Message #5 From:
NewsBot Date: August 8, 2006 01:00:00 PM
TAOL News Tao Minerals Updates Project Report for Trenching and Drill Program at Golondrina Property, Colombia
MEDELLIN, Colombia--(BUSINESS WIRE)--Aug. 8, 2006--Tao Minerals Ltd. ("Tao Minerals") (OTCBB:TAOL) reports today that it has received final cost and budget reports from its geological team for the Golondrina Project. This report gives a full project cost breakdown for all phases of the project including current phase two trench excavations, cartography and sampling analyses. Phase three and phase four rotator diamond drill program costs are included along with all camp and manpower budgets. The very favorable equipment and manpower costs continue to show Tao the benefits and excellent opportunity of developing gold projects in Colombia.
This report gives Tao Minerals a clear view of its costs for this key project and property in the Pasto region of southern Colombia. As reported earlier the phase one trenching and sampling program at the Golondrina produced multiple high grade gold values up to 72.87 grams per tonne. Tao Minerals has a number of recent trench samples at the lab for analysis and expects to report on those within the next ten days.
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.
