----

----

|  Nevada                              |   | 20-5000381        |
|-------------------------------------------|--------|------------------------|
| (State or other jurisdiction of           |   |  (I.R.S. Employer |
| incorporation or organization)            |   | Identification No.)    |
|                                      |   |                   |
| 2162 Acorn Court                          |   |                   |
| Wheaton, IL                               |   | 60189                  |
| (Address of principal executive offices)  |   |   (Zip code) |
|                                      |   |                   |
| Issuer's telephone number: (630) 462-2079 |   |                   |

| Large accelerated filer o | Accelerated filer o              |
|---------------------------|----------------------------------|
| Non-accelerated filer o   | Smaller reporting company þ |

----

----

----

|                                         |   | March 31, 2011 |        |   | Adjustment |   |       | March 31, 2011 |   |
|----------------------------------------------|--------|----------------|-------------|--------|------------|--------|------------|----------------|--------|
|                                         |   | (As Filed)     |        |   |       |   |       | (Restated)     |   |
| Stockholders’ equity                   |   |           |        |   |       |   |       |           |   |
| Technical data purchased with common stock   |   | $              | -           |   |       | $      | 1,007,315  |           |   | $ | 1,007,315 |   |
| Accumulated deficit during exploration stage |   | $              | (23,566,405 | )      |       | $      | (1,007,315 | )              |   | $ | (24,573,720 | ) |

|                                                       |   | Three MonthsEndedMarch 31, 2011 |       |   | Adjustment |   |       | Three MonthsEndedMarch 31, 2011 |   |
|------------------------------------------------------------|--------|---------------------------------|------------|--------|------------|--------|------------|---------------------------------|--------|
|                                                       |   | (As Filed)                      |       |   |       |   |       | (Restated)                      |   |
|                                                       |   |                            |       |   |       |   |       |                            |   |
| Exploration expenses                                       |   | $                               | 923,004    |   |       | $      | 1,007,315  |                            |   | $ | 1,930,319 |   |
| Net operating loss                                         |   | $                               | (1,618,491 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,625,806 | ) |
| Loss before income taxes                                   |   | $                               | (1,610,418 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,617,733 | ) |
| Net loss including non-controlling interest                |   | $                               | (1,610,418 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,617,733 | ) |
| Net loss attributable to Tara Minerals’ shareholders |   | $                               | (1,604,048 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,611,363 | ) |
| Comprehensive loss                                         |   | $                               | 1,639,435  | )      |       | $      | (1,007,315 | )                               |   | $ | (2,646,750 | ) |
| Net loss per share, basic and diluted                      |   | $                               | (0.03      | )      |       | $      | (0.02      | )                               |   | $ | (0.05 | ) |

----

|                                                       |   | From Inception(May 12, 2006)March 31, 2011 |        |   | Adjustment |   |       | From Inception(May 12, 2006)March 31, 2011 |   |
|------------------------------------------------------------|--------|--------------------------------------------|-------------|--------|------------|--------|------------|--------------------------------------------|--------|
|                                                       |   | (As Filed)                                 |        |   |       |   |       | (Restated)                                 |   |
|                                                       |   |                                       |        |   |       |   |       |                                       |   |
| Exploration expenses                                       |   | $                                          | 3,396,713   |   |       | $      | 1,007,315  |                                       |   | $ | 4,404,028 |   |
| Net operating loss                                         |   | $                                          | (24,962,126 | )      |       | $      | (1,007,315 | )                                          |   | $ | (25,969,441 | ) |
| Loss before income taxes                                   |   | $                                          | (26,904,130 | )      |       | $      | (1,007,315 | )                                          |   | $ | (27,911,445 | ) |
| Net loss including non-controlling interest                |   | $                                          | (23,973,148 | )      |       | $      | (1,007,315 | )                                          |   | $ | (24,980,463 | ) |
| Net loss attributable to Tara Minerals’ shareholders |   | $                                          | (23,566,405 | )      |       | $      | (1,007,315 | )                                          |   | $ | (24,573,720 | ) |
| Comprehensive loss                                         |   | $                                          | (23,848,045 | )      |       | $      | (1,007,315 | )                                          |   | $ | (24,855,360 | ) |

|                                                              |   | Three MonthsEndedMarch 31, 2011 |       |   | Adjustment |   |       | Three MonthsEndedMarch 31, 2011 |   |
|-------------------------------------------------------------------|--------|---------------------------------|------------|--------|------------|--------|------------|---------------------------------|--------|
|                                                              |   | (As Filed)                      |       |   |       |   |       | (Restated)                      |   |
| Cash flows from operating activities:                             |   |                            |       |   |       |   |       |                            |   |
| Net loss attributable to Tara Minerals’ shareholders        |   | $                               | (1,604,048 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,611,363 | ) |
| Exploration expenses paid with parent and subsidiary common stock |   | $                               | 744,685    |   |       | $      | 1,007,315  |                            |   | $ | 1,752,000 |   |

|                                                              |   | From Inception(May 12, 2006)ThroughMarch 31, 2011 |        |   | Adjustment |   |       | From Inception(May 12, 2006)ThroughMarch 31, 2011 |   |
|-------------------------------------------------------------------|--------|--------------------------------------------------------|-------------|--------|------------|--------|------------|---------------------------------------------------|--------|
|                                                              |   | (As Filed)                                             |        |   |       |   |       | (Restated)                                        |   |
| Cash flows from operating activities:                             |   |                                                   |        |   |       |   |       |                                              |   |
| Net loss attributable to Tara Minerals’ shareholders        |   | $                                                      | (23,566,405 | )      |       | $      | (1,007,315 | )                                                 |   | $ | (24,573,720 | ) |
| Exploration expenses paid with parent and subsidiary common stock |   | $                                                      | 1,969,060   |   |       | $      | 1,007,315  |                                              |   | $ | 2,976,375 |   |

