Carnegie Mining and Exploration Inc. and CME Operations, LLC, Files Suit against Tara Minerals Corp. for Its Alleged Actions in Collusion with CME’s Past Employees

DALLAS--(BUSINESS WIRE)--Carnegie Mining and Exploration Inc., a Panamanian corporation, and CME Operations, LLC, a Delaware Limited Liability Company, with specific focus on the mining business in Mexico, has amended the suit filed on December 9, 2011 to include Tara Minerals, Corp. (OTC: TARM), a U.S. based exploration company with mining concessions in Mexico. The original suit includes Tom Claridge and Steve Eady, two former CME employees, and Jeff Holt as defendants.

The lawsuit asserts that Tara was the beneficiary of the misappropriation of proprietary information alleged in the original suit which was provided to Tara by Claridge, Eady and Holt. The suit further alleges that Tara breached its fiduciary duty and conspired with Claridge, Eady and Holt to tortiously interfere with the agreement between Carnegie and Tara by the introduction of third-party investors in competition with Carnegie despite the fact that the agreement gave Carnegie exclusive rights. The suit also asserts other causes of action against Tara including conversion, misappropriation of trade secrets and fraud. Tara was introduced to HARSCO Corporation, an iron ore buyer and potential investor, by Claridge and Holt through an intermediary, Pittsburgh Mineral & Environmental Technology, Inc. (PMET).

As part of the original suit, Carnegie was granted an injunctive order preventing Claridge and Eady from using or disclosing, including to Tara, any confidential information and intellectual property misappropriated prior to their resignation. As a result, if Claridge or Eady continues to pursue any contacts of Carnegie or uses such confidential information they would be in contempt of court and subject to penalties imposed by the judge. According to a press release on December 6, 2011, Tara appointed Eady as Chief Geologist and Claridge as Senior Mining and Plant Engineer.

The lawsuit seeks injunctive relief against the defendants to prevent the selling, encumbering or proceeding with any mining activities that are the subject of the Carnegie Tara agreement including all of the Don Roman grouping concessions and Iron Ore Properties which includes the Champinon mine.

HARSCO and PMET are not parties to the suit at present.

The case was filed in the United States District Court, for the Northern District of Texas, Dallas Division, Civil Action No. 3:11-CV-3540-M and is styled CME Operations, LLC and Carnegie Mining and Exploration, Inc. vs. Tom Claridge, Steve Eady, Jeff Holt and Tara Minerals Corp. Plaintiffs are represented by Derek D. Rollins of Shackelford, Melton & McKinley, LLC and Robert F. Kemp in Dallas, Texas. Defendants are represented by Steven R. Pierret of Hill Gilstrap, P.C. in Arlington, Texas.