CybeRelease: (OTC: TAOL) Initiates Letter of Intent to Acquire Gold Mining Property
(CybeRelease, June 29, 2006) - Lake Harmony, PA - Tao Minerals Ltd. (“Tao Minerals”) (OTCBB: TAOL) announced today that it has executed a non-binding Letter of Intent with Minera Tao S.A. to acquire the Camelia mining property located in southwest Colombia’s Narino province. Preliminary phase one samples of the Camelia property indicate world-class potential gold.
Per the non-binding LOI executed today, Tao Minerals will purchase the Camelia property outright for $200,000 and two million company shares with $100,000 paid approximately July 1 or closing, and a further $100,000 payable October 1, 2006 with two million shares to be issued on closing, for a total price of approximately $1.7 million cash and stock.
The company’s Chief Geologist, Duncan Bain, working with Project Geologist, Carlos Vera, recently completed additional sampling work on the property and have determined that this project has excellent exposure with little overburden, allowing close inspection of the vein systems.
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