CHICAGO, IL--(Marketwire - April 1, 2010) - Tara Minerals Corp. (
Under the original terms of the Agreement, Adit had the right to acquire a 100% interest in Picacho by making payments totaling $4,800,000, plus value-added tax of $720,000. An initial payment of $575,000 had already been made. The remainder of the purchase price was payable in varying installments with a final payment of $3,507,500 due in 2012.
Under the revised Agreement, Adit paid the vendor $500,000 (plus applicable taxes); and issued the vendor 320,000 shares of Adit's common stock, which was valued at $2.50 per share; and issued the vendor 437,500 shares of Tara Minerals common stock, which was valued at $4.00 per share.
Adit will pay for the shares issued by Tara Minerals by means of a convertible note. Terms of the note will provide for conversion, at the option of Tara Minerals, of the full amount plus interest at $1.00 per Adit share, if the note plus interest is not repaid by July 1, 2010.
Tara Minerals owns 90% of Adit Resources Corp., a private subsidiary. Targets at Picacho consist of four multi-stage gold/silver bearing veins and breccias totaling a length of over 8 1/2 kilometers. Past drilling intercepted 11.28 meters true thickness, grading 15.57 grams per tonne gold and 32.4 grams per tonne silver within a 150 meter wide ore-shoot. Exploration efforts at Picacho are ongoing.
Mr. Robert Wheatley, President of Adit Resources Corp., commented, "Having mined Picacho in the past, the vendor is very familiar with its potential and wanted to participate in its future success. We now own full title to the concessions and will proceed with an aggressive program to unlock its potential."
About Tara Minerals Corp. (
Tara Minerals Corp. is generating cash from the sale of Silver, Zinc, and Lead concentrate from its producing Don Roman mine and mill, located in Choix, Mexico. Management is focused on creating long-term shareholder value as this capital is deployed to increase throughput, enhance resources, further outline new discoveries/targets, and acquire additional strategic assets. Tara's strength in recognizing value early and strategy of reducing risk through a foundation of cash flow, positions it for low-risk value creation.
About Adit Resources Corp.
Adit Resources Corp. is a growth-oriented precious metals exploration and development company with an objective to become a significant precious metals producer by exploring, developing, and reinitiating production at the Picacho project in México and other North American exploration/advanced-stage projects.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Contact Information:
Websites: www.TaraMinerals.com, www.AditResources.com
Francis Biscan Jr.
Phone: (630) 462-2079