----

TABLE OF CONTENTS

| PART I - FINANCIAL INFORMATION                                                                           | Page   |
|----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                     |   |
| Item 1.  Financial Statements                                                                  | 5      |
| Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations | 21     |
| Item 4.  Controls and Procedures                                                               | 22     |
|                                                                                                     |   |
| PART II - OTHER INFORMATION                                                                              |   |
|                                                                                                     |   |
| Item 1.  Legal Proceedings                                                                     | 23     |
| Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                           | 23     |
| Item 3.  Defaults Upon Senior Securities                                                       | 23     |
| Item 4.  [REMOVED AND RESERVED]                                                                | 23     |
| Item 5.  Other Information                                                                     | 23     |
| Item 6.  Exhibits                                                                              | 23     |
|                                                                                                     |   |
| SIGNATURES                                                                                               | 24     |

----

Table of Contents

ITEM 1.     FINANCIAL STATEMENTS

----

Table of Contents

|                                                                                                                                                                            |   | MAR 31, 2011          |        |   | DEC 31, 2010 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|-------------|--------|--------------|--------|
|                                                                                                                                                                            |   | (Unaudited)(Restated) |        |   | (Audited)    |   |
| Assets                                                                                                                                                                          |   |                  |        |   |         |   |
| Current assets                                                                                                                                                                  |   |                  |        |   |         |   |
| Cash                                                                                                                                                                            |   | $                     | 123,310     |   |         | $      | 157,579 |   |
| Recoverable value added taxes, net of allowance for bad debt of$1,252,689 and $1,366,533 at March 31, 2011 and December 31, 2010,respectively                                   |   |                  | 139,595     |   |         |   | 170,494 |   |
| Other receivables, net of allowance for bad debt of $3,170 and $4,692 atMarch 31, 2011 and December 31, 2010, respectively                                                      |   |                  | 122,405     |   |         |   | 104,828 |   |
|      Total current assets                                                                                                                              |   |                  | 385,310     |   |         |   | 432,901 |   |
| Property, plant, equipment mine development and land, net of accumulated depreciation of $353,462 and $295,925 at March 31, 2011 and  December 31, 2010, respectively |   |                  | 6,654,788   |   |         |   | 8,101,786 |   |
| Mining deposits                                                                                                                                                                 |   |                  | 59,462      |   |         |   | 53,368 |   |
| Deferred tax, non-current portion                                                                                                                                               |   |                  | 2,930,982   |   |         |   | 2,930,982 |   |
| Goodwill                                                                                                                                                                        |   |                  | 12,028      |   |         |   | 12,028 |   |
| Other assets                                                                                                                                                                    |   |                  | 74,029      |   |         |   | 157,870 |   |
| Total Assets                                                                                                                                                                    |   | $                     | 10,116,599  |   |         | $      | 11,688,935 |   |
|                                                                                                                                                                            |   |                  |        |   |         |   |   |   |
| Liabilities and stockholders’ equity                                                                                                                                      |   |                  |        |   |         |   |   |   |
| Current liabilities                                                                                                                                                             |   |                  |        |   |         |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                           |   | $                     | 755,364     |   |         | $      | 680,221 |   |
| Notes payable, current portion                                                                                                                                                  |   |                  | 231,161     |   |         |   | 824,001 |   |
| Notes payable related party                                                                                                                                                     |   |                  | 100,000     |   |         |   | 100,000 |   |
| Due to related parties, net of due from of $76,215 and $69,143 atMarch 31, 2011 and December 31, 2010, respectively                                                             |   |                  | 3,237,827   |   |         |   | 3,465,232 |   |
|       Total current liabilities                                                                                                                   |   |                  | 4,324,352   |   |         |   | 5,069,454 |   |
| Notes payable, non-current portion                                                                                                                                              |   |                  | 60,405      |   |         |   | 1,068,350 |   |
| Total liabilities                                                                                                                                                               |   |                  | 4,384,757   |   |         |   | 6,137,804 |   |
|                                                                                                                                                                            |   |                  |        |   |         |   |   |   |
| Commitments and contingencies                                                                                                                                                   |   |                  | -           |   |         |   | - |   |
|                                                                                                                                                                            |   |                  |        |   |         |   |   |   |
| Stockholders’ equity                                                                                                                                                      |   |                  |        |   |         |   |   |   |
| Common stock: $0.001 par value; authorized 200,000,000 shares; issuedand outstanding 58,479,987 and 57,236,288 shares at March 31, 2011and December 31, 2010, respectively      |   |                  | 58,480      |   |         |   | 57,236 |   |
| Additional paid-in capital                                                                                                                                                      |   |                  | 26,126,261  |   |         |   | 24,515,978 |   |
| Technical data purchased with common stock                                                                                                                                      |   |                  | 1,007,315   |   |         |   | - |   |
| Common stock payable, net of stock receivable of $0 and $212,744 atMarch 31, 2011 and December 31, 2010, respectively                                                           |   |                  | 844,685     |   |         |   | 1,129,696 |   |
| Other comprehensive loss                                                                                                                                                        |   |                  | (281,640    | )      |         |   | (246,253 | )  |
| Accumulated deficit during exploration stage                                                                                                                                    |   |                  | (24,573,720 | )      |         |   | (21,962,357 | )  |
| Total Tara Minerals stockholders’ equity                                                                                                                                  |   |                  | 3,181,381   |   |         |   | 3,494,300 |   |
| Non-controlling interest                                                                                                                                                        |   |                  | 2,550,461   |   |         |   | 2,056,831 |   |
|     Total equity                                                                                                                                            |   |                  | 5,731,842   |   |         |   | 5,551,131 |   |
| Total liabilities and stockholders’ equity                                                                                                                                |   | $                     | 10,116,599  |   |         | $      | 11,688,935 |   |

