Message #4 From:
NewsBot Date: June 28, 2006 01:10:00 PM
TAOL News Tao Minerals Announces Completion of Preliminary Project Report for Camelia Gold Property Confirming Positive Results
MEDELLIN, Colombia--(BUSINESS WIRE)--June 28, 2006--Tao Minerals Ltd. (OTCBB:TAOL) announced that the preliminary project report on the potential acquisition of the Camelia gold property per the Letter of Intent ("LOI") announced June 26th indicates favorable results. The preliminary geology report for the Camelia project confirms extensive vein systems and significant mineralization.
Earlier this week Tao Minerals announced the execution of a non-binding Letter of Intent with Minera Tao S.A. to acquire the Camelia mining project, a large gold property covering 45 hectares (or 111 acres). Negotiations regarding the acquisition are in the final stages.
According to the preliminary geology report prepared by Duncan Bain, certified professional geologist and Director of Tao Minerals, the Camelia project is composed of Dagua Group Upper Cretaceous quartzites and siliceous siltstones intruded by a granodiorite plug and contains a wide mineralization zone. There are at least three different crosscutting vein sets. The principal vein ranges between 0.4 m and 2.0 m in width. Other veins range between 3 and 20 cm (or more) in width. All carry some sulphides, and free gold was seen in both quartz and with the sulphides. Disseminated sulphides were seen in the host rock sediments, and these will probably contain low-grade gold values, although these have yet to be checked. Samples were taken including samples from two newly reported workings and samples of mixed vein and host rock material. It is anticipated that, when completed, assay results will show good values from the vein and sulphide material. Panned concentrates from both vein material and tailings showed fine to medium gold.
"We are very pleased with the preliminary geology report's findings for the Camelia mine and plan to move forward with our acquisition," commented Jim Sikora, President of Tao Minerals. "Our strategy is to acquire rich but under-developed gold properties in Colombia. The study confirms Camelia is an excellent addition to our growing portfolio of high-potential gold projects and we look forward to confirming the tonnage and grade of the deposit."
Tao Minerals Ltd. is a gold exploration company focused on acquiring and developing mining properties in Colombia. The company has acquired and begun sampling at its Golondrina gold and silver property where final results from a recent trenching program indicate multiple high grade gold values up to 72.87 grams per tonne. Tao Minerals in the final stages of acquiring two additional gold mining projects in southwestern Colombia with world-class potential. These acquisitions are intended to complement the company's Golondrina project and would allow for a large-scale processing plant in the area.
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 execution of a non-binding Letter of Intent with Minera Tao S.A. to acquire the Camelia mining project. 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. We are not in control of metals prices and these could vary to make development uneconomic. 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 last reported fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
For further information, please contact:
James Sikora, President, Tao Minerals
Oficina 618 Ventura Mall
Carrerra 32 No1B Sur 51
Medellin, Colombia
011 5743 110 720
