Tao Minerals Provides Update on $1 Million Financing Commitment

Tag : minerals

MEDELLIN, COLOMBIA -- (Marketwire) -- 10/03/08 -- Tao Minerals,Ltd. ( TAOL ) is pleased to provide this update regarding the status of thecompany's current financing arrangements. Tao and the lender of the$1,000,000 financing previously announced in a news release datedApril 10, 2008 have jointly agreed to the cancellation of thatagreement. Due to the cancellation of the agreement, Tao will notbe filing the registration statement required by the terms of thatfinancing. The conversion rights for the $125,000 tranche that hasbeen received by Tao from this financing will be held for anadditional 6 months.
About Tao Minerals, Ltd.
Tao Minerals ( TAOL ) is a junior exploration company based in Medellin, Colombia. Taois successfully positioning itself as a leader in gold explorationin Colombia through key acquisitions of properties with exceptionalpotential for low extraction cost deposits. Tao's focus in calendar2008 is on the upgrading and initiation of operations of its ElColmillo mine, which offers the potential to quickly provide astrong revenue stream, able to fund exploration activities on theestimated high grade gold deposit of its Golondrina property andfinance additional acquisitions, while greatly enhancingshareholder value.
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as thatterm is defined in Section 27A of the United States Securities Actof 1933 and Section 21E of the Securities Exchange Act of 1934.Statements in this press release which are not purely historicalare forward-looking statements and include any statements regardingbeliefs, plans, expectations or intentions regarding the future,including but not limited to, the entry into any agreements forfuture financings and the conversion of the $125,000 tranche thathas been received by Tao.
Actual results could differ from those projected in anyforward-looking statements due to numerous factors. Such factorsinclude, among others, the inherent uncertainties associated withmineral exploration. We are not in control of metals prices andthese could vary to make development uneconomic. Theseforward-looking statements are made as of the date of this newsrelease, and we assume no obligation to update the forward-lookingstatements, or to update the reasons why actual results coulddiffer from those projected in the forward-looking statements.Although we believe that the beliefs, plans, expectations andintentions contained in this press release are reasonable, therecan be no assurance that such beliefs, plans, expectations orintentions will prove to be accurate. Investors should consult allof the information set forth herein and should also refer to therisk factors disclosure outlined in our most recent annual reportfor our last fiscal year, our quarterly reports, and other periodicreports filed from time-to-time with the Securities and ExchangeCommission.