----

Table of Contents

|                                                                           |   | Three Months EndedMarch 31, 2011 |       |   | Three MonthsEndedMarch 31, 2010 |   |       | From Inception(May 12, 2006) ThroughMarch 31, 2011 |   |
|--------------------------------------------------------------------------------|--------|---------------------------------------|------------|--------|---------------------------------|--------|------------|----------------------------------------------------|--------|
|                                                                           |   | (Restated)                            |       |   |                            |   |       | (Restated)                                         |   |
| Mining revenues                                                                |   | $                                     | -          |   |                            | $      | -          |                                               |   | $ | 160,421 |   |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Cost of revenue                                                                |   |                                  | -          |   |                            |   | -          |                                               |   |   | 658,007 |   |
| Gross margin                                                                   |   |                                  | -          |   |                            |   | -          |                                               |   |   | (497,586 | ) |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Exploration expenses                                                           |   |                                  | 1,930,319  |   |                            |   | 1,595,971  |                                               |   |   | 4,404,028 |   |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Operating, general, and administrative expenses                                |   |                                  | 695,487    |   |                            |   | 7,115,049  |                                               |   |   | 21,067,827 |   |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Net operating loss                                                             |   |                                  | (2,625,806 | )      |                            |   | (8,711,020 | )                                                  |   |   | (25,969,441 | ) |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Non-operating (income) expense:                                                |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
|        Interest (income)                    |   |                                  | (6,551     | )      |                            |   | (6,694     | )                                                  |   |   | (142,191 | ) |
|        Loss on conversion of note payable   |   |                                  | -          |   |                            |   | -          |                                               |   |   | 783,090 |   |
|        Interest expense                     |   |                                  | 5,309      |   |                            |   | 221        |                                               |   |   | 2,094,109 |   |
|        Gain on debt extinguishment          |   |                                  | -          |   |                            |   | -          |                                               |   |   | (6,178 | ) |
|        Loss on disposal or sale of assets   |   |                                  | 4,260      |   |                            |   | -          |                                               |   |   | 4,260 |   |
|        Other (income)                       |   |                                  | (11,091    | )      |                            |   | (1,029     | )                                                  |   |   | (791,086 | ) |
|        Total non-operating (income) expense |   |                                  | (8,073     | )      |                            |   | (7,502     | )                                                  |   |   | 1,942,004 |   |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Loss before income taxes                                                       |   |                                  | (2,617,733 | )      |                            |   | (8,703,518 | )                                                  |   |   | (27,911,445 | ) |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Income tax benefit                                                             |   |                                  | -          |   |                            |   | -          |                                               |   |   | (2,930,982 | ) |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Net loss including non-controlling interest                                    |   |                                  | (2,617,733 | )      |                            |   | (8,703,518 | )                                                  |   |   | (24,980,463 | ) |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Add:  Net loss attributable to non-controlling interest              |   |                                  | 6,370      |   |                            |   | -          |                                               |   |   | 406,743 |   |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Net loss attributable to Tara Minerals’ shareholders                     |   |                                  | (2,611,363 | )      |                            |   | (8,703,518 | )                                                  |   |   | (24,573,720 | ) |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Other comprehensive loss:                                                      |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
|      Foreign currency translation                     |   |                                  | (35,387    | )      |                            |   | (4,877     | )                                                  |   |   | (281,640 | ) |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Comprehensive loss                                                             |   | $                                     | (2,646,750 | )      |                            | $      | (8,708,395 | )                                                  |   | $ | (24,855,360 | ) |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Net loss per share, basic and diluted                                          |   | $                                     | (0.05      | )      |                            | $      | (0.17      | )                                                  |   |   |   |   |
|                                                                           |   |                                  |       |   |                            |   |       |                                               |   |   |   |   |
| Weighted average number of shares, basic and diluted                           |   |                                  | 57,547,213 |   |                            |   | 51,904,807 |                                               |   |   |   |   |

