. ("Tao Minerals") (OTCBB:TAOL message board, news, dd, quote): Mr. James A. Sikora President of Tao Minerals Ltd (the Company) announced today that the Company has entered into negotiations to acquire a majority interest in two properties located in close proximity to their Golondrina property, in the Narino Department, southwest region of Colombia. Limited gold production is currently being conducted on the properties.
Company management considers these properties to be good prospects for potential future exploration. The Company has already acquired an interest in two properties a 100% interest, the Whale Mine property located 30 miles south west of Las Vegas, Nevada, and the option to acquire a 100% interest in Golondrina Gold and Silver property located in southwest Colombia.
As this proposed transaction is still in the negotiation stage, it is not possible to determine what interest may be acquired, what the acquisition terms may be, and what conditions the transaction may be subject to. There is no assurance that Tao Minerals Inc. will be able to successfully complete negotiations and enter into an acquisition agreement or that it will be able to complete such acquisition.
Tao Minerals Begins Work Program at Golondrina Project
Mr. James A. Sikora, President of Tao Minerals Ltd. ("Tao Minerals") (OTCBB:TAOL), is pleased to announce that work has begun on its 100%-owned Golondrina gold and silver property in southwest Colombia.
Phase 1 of the program will consist of grab and surface samples, followed by a detailed trenching program, ultimately leading up to identifying drill targets for a second phase diamond drilling program later on this summer.
The Golondrina gold/silver property is located in the southwest region of Colombia in the Mining District of Pasto.
Mr. Duncan Bain (P. Geo) states: "Historically individual veins have been mined for their high-grade precious metals, which has ranged up to 100g/tonne gold. This material is either crushed and panned by hand or is sent to a stamp mill usually located directly below the mine. This is the current mining method in the region. Few modern methods have been applied to the property to determine its large tonnage potential."
It is important to understand the current status of the Golondrina project. Tao Minerals is not exploring Golondrina to establish whether there is gold-silver in existence; this has already been determined by the fact that local miners have been extracting significant grades for years. The company's current task is to determine the metrics of grade and tonnage. As a result of recent financing activities Tao Mineral's exploration team is in an ideal position to begin exploration on this highly prospective property.
Tao Minerals, Ltd. (the "Company") (OTCBB:TAOL) is pleased to announce that the company has successfully secured a commitment for a total of $1.0 Million in equity financing with a private investment group. This placement will provide funding for an upcoming exploration program followed by a diamond drilling program.
Jim Sikora, President of Tao Minerals, stated, "We are very pleased to have this financing in place; this funding provides the necessary capital to explore and develop our Golondrina prospect."
Tao Minerals Ltd. (the "Company"), (OTCBB:TAOM) today wishes to announce that, as contemplated in its news release disseminated on February 1, 2006, it has executed an Assignment Agreement (the "Definitive Agreement"), with Primecap Resources Inc., of Las Vegas, Nevada, (Primecap), concerning the acquisition of Primecap's option (the "Option"), to acquire a 100% interest in the Risaldo La Golondrina D14-082 mineral property located in Narino, Colombia (the "Property"). Primecap had been granted the Option by Nueva California S.A., of Medellin, Colombia, pursuant to the terms and conditions of a Heads of Agreement dated August 23, 2004 (the "HOA").
The Definitive Agreement provides for the assignment of the Option for the following consideration:
a. Payment of US$150,000, payable on or before March 15, 2006, and upon execution of the Definitive Agreement; and
b. The issuance of 2,500,000 common shares in the capital stock of the Company, subject to applicable trading restrictions, to Nueva California which will be issued either contemporaneous with the payment of US$150,000 or within 14 days of the execution of a Definitive Agreement, whichever is the earlier.
In addition, the Company will assume Primecap's financial obligations under the HOA.
The Company wishes to announce further the appointment of Duncan Bain, of London, Ontario, to its Board of directors, and the appointment of James Sikora, a current director, as its President. Donald Axent, the Company's current President, has decided to resign as both the Company's President and a director.
Mr. Sikora's full time duties will be the management and supervision of the mineral exploration and development programs to be carried out on the Property. Mr. Sikora is also a director, officer and principal shareholder of Nueva California and Primecap.
Mr. Bain holds a P.Geol designation, is a fellow of the Geological Association of Canada and is a member of the Prospectors and Developers Association of Canada. Mr. Bain will assist Mr. Sikora in implementing the present and future phases of exploration on the Property. In addition, Mr. Bain will assist in the identification and acquisition of future properties of merit in Colombia.
About the Golondrina Gold-Silver Project
The Golondrina Gold-Silver Project is located in the Municipality of Los Andes Sotomayor, Department of Narino, in the southwest part of the state of Colombia, South America. The property is underlain by Dagua Group fine-grained layered qaurtzites (siliceous clastic sediments) of Cretaceous age. These contain minor basalt flows and diabase dikes of the same age. Intruded into these sediments is a small (2 km X 0.5 km) biotite-hornblende tonalite body of Tertiary age. It is associated with the larger Vergel Stock, which is found 7 kilometres to the NW. The intrusion has a 100 m wide hornfelsed contact aureole against the sediments.
Mineralization on the Golondrina Project is confined to milky white quartz veins which contain disseminated sulpides. These sulphides include pyrite, chalcopyrite (copper) and galena (lead). Vein widths range between 5 and 50 cm.
Historically individual veins have been mined for their high-grade precious metals, which have ranged up to 100 g/tonne gold. This has been done by selecting small amounts of probable gold enrichment.
Tao Minerals Ltd. was recently listed for trading on the OTC BB and its primary objectives are to be active in the mineral exploration industry. In order to increase shareholders' equity value the Company plans to identify, acquire and explore additional mineral properties of merit with a view to eventually discovering mineral deposits economically feasible for exploitation.
Safe harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Tao Minerals Ltd. has little or no control.
ON BEHALF OF THE BOARD
Don Axent (President)
Tao Minerals Ltd.
Don Axent, 807-344-2644
Facsimile: 807-344-2412
