| | Published : November 05th, 2009 | Discovers Important New Gold Zone at Its Paso Yobai |
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Latin American Minerals Discovers Important New Gold Zone at Its Paso
Yobai Gold Project, Paraguay
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TORONTO, ONTARIO - (Nov. 5, 2009) - Latin
American Minerals Inc. (the "Company" or "LAT") (TSX
VENTURE:LAT) reports that it has found a new gold soil anomaly at the
Paso Yobai project, Paraguay. The new anomaly covers an area 10km long by 3
km wide. The new anomaly trends NW-SE and is located 3 km NE of the currently
known 8 km long gold zone. The new anomaly is located in a 5,777ha area
staked by the Company.
The new trend consists of three distinct clusters running up to 200ppb gold
covering an area of 8 km2 (see the accompanying map and maps at
www.latinamericanminerals.com). Typically, such high intensity geochemical
values in the Paso Yobai area are a direct indicator of underlying gold
bearing host rocks. The geochemical signature of these new clusters is
different from those previously encountered. The clusters are circular in
nature and are not related to mafic dykes as is the case with the 8 km long
southern gold trend where the Company has focused previous exploration (the
"Existing Gold Trend", see the accompanying map and maps at www.latinamericanminerals.com).
The circularity of the new clusters has not yet been explained but could be
related to diatreme structures. Through-out the new anomaly area there occur
widespread chalcedonic quartz float boulders which is considered to be very
positive and are being assayed.
LAT is proceeding to carry on large scale trenching work (10 to 15 m deep) to
expose the mineralization found in the soils and to prepare a drilling
campaign on the new targets. LAT has found that soil sampling, large scale
trenching and drilling has been the best method to discover near surface gold
mineralization at Paso Yobai.
Waldo
Perez, President and CEO of the LAT states that "every exploration
campaign at Paso Yobai yields new gold mineralization and additional targets.
The technical results continue to indicate that the LAT properties cover a
very large, high grade gold system".
The Company also reports that it has successfully renegotiated the payment
terms of the two property option agreements that make up part of the Paso
Yobai gold project.
- Minas Guaira Agreement amended payment terms: US$250,000 to be paid on
October 17, 2009 (payment has been made), the dollar equivalent of 240 ounces
of gold (approximately US$260,000 at the current market price) on or before
April 17, 2010, and a final payment of the dollar equivalent of 959 ounces of
gold (approximately US$1,040,000 at the current market price) on or before
October 17th, 2010. The dollar equivalent for the gold in each instance will
be calculated to be the greater of US$1,043 per ounce and the market price
for gold on the date the payment is due.
- Minas Paraguay amended payment terms: The October 18th, 2009 payment of US$
350,000 will be satisfied by a cash payment of US$100,000 to be paid on
November 5, 2009 and the issuance of 1,287,976 common shares of the Company
(subject to TSX Venture Exchange approval). The remaining terms of the
property option agreements remain the same.
Ray Mitchell, CFO of the Company stated that "the restructuring of these
property option payments along with the recently completed $1.5 million
financing lays the foundation for the Company to advance the property
development well into 2010."
Dr. Waldo Perez, P.Geo., is the Company's internal Qualified Person under the
requirements of National Instrument 43-101 and is responsible for this press
release.
Latin American Minerals Inc.. is a mineral exploration company focused on the
acquisition and development of gold and other mineral projects in Latin
America. LAT's currently contemplated 2010 exploration programs at Paso Yobai
are fully funded.
Sampling and Analytical Protocols: The sampling and analytical protocols were
established, implemented and supervised by or under the direction of Dr.
Waldo Perez, the Company's internal Qualified Person as defined by National
Instrument 43-101. The soil samples were collected on northeasterly trending
grid lines established at 250 metre intervals perpendicular to the