----

Table of Contents

|                                                                                                         |   | Three Months EndedMarch 31, 2011 |       |   | Three Months EndedMarch 31, 2010 |   |       | From Inception (May 12, 2006) Through March 31, 2011 |   |
|--------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|------------|--------|---------------------------------------|--------|------------|------------------------------------------------------|--------|
| Cash flows from operating activities:                                                                        |   | (Restated)                            |       |   |                                  |   |       | (Restated)                                           |   |
|    Net loss attributable to Tara Minerals’ shareholders                                 |   | $                                     | (2,611,363 | )      |                                  | $      | (8,703,518 | )                                                    |   | $ | (24,573,720 | ) |
|    Adjustments to reconcile net loss to net cash used in operating  activities:     |   |                                  |       |   |                                  |   |       |                                                 |   |   |   |   |
|       Allowance for doubtful accounts                                          |   |                                  | (115,366   | )      |                                  |   | 37,100     |                                                 |   |   | 1,255,859 |   |
|       Depreciation                                                             |   |                                  | 70,079     |   |                                  |   | 44,020     |                                                 |   |   | 366,004 |   |
|       Stock based compensation and stock bonuses                               |   |                                  | 219,088    |   |                                  |   | 3,562,967  |                                                 |   |   | 8,154,292 |   |
|       Common stock issued for services                                         |   |                                  | -          |   |                                  |   | 2,915,060  |                                                 |   |   | 5,371,684 |   |
|       Cancellation of shares for settlement                                    |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | (750,000 | ) |
|       Non-controlling interest in net loss of consolidated subsidiaries        |   |                                  | (6,370     | )      |                                  |   | -          |                                                 |   |   | (406,743 | ) |
|       Non-controlling interest - stock issued to third parties of subsidiaries |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | 348,549 |   |
|       Expense of mining deposit upon note modification                         |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | 6,000 |   |
|       Accretion of beneficial conversion feature and debt discount             |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | 1,983,575 |   |
|       Exploration expenses paid with parent and subsidiary common stock        |   |                                  | 1,752,000  |   |                                  |   | 1,224,375  |                                                 |   |   | 2,976,375 |   |
|       Gain on debt extinguishment                                              |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | (6,138 | ) |
|       Loss on conversion of debt to common stock                               |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | 783,090 |   |
|       Accrued interest converted to common stock                               |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | 84,438 |   |
|       Deferred tax asset, net                                                  |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | (2,930,982 | ) |
|       Loss on disposal or sale of assets                                       |   |                                  | 4,260      |   |                                  |   | -          |                                                 |   |   | 4,260 |   |
|       Rent expense reclassified from capital lease                             |   |                                  | 12,207     |   |                                  |   | -          |                                                 |   |   | 12,207 |   |
|    Changes in current operating assets and liabilities:                                       |   |                                  |       |   |                                  |   |       |                                                 |   |   |   |   |
|       Recoverable value added taxes                                            |   |                                  | (73,760    | )      |                                  |   | (114,790   | )                                                    |   |   | (1,127,368 | ) |
|       Other receivables                                                        |   |                                  | (8,823     | )      |                                  |   | (2,076     | )                                                    |   |   | (118,343 | ) |
|       Other assets                                                             |   |                                  | 83,841     |   |                                  |   | (952       | )                                                    |   |   | (74,030 | ) |
|       Accounts payable and accrued expenses                                    |   |                                  | 78,089     |   |                                  |   | 169,573    |                                                 |   |   | 777,439 |   |
|    Net cash used in operating activities                                                      |   |                                  | (596,118   | )      |                                  |   | (868,241   | )                                                    |   |   | (7,863,552 | ) |
| Cash flows from investing activities:                                                                        |   |                                  |       |   |                                  |   |       |                                                 |   |   |   |   |
|    Acquisition of land                                                                        |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | (19,590 | ) |
|    Purchase of mining concession                                                              |   |                                  | -          |   |                                  |   | (25,149    | )                                                    |   |   | (830,171 | ) |
|    Deposits toward mining concessions                                                         |   |                                  | (6,094     | )      |                                  |   | (1,267     | )                                                    |   |   | (37,094 | ) |
|    Acquisition of property, plant and equipment                                               |   |                                  | -          |   |                                  |   | (42,895    | )                                                    |   |   | (2,588,049 | ) |
|    Cash included in business acquisition                                                      |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | 2,037 |   |
|    Business acquisition goodwill                                                              |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | (3,758 | ) |
|    Payments made for construction in progress                                                 |   |                                  | -          |   |                                  |   | (85,000    | )                                                    |   |   | - |   |
|    Proceeds from disposal/sale of assets                                                      |   |                                  | 29,394     |   |                                  |   | -          |                                                 |   |   | 29,394 |   |
|    Net cash provided (used in) investing activities                                           |   |                                  | 23,300     |   |                                  |   | (154,311   | )                                                    |   |   | (3,447,231 | ) |
| Cash flows from financing activities:                                                                        |   |                                  |       |   |                                  |   |       |                                                 |   |   |   |   |
|    Cash from the sale of common stock                                                         |   |                                  | 50,000     |   |                                  |   | 818,340    |                                                 |   |   | 6,748,288 |   |
|    Proceeds from notes payable, related party                                                 |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | 150,000 |   |
|    Proceeds from notes payable                                                                |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | 480,000 |   |
|    Payments towards notes payable                                                             |   |                                  | (61,403    | )      |                                  |   | (711,452   | )                                                    |   |   | (1,251,866 | ) |
|    Payment towards equipment financing                                                        |   |                                  | -          |   |                                  |   | -          |                                                 |   |   | (201,438 | ) |
|    Change in due to/from related parties, net                                                 |   |                                  | (127,405   | )      |                                  |   | (107,620   | )                                                    |   |   | 3,422,104 |   |
|    Common stock receivable                                                                    |   |                                  | 212,744    |   |                                  |   | 21,203     |                                                 |   |   | - |   |
|    Non-controlling interest – cash from sale of sale of common stock of subsidiaries    |   |                                  | 500,000    |   |                                  |   | 281,489    |                                                 |   |   | 2,368,645 |   |
|    Net cash provided by financing activities                                                  |   |                                  | 573,936    |   |                                  |   | 301,960    |                                                 |   |   | 11,715,733 |   |
|                                                                                                         |   |                                  |       |   |                                  |   |       |                                                 |   |   |   |   |
| Effect of exchange rate changes on cash                                                                      |   |                                  | (35,387    | )      |                                  |   | (4,877     | )                                                    |   |   | (281,640 | ) |
|                                                                                                         |   |                                  |       |   |                                  |   |       |                                                 |   |   |   |   |
| Net (decrease) increase                                                                                      |   |                                  | (34,269    | )      |                                  |   | (725,469   | )                                                    |   |   | 123,310 |   |
| Cash, beginning of period                                                                                    |   |                                  | 157,579    |   |                                  |   | 1,230,376  |                                                 |   |   | - |   |
| Cash, end of period                                                                                          |   | $                                     | 123,310    |   |                                  | $      | 504,907    |                                                 |   | $ | 123,310 |   |

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Table of Contents

| Supplemental Information:                                                                                                         |   |   |       |   |   |   |       |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
|    Interest paid                                                                                                   |   | $      | 34         |   |   | $      | 25,649     |   |   | $ | 182,451 |   |
|    Income taxes paid                                                                                               |   | $      | -          |   |   | $      | -          |   |   | $ | - |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Non-cash Investing and Financing Transactions:                                                                                    |   |   |       |   |   |   |       |   |   |   |   |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Purchase of mining concession paid by debt to related party plus capitalized interest(negative movement due to note modification) |   | $      | -          |   |   | $      | -          |   |   | $ | 1,281,655 |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Purchase of or (reduction) in purchase of concession paid with notes payable plus capitalized interest                            |   | $      | (1,310,974 | )      |   | $      | (3,324,485 | )      |   | $ | 986,771 |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Recoverable value-added taxes incurred through additional debt and due to related party, net of mining concession modification    |   | $      | (218,502   | )      |   | $      | (508,814   | )      |   | $ | 1,795,245 |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Beneficial conversion value for convertible debt                                                                                  |   | $      | -          |   |   | $      | -          |   |   | $ | 1,695,000 |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Conversion of debt to common stock, plus accrued interest                                                                         |   | $      | -          |   |   | $      | -          |   |   | $ | 2,309,438 |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Purchase of mining equipment with common stock                                                                                    |   | $      | -          |   |   | $      | -          |   |   | $ | 600,000 |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Acquisition of property and equipment through debt                                                                                |   | $      | -          |   |   | $      | -          |   |   | $ | 430,921 |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Receivable reclassified to mining deposit                                                                                         |   | $      | -          |   |   | $      | -          |   |   | $ | 28,368 |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Construction in progress reclassified to property plant and equipment                                                             |   | $      | -          |   |   | $      | 2,163,485  |   |   | $ | 2,163,485 |   |
|                                                                                                                              |   |   |       |   |   |   |       |   |   |   |   |   |
| Business Combination of American Copper Mining:                                                                                   |   |   |       |   |   |   |       |   |   |   |   |   |
|       Cash                                                                                          |   | $      | -          |   |   | $      | -          |   |   | $ | (2,037 | ) |
|       Due from related parties                                                                      |   |   | -          |   |   |   | -          |   |   |   | 1,989 |   |
|       Goodwill (from net assets)                                                                    |   |   | -          |   |   |   | -          |   |   |   | 8,270 |   |
|       Accounts payable and accrued expenses                                                         |   |   | -          |   |   |   | -          |   |   |   | 12,071 |   |

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| Note 1.  | Nature of Business and Significant Accounting Policies |
|---------------|--------------------------------------------------------|

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|                                                     | March 31, 2011        |   |
|----------------------------------------------------------|-----------------------|--------|
| Current exchange rate                                    | Ps.    |   |   | 11.9219 |   |
| Weighted average exchange rate for the nine months ended | Ps.         |   |   | 12.0782 |   |

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|   | Note 2. | Restatement for the three months ended March 31, 2011 |
|--------|---------|-------------------------------------------------------|

|                                         |   | March 31,2011 |        |   |   Adjustment |   |       | March 31,2011 |   |
|----------------------------------------------|--------|---------------|-------------|--------|-------------------|--------|------------|---------------|--------|
|                                         |   | (As Filed)    |        |   |              |   |       | (Restated)    |   |
| Stockholders’ equity                   |   |          |        |   |              |   |       |          |   |
| Technical data purchased with common stock   |   | $             | -           |   |              | $      | 1,007,315  |          |   | $ | 1,007,315 |   |
| Accumulated deficit during exploration stage |   | $             | (23,566,405 | )      |              | $      | (1,007,315 | )             |   | $ | (24,573,720 | ) |

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Table of Contents

|                                                       |   | Three MonthsEndedMarch 31, 2011 |       |   | Adjustment |   |       | Three MonthsEndedMarch 31, 2011 |   |
|------------------------------------------------------------|--------|---------------------------------|------------|--------|------------|--------|------------|---------------------------------|--------|
|                                                       |   | (As Filed)                      |       |   |       |   |       | (Restated)                      |   |
|                                                       |   |                            |       |   |       |   |       |                            |   |
| Exploration expenses                                       |   | $                               | 923,004    |   |       | $      | 1,007,315  |                            |   | $ | 1,930,319 |   |
| Net operating loss                                         |   | $                               | (1,618,491 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,625,806 | ) |
| Loss before income taxes                                   |   | $                               | (1,610,418 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,617,733 | ) |
| Net loss including non-controlling interest                |   | $                               | (1,610,418 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,617,733 | ) |
| Net loss attributable to Tara Minerals’ shareholders |   | $                               | (1,604,048 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,611,363 | ) |
| Comprehensive loss                                         |   | $                               | 1,639,435  | )      |       | $      | (1,007,315 | )                               |   | $ | (2,646,750 | ) |
| Net loss per share, basic and diluted                      |   | $                               | (0.03      | )      |       | $      | (0.02      | )                               |   | $ | (0.05 | ) |

|                                                       |   | From Inception(May 12, 2006)March 31, 2011 |        |   | Adjustment |   |       | From Inception(May 12, 2006) March 31, 2011 |   |
|------------------------------------------------------------|--------|--------------------------------------------|-------------|--------|------------|--------|------------|--------------------------------------------------|--------|
|                                                       |   | (As Filed)                                 |        |   |       |   |       | (Restated)                                       |   |
|                                                       |   |                                       |        |   |       |   |       |                                             |   |
| Exploration expenses                                       |   | $                                          | 3,396,713   |   |       | $      | 1,007,315  |                                             |   | $ | 4,404,028 |   |
| Net operating loss                                         |   | $                                          | (24,962,126 | )      |       | $      | (1,007,315 | )                                                |   | $ | (25,969,441 | ) |
| Loss before income taxes                                   |   | $                                          | (26,904,130 | )      |       | $      | (1,007,315 | )                                                |   | $ | (27,911,445 | ) |
| Net loss including non-controlling interest                |   | $                                          | (23,973,148 | )      |       | $      | (1,007,315 | )                                                |   | $ | (24,980,463 | ) |
| Net loss attributable to Tara Minerals’ shareholders |   | $                                          | (23,566,405 | )      |       | $      | (1,007,315 | )                                                |   | $ | (24,573,720 | ) |
| Comprehensive loss                                         |   | $                                          | (23,848,045 | )      |       | $      | (1,007,315 | )                                                |   | $ | (24,855,360 | ) |

|                                                              |   | Three MonthsEndedMarch 31, 2011 |       |   | Adjustment |   |       | Three MonthsEndedMarch 31, 2011 |   |
|-------------------------------------------------------------------|--------|---------------------------------|------------|--------|------------|--------|------------|---------------------------------|--------|
|                                                              |   | (As Filed)                      |       |   |       |   |       | (Restated)                      |   |
| Cash flows from operating activities:                             |   |                            |       |   |       |   |       |                            |   |
| Net loss attributable to Tara Minerals’ shareholders        |   | $                               | (1,604,048 | )      |       | $      | (1,007,315 | )                               |   | $ | (2,611,363 | ) |
| Exploration expenses paid with parent and subsidiary common stock |   | $                               | 744,685    |   |       | $      | 1,007,315  |                            |   | $ | 1,752,000 |   |

|                                                              |   | From Inception(May 12, 2006)ThroughMarch 31, 2011 |        |   | Adjustment |   |       | From Inception(May 12, 2006)ThroughMarch 31, 2011 |   |
|-------------------------------------------------------------------|--------|--------------------------------------------------------|-------------|--------|------------|--------|------------|---------------------------------------------------|--------|
|                                                              |   | (As Filed)                                             |        |   |       |   |       | (Restated)                                        |   |
| Cash flows from operating activities:                             |   |                                                   |        |   |       |   |       |                                              |   |
| Net loss attributable to Tara Minerals’ shareholders        |   | $                                                      | (23,566,405 | )      |       | $      | (1,007,315 | )                                                 |   | $ | (24,573,720 | ) |
| Exploration expenses paid with parent and subsidiary common stock |   | $                                                      | 1,969,060   |   |       | $      | 1,007,315  |                                              |   | $ | 2,976,375 |   |

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| Note 3. | Property, plant, equipment, mine development and land |
|---------|-------------------------------------------------------|

|                                  |   | March 31, 2011 |      |   | December 31, 2010 |   |
|---------------------------------------|--------|----------------|-----------|--------|-------------------|--------|
|                                  |   | (Unaudited)    |      |   | (Audited)         |   |
|                                  |   |           |      |   |              |   |
| Land                                  |   | $              | 19,590    |   |              | $      | 19,590 |   |
|                                  |   |           |      |   |              |   |   |   |
| Mining concessions:                   |   |           |      |   |              |   |   |   |
|   Pilar (a)                 |   |           | 710,172   |   |              |   | 710,172 |   |
|   Don Roman                 |   |           | 521,739   |   |              |   | 521,739 |   |
|   Las Nuvias                |   |           | 100,000   |   |              |   | 100,000 |   |
|   Centenario (b)            |   |           | 635,571   |   |              |   | 1,946,545 |   |
|   Pirita                    |   |           | 246,455   |   |              |   | 246,455 |   |
|   Picacho                   |   |           | 1,250,000 |   |              |   | 1,250,000 |   |
|   La Palma (c )             |   |           | 79,974    |   |              |   | - |   |
| Mining concessions                    |   |           | 3,543,911 |   |              |   | 4,774,911 |   |
|                                  |   |           |      |   |              |   |   |   |
| Construction in Progress              |   |           | -         |   |              |   | - |   |
| Property, plant and equipment         |   |           | 3,444,749 |   |              |   | 3,603,210 |   |
|                                  |   |           | 7,008,250 |   |              |   | 8,397,711 |   |
| Less – accumulated depreciation |   |           | (353,462  | )      |              |   | (295,925 | ) |
|                                  |   | $              | 6,654,788 |   |              | $      | 8,101,786 |   |

|   | a. | In November 2008, the Company acquired eight mining concessions known as “Centenario” from an independent third party. The properties approximate 5,400 hectares and were purchased for $1,894,050, including $247,050 in value added taxes. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | In March 2011, the Company acquired “La Palma” from an independent third party for an effective purchase price of $80,000, plus value-added taxes of $12,800. This was paid in full in 2011. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Note 4. | Other assets |
|--------|---------|--------------|

|   | Note 5. | Related Party Transactions |
|--------|---------|----------------------------|

|   | Note 6. | Notes Payable |
|--------|---------|---------------|

|                              |   | March 31, 2011 |     |   | December 31, 2010 |   |
|-----------------------------------|--------|----------------|----------|--------|-------------------|--------|
|                              |   | (Unaudited)    |     |   | (Audited)         |   |
|                              |   |           |     |   |              |   |
| Mining concession                 |   | $              | 205,229  |   |              | $      | 1,699,737 |   |
| Auto loans                        |   |           | 86,337   |   |              |   | 119,766 |   |
| Equipment                         |   |           | -        |   |              |   | 72,848 |   |
|                              |   |           | 291,566  |   |              |   | 1,892,351 |   |
| Less – current portion      |   |           | (231,161 | )      |              |   | (824,001 | ) |
| Total – non-current portion |   | $              | 60,405   |   |              | $      | 1,068,350 |   |

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Table of Contents

|   | Note 7. | Stockholders’ Equity |
|--------|---------|----------------------------|

|   | · | 100,000 shares payable to an Officer of the Company, valued at $100,000, for payment of services on behalf of Tara Gold. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | 416,100 shares payable, valued at $353,685 for the purchase of Centenario’s technical data (See Note 3). |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | · | 460,000 shares payable, valued at $391,000 for the purchase of La Palma’s technical data (See Note 3). |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | Note 8. | Stock Compensation |
|--------|---------|--------------------|

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|                        | 2010(date of grant) |
|-----------------------------|---------------------|
| Expected volatility         | 208.37% - 319.79%   |
| Weighted-average volatility | 159.17%             |
| Expected dividends          | 0                   |
| Expected term (in years)    | 0.75 – 4.50   |
| Risk-free rate              | 0.30% - 2.37%       |

| Options                          |   | Shares |      |   | Weighted-AverageExercisePrice |   |   | Weighted-AverageRemainingContractual Term |   |   | AggregateIntrinsic Value |   |
|----------------------------------|--------|--------|-----------|--------|-------------------------------|--------|--------|------------------------------------------------|--------|--------|-------------------------------|--------|
| Outstanding at December 31, 2010 |   |   | 4,630,000 |   |                          | $      | 0.05   |                                           |   |   |                          |   |   |   |
| Granted                          |   |   | -         |   |                          |   | -      |                                           |   |   |                          |   |   |   |
| Exercised                        |   |   | -         |   |                          |   | -      |                                           |   |   |                          |   |   |   |
| Forfeited or expired             |   |   | -         |   |                          |   | -      |                                           |   |   |                          |   |   |   |
| Outstanding at March 31, 2011    |   |   | 4,630,000 |   |                          | $      | 0.05   |                                           |   |   | 3.5                           |   |   | $ | 2,025,000 |   |
| Exercisable at March 31, 2011    |   |   | 3,330,000 |   |                          | $      | 0.46   |                                           |   |   | 3.5                           |   |   | $ | 2,025,000 |   |

| Nonvested Options              |   | Options |      |   | Weighted-AverageGrant-Date Fair Value |   |
|--------------------------------|--------|---------|-----------|--------|--------------------------------------------|--------|
| Nonvested at December 31, 2010 |   |    | 1,475,000 |   |                                       | $      | 1.37 |   |
| Granted                        |   |    | -         |   |                                       |   | - |   |
| Vested                         |   |    | (175,000  | )      |                                       |   | 1.22 |   |
| Forfeited                      |   |    | -         |   |                                       |   | - |   |
| Nonvested at March 31, 2011    |   |    | 1,300,000 |   |                                       | $      | 0.86 |   |

| Warrants                                 |   | Shares |      |   | Weighted-AverageExercisePrice |   |   | Weighted-AverageRemainingContractualTerm |   |   | AggregateIntrinsicValue |   |
|------------------------------------------|--------|--------|-----------|--------|-------------------------------|--------|--------|------------------------------------------|--------|--------|-------------------------|--------|
| Outstanding at December 31, 2010         |   |   | 4,271,999 |   |                          | $      | 0.65   |                                     |   |   |                    |   |   |   |
| Granted                                  |   |   | -         |   |                          |   | -      |                                     |   |   |                    |   |   |   |
| Exercised                                |   |   | (125,000  | )      |                          |   | 0.40   |                                     |   |   |                    |   |   |   |
| Forfeited, cancelled or expired          |   |   | -         |   |                          |   | -      |                                     |   |   |                    |   |   |   |
| Outstanding at  March 31, 2011 |   |   | 4,146,999 |   |                          | $      | 0.85   |                                     |   |   | 1.5                     |   |   | $ | 580,590 |   |
| Exercisable at March 31, 2011            |   |   | 4,146,999 |   |                          | $      | 0.85   |                                     |   |   | 1.5                     |   |   | $ | 580,590 |   |

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Table of Contents

|   | Note 9. | Non-controlling Interest |
|--------|---------|--------------------------|

|                                                                |   | Non-controlling interest at March 31, 2011 |      |   | Non-controlling interest at December 31, 2010 |   |
|---------------------------------------------------------------------|--------|--------------------------------------------|-----------|--------|-----------------------------------------------|--------|
| Combined Adit / ACM:                                                |   |                                       |      |   |                                          |   |
| Private placement                                                   |   | $                                          | 1,499,501 |   |                                          | $      | 1,499,501 |   |
| Common stock for cash                                               |   |                                       | 500,000   |   |                                          |   | - |   |
| Finder’s fees                                                 |   |                                       | 95,215    |   |                                          |   | 95,215 |   |
| Technical data for Picacho                                          |   |                                       | 240,000   |   |                                          |   | 240,000 |   |
| Officer compensation                                                |   |                                       | 487,500   |   |                                          |   | 487,500 |   |
| Officer options                                                     |   |                                       | 134,978   |   |                                          |   | 134,978 |   |
| Cumulative statement of operations pickup through December 31, 2010 |   |                                       | (400,368  | )      |                                          |   | (400,368 | ) |
| Statement of operations pickup 2011                                 |   |                                       | (6,370    | )      |                                          |   | - |   |
| AMM Non-controlling interest                                        |   |                                       | 5         |   |                                          |   | 5 |   |
| Total non-controlling interest                                      |   | $                                          | 2,550,461 |   |                                          | $      | 2,056,831 |   |

|   | Note 10. | Fair Value |
|--------|----------|------------|

|                                    |   | Fair Value at March 31, 2011 |      |
|-----------------------------------------|--------|------------------------------|-----------|
|                                    |   | Total                        |      |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Assets:                                 |   |                         |      |   |   |   |   |   |   |   |   |   |
| None                                    |   | $                            | -         |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                    |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                            |   |                         |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total notes payable                     |   | $                            | 291,566   |   |   | $ | 291,566 |   |   | $ | - |   |   | $ | - |   |
| Due to related parties, net of due from |   |                         | 3,237,827 |   |   |   | 3,237,827 |   |   |   | - |   |   |   | - |   |
| Total                                   |   | $                            | 3,529,393 |   |   | $ | 3,529,393 |   |   | $ | - |   |   | $ | - |   |

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Table of Contents

|                                                          |   | Fair Value at December 31, 2010 |      |
|---------------------------------------------------------------|--------|---------------------------------|-----------|
|                                                          |   | Total                           |      |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |
| Assets:                                                       |   |                            |      |   |   |   |   |   |   |   |   |   |
| None                                                          |   | $                               | -         |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                          |   |                            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                  |   |                            |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total notes payable, including related   party |   | $                               | 1,992,351 |   |   | $ | 1,992,351 |   |   | $ | - |   |   | $ | - |   |
| Due to related parties, net of due from                       |   |                            | 3,465,232 |   |   |   | 3,465,232 |   |   |   | - |   |   |   | - |   |
| Total                                                         |   | $                               | 5,457,583 |   |   | $ | 5,457,583 |   |   | $ | - |   |   | $ | - |   |

|   | Note 11. | Subsequent Events |
|--------|----------|-------------------|

|   | a. | In April 2011, the Company and AMM signed a letter of intent with Springbok Development-Claridge-Hanlon Resource Engineering, “SD-CHRE” and/or Nominee or any of its subsidiaries to grant them an option to acquire up to an undivided forty-nine percent (49%) interest in and to all of the mining concessions known as the Don Roman grouping located in the State of Sinaloa, Mexico. The Don Roman grouping now totals approximately 10,000 hectares in close proximity to the existing mill, which includes the Don Roman, Centenario, and the newly acquired La Verdes concessions. The grouping lies 15 km SW of the historically prolific La Reforma silver/zinc/lead district. Key personnel from SD-CHRE have worked on Mining, Commercial, Government and Infrastructure projects for over 20-years. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | In April 2011, the Company entered into an agreement to acquire 100% of the La Verdes gold, silver, zinc and lead project grouping. The 2,200 hectares property consists of eight concessions 13-18 km from the Don Roman mine and mill. The concessions were being mined as late as 2010, with the extracted material grading 0.5-1.5 g/t gold, 300-600 g/t silver, 14-15% zinc, 6-8% lead, and 2.1-2.6% copper. Recent channel samples across the workings assayed similar grades. A road from the groupings, to the Don Roman mill, has also been completed. The Company now controls over 10,000 hectares in close proximity to the mill. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|   | c. | In May 2011, the Company reached an agreement for the right to mine the 3,233 hectare Tania Iron Ore property located in Manzanillo, State of Colima, Mexico. The Company has the right to remove 6 million tonnes of salable concentrate from the property, with perpetual renewal rights, extending through the life of the property. The Company will pay the vendor $6 per salable tonne for the first 500,000 tonnes removed from the property and $7 per tonne thereafter. A total of $100,000 will be advanced to the vendor against future royalty payments. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | In May 2011, the Company increased its authorized shares to 200,000,000. |
|--------|----|--------------------------------------------------------------------------|

|   | e. | In May 2011, the Company sold 1,643,333 Units at a price of $0.30 per Unit.  Each Unit consisted of one share of the Company’s common stock and one warrant.  Each warrant entitles the holder to purchase one share of the Company’s common stock at a price of $1.00 per share during the one year period following the sale of the Units.  All warrants expire May 2012. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION |
|---------|--------------------------------------------------------------------------------------------|

| Exploration and Development – Centenario            |   | $      | 250,000   |   |
|-----------------------------------------------------------|--------|--------|-----------|--------|
| Property taxes – Centenario                         |   |   | 25,000    |   |
| Exploration and Development – Choix/Pilar           |   |   | 100,000   |   |
| Property payments and taxes – Choix/Pilar           |   |   | 30,500    |   |
| Exploration and Development – La Verde              |   |   | 500,000   |   |
| Property taxes – La Verde                           |   |   | 62,000    |   |
| Exploration and Development – Don Roman Groupings   |   |   | 650,000   |   |
| Property taxes – Don Roman Groupings                |   |   | 3,500     |   |
| Exploration and Development -  Picacho Prospect |   |   | 2,500,000 |   |
| Property taxes – Picacho Prospect                   |   |   | 40,000    |   |
| General and administrative expenses                       |   |   | 375,000   |   |
| Total                                                     |   | $      | 4,536,000 |   |

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Table of Contents

ITEM 4.   CONTROLS AND PROCEDURES

----

Table of Contents

| ITEM 1.  | LEGAL PROCEEDINGS |
|---------------|-------------------|

| ITEM 2.  | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
|---------------|-------------------------------------------------------------|

| ITEM 3.  | DEFAULTS UPON SENIOR SECURITIES |
|---------------|---------------------------------|

| ITEM 4.  | [REMOVED AND RESERVED] |
|---------------|------------------------|

| ITEM 5. | OTHER INFORMATION |
|---------|-------------------|

| ITEM 6.  | EXHIBITS |
|---------------|----------|

|   | (a) | Exhibits |
|--------|-----|----------|

| 10.1    | Modified Agreement – Centenario                           |
|---------|-----------------------------------------------------------------|
| 10.2    | Acquisition Agreement – Centenario’s technical data |
| 10.3    | Acquisition Agreement – La Palma                          |
| 10.4    | Acquisition Agreement –La Palma’s technical data    |
| 10.5    | Acquisition Agreement – La Verde                          |
| 10.6    | Letter of Intent – Don Roman grouping                     |
| 10.7    | Acquisition Agreement – Tania Iron Ore property           |
| 31.1    | Rule 13a-14(a) Certifications –CEO                        |
| 31.2    | Rule 13a-14(a) Certifications – CFO                       |
| 32.1    | Section 1350 Certifications                                     |
| 101.INS | XBRL Instance Document                                          |
| 101.SCH | XBRL Taxonomy Extension Schema Document                         |
| 101.CAL | XBRL Taxonomy Calculation Linkbase Document                     |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document            |
| 101.LAB | XBRL Taxonomy Label Linkbase Document                           |
| 101.PRE | XBRL Taxonomy Presentation Linkbase Document                    |

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Table of Contents

SIGNATURES

|   | TARA MINERALS CORP. |
|--------|---------------------|
|   |                |   |
|   |                |   |
|   |                |   |
|   | By:                 | /s/ Francis Richard Biscan Jr. |
|   |                |  Francis Richard Biscan, Jr., |
|   |                | President and Principal Executive Officer |
|   |                |   |
|   |                |   |
|   |                |   |
|   | By:                 | /s/ Lynda R. Keeton-Cardno |
|   |                |  Lynda R. Keeton-Cardno, |
|   |                | Principal Financial and Accounting Officer |

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