| | Published : June 12th, 2009 | and Grupo Minero Los Boros Combine Lithium Properties Into Lithium Americas Corp |
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Latin American Minerals and
Grupo Minero Los Boros Combine Lithium Properties Into Lithium Americas Corp.
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TORONTO, ONTARIO - (June 11, 2009) - Latin
American Minerals Inc. (TSX VENTURE:LAT) (the "Corporation")
announces that is has combined its Argentinean lithium-potash properties
(100,254 hectares (Figure 1)) with those of Grupo Minero Los Boros S.A.
("Los Boros"), in Lithium Americas Corp. ("Lithium
Americas"). The contiguous lithium properties at the Corporation's
Cauchari salt lake and Los Boros's Olaroz salt lake (collectively the
"Lithium Properties") cover 30,000 hectares. See below for regional
maps showing the land tenure of mineral properties in the district and in the
Cauchari and Olaroz salt lakes.
The Lithium Properties represent the consolidation of lithium salar
properties located in the lithium brine district of Puna, Argentina. This
lithium brine region encompassing Chile, Argentina and Bolivia is estimated
to hold over 90% of the world's lithium brine reserves (Keith Evans, Lithium
Supply & Markets Conference, 2009). The Los Boros properties (11,987
hectares) cover part of the Cauchari salar and approximately one-third of the
Olaroz salar where ASX-listed Orocobre Limited recently announced completion
of a scoping study on its adjacent 7,600 hectare Olaroz salar property
(Figure 2).
Over 37 surface brine samples collected in regular intervals across the
30,000 ha Cauchari and Olaroz salt lakes yielded lithium grades averaging 800
parts per million (ppm), potassium grades averaging 0.5% and a Mg/Li ratio
averaging 3.6. This brine chemistry is favourable for lithium and potash
production utilizing evaporation pond technology employed in Atacama (SQM,
Chile) and Silver Peak (Foote Mineral Company, U.S.). Salt lake brine lithium
deposits, in which the lithium brine is pumped to the surface, are generally
less expensive to mine than hard rock lithium (spodumene) deposits.
The Corporation transferred its lithium and potash assets in the region to
Lithium Americas' Argentinean subsidiary for 8.4 million Lithium Americas
common shares, a $1,000,000 interest free (other than on default) promissory
note, of which $300,000 is payable within 45 days, and the balance payable
from subsequent Lithium Americas financings. In addition, the Corporation has
the right to maintain its pro rata equity interest in Lithium Americas while
its interest is at least 10%. The Corporation will have the right to
reacquire its property interests after 24 months if Lithium Americas has not
become publicly listed by that time. The board and management of Lithium
Americas will include representatives of the Corporation and Los Boros.
Lithium Americas' Argentinean subsidiary holds an option to acquire 100% of
the subsurface brine salts on the Los Boros Properties in consideration of
US$3 million in exploration expenditures in the first three years, US$3
million in expenditures towards a feasibility study in the following two
years, yearly property payments of US$70,000 and a three percent net profit
interest on commercial production. In addition, Lithium Americas is required
to be publicly listed within two years and Los Boros is to then receive 3
million Lithium Americas common shares. Los Boros will have the right to
reacquire its property interests after 24 months if Lithium Americas has not
become publicly listed by that time.
"We
are pleased with the opportunity to combine our early stage salares
properties with the more advanced properties of Grupo Minero Los Boros S.A.
into a new venture where we can maintain a significant equity stake,"
said David Wahl, the Corporation's CEO.
Latin American Minerals is a mineral exploration company focused on the
acquisition and development minerals projects in under-explored but highly
prospective countries of Latin America.
Dr. Waldo Perez, P.Geo. is the Corporation's internal Qualified Person under
the requirements of National Instrument 43-101 and is responsible for this
press release.
Sampling and Analytical Protocols: Sampling and analytical protocols were
implemented and supervised by or under the direction of Dr. Waldo Perez, the
Corporation's internal Qualified Person as defined by National Instrument
43-101. All of the geochemical samples were collected by geologists taking
into account the nature of the material being sampled. The brines samples
were collected in a brand new plastic bottle filled atop containing 1 litre
of brine and tightly closed. All samples were tagged with a pre-numbered
ticket and stored in a secured location at the base camp for no more than 10
days in cold dark storage. The samples were shipped by courier to Alex
Stewart Assayers Argentina S.A. ("ASAA") laboratories in Mendoza
(Argentina). ASAA is an ISO 9001-2000-certified laboratory with headquarters
in England. The brine samples were filtered and read directly by ICP
analysis. All samples were assayed for 13 elements by ICP. Accuracy and
precision of results is tested through the systematic inclusion of blanks,
standards and duplicates.
This news release contains forward-looking statements, which can be
identified by the use of statements that include words such as
"could", "potential", "believe",
"expect", "anticipate", "intend",
"plan", "likely", "will" or other similar words
or phrases. These forward-looking statements, including statements regarding
the Corporation's beliefs in potential mineralization, are based on current
expectations, assumptions and projections about future events and entail
various risks and uncertainties that are beyond the Corporation's ability to
control or predict. Actual results may materially differ from expectations as
more information regarding a property is gathered or if the Corporation's
estimates or assumptions prove inaccurate. Factors that may materially affect
actual results include, but are not limited to, political, business and
economic conditions in jurisdictions where the Corporation conducts business,
and risks associated with mineral exploration and production. The Corporation
does not intend, and does not assume any obligation, to update
forward-looking statements, whether as a result of new information, future
events or otherwise, unless otherwise required by applicable securities laws.
Readers should not place undue reliance on forward-looking statements. The
results described herein are exploratory in nature and there can be no
assurance that they are indicative of Mineral Resources as defined in
accordance with National Instrument 43-101.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/Map_1.pdf
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/Map_2.pdf
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Latin American Minerals Inc.
David G. Wahl
President and CEO
(416) 363-0841
http://www.latinamericanminerals.com
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FEATURED LINKS
Latin Amerincan
Minerals Website
Latin Amerincan
Minerals IR HUB
CONTACT INFO
LAT@agoracom.com
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Disclaimer
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Latin American Minerals Inc.
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EXPLORATION STAGE |
CODE : LAT.V |
ISIN : CA51827X1015 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Latin American Min. is a gold exploration company based in Canada. Latin American Min. holds various exploration projects in Argentina, in Colombia and in Paraguay. Its main exploration properties are LA CAROLINA, RIO TENDAL and USPALLATA GRABEN in Argentina, PASO YOBAI in Paraguay and ESMERALDA (LATIN AMERICAN) in Colombia. Latin American Min. is listed in Canada. Its market capitalisation is CA$ 2.5 millions as of today (US$ 1.9 millions, € 1.6 millions). Its stock quote reached its highest recent level on June 20, 2014 at CA$ 2.50, and its lowest recent point on June 19, 2020 at CA$ 0.01. Latin American Min. has 70 440 000 shares outstanding. |
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