May 12, 2008
Mexoro Minerals Receives First Payment In Its Strategic Alliance With Paramount Gold And Silver Corp.
CHIHUAHUA, MEXICO DATE MAY 12, 2008 - Mexoro Minerals Ltd. Receives First Payment In Its Strategic Alliance with Paramount Gold and Silver Corp. (Trading Symbol: MXOM.OB).
Mexoro Minerals is pleased to announce that Paramount Gold and Silver Corp. (AMEX: PZG) (TSX: PZG) (Frankfurt: P6G, WKN: A0HGKQ) has advanced the initial $500,000 pursuant to its strategic alliance with Mexoro Minerals (OTCBB: MXOM and Frankfurt: OYA1). This initial advance will allow Mexoro to continue with its ongoing drill program. The secured convertible debenture bears interest at a rate of 8% per annum for a term of one year. Paramount will have the option to convert the debt into units as part of the overall financing. Paramount will retain the first right of refusal on all future financings of Mexoro for a period of four years.
Paramount Gold is a precious metals mining exploration company presently in the early stages of an extensive exploration program at their San Miguel project in the Guazapares Mining District, part of the Sierra Madre Occidental gold-silver belt of Mexico. Paramount Gold and Silver Corp. is the operator of the San Miguel project, which is a joint venture with Tara Gold Resources Corp. (OTC: TRGD.PK) (30%) who is required to contribute 30% of exploration costs to maintain their interest.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Mexoro Minerals Ltd.
C. General Retana #706
Col. San Felipe, C.P. 31203
Chihuahua, Chih., Mx