Tao Minerals Ltd. (OTCBB: TAON) Provides Update on Corporate Activities
MEDELLIN, COLOMBIA - April 30, 2010 (Investorideas.com Mining stocks Newswire) - Tao Minerals Ltd. (Tao) (OTC.BB:TAON) is pleased to provide an update of its operations and corporate activities. In the past six months Tao has undergone a complete reorganization. This was done to provide more attractive financing options as the company moves forward focused on development and production at its El Colmillo Gold project. Market conditions for financing have improved and specifically recent successes by companies such as Ventana Gold Corp. have improved the financing prospects for other mining companies in Colombia. Tao will be providing an update of its financing activities in the near future.
The International Finance Corporation (IFC), an investment branch of the World Bank has identified Colombia as a primary target for mining investment because of the potential for substantial economic impact from the mining sector. The Colombian government has been recognized as one of the best pro-business reformers globally in recent years by the World Bank and with the country gaining economic stability, new legislation provides foreign investors with a high degree of legal protection and security.
Tao believes that the security situation at its El Colmillo gold project in Colombia has continually improved during the time frame under which the company has been reorganized. As previously announced on April 6, 2009 Tao was working with federal and local authorities to improve security in the area and specifically the El Colmillo Gold Mine. Local mayors and townspeople who were employed at the mine site have exerted considerable political influence on the Colombian government to clean up the situation with the guerrillas in the area and are encouraged by the response from all authorities involved. Significant progress has been made and subject to a third party security assessment Tao is poised to resume operations and move the project to the production stage. The project will provide local employment and plans are moving ahead to upgrade the roads to this remote area to allow federal security forces access to the mine site greatly improving response times should the company experience any further security issues.
Tao Minerals Ltd. is a mining exploration and development company formed to acquire, develop, and exploit natural resource properties focusing primarily on the rich, yet highly underdeveloped gold deposits of Colombia doing so in a socially and environmentally responsible manner.
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 expectation that the proposed joint ventures will be completed, and the expectation that the security situation at El Colmillo will be resolved and that mine production will go ahead as planned at the El Colmillo Gold Mine. 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 and mine development. 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 2009 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Tao Minerals Ltd.
President & CEO
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