New Parallel Mineralized Vein Structure Discovered at La Currita
Monday July 23, 9:00 am ET
CHICAGO, IL--(MARKET WIRE)--Jul 23, 2007 -- Tara Gold Resources Corp. (Other OTC:TRGD.PK - News) (Frankfurt:T8N.F - News) is pleased to announce that a second vein named "Sulema II," has been discovered at the La Currita gold and silver project in Temoris, Mexico.
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In May of 2007, Tara Gold signed a Joint Venture Agreement with Raven Gold Corp. giving Raven the option to earn up to 60% interest in the La Currita Groupings by making certain payments to Tara Gold, issuing 1,500,000 shares, making all remaining property payments, which have been made, and spending a minimum of $4.25 million over 30 months.
This new vein structure was discovered approximately 7.5 meters off of the footwall of the Sulema I vein and carries the same dip as Sulema I. Sulema II is approximately 8 meters wide at the point of discovery and runs parallel to the Sulema I vein. The discovery was made inadvertently while mining Level 1 of the Sulema I vein, and confirmed on surface while preparing to begin open pit mining methods.
Initial production ore from the Sulema II vein has been processed through the mill with the resulting head grades running slightly better than the Sulema I vein. The Phase 1 Exploration Program is now considering underground drilling to search for additional parallel vein structures. Mining at Level 1 will now continue with the additional working face of the Sulema II vein.
About La Currita
The La Currita Groupings includes 4 mines, a 300 ton/day operating floatation mill and stockpiled ore. The La Currita mine was in steady production from 1983 until 1998. A diamond drilling exploration program conducted in 1998 indicated grades of 2.59 g/t Au and 200 g/t Ag. Existing mines and mineralized structures hold potential to increase tonnage through systematic exploration. The area surrounding La Currita has numerous mines and recent substantial discoveries. Adjacent to the La Currita holdings, Palmarejo recently merged with Coeur d'Alene Mines Corporation and Bolnisi Gold NL, in a transaction valued at approximately US$1.1 billion, creating the world's leading primary silver producer. In addition, about 20 miles to the SE is the 170,000 ounce/year Glamis Gold's El Sauzal gold mine and 40 miles to the North is Gammon Lake Resource's Ocampo Gold-Silver Project with a projected 270,000 gold-equivalent ounces/year.
Rascal@Bling.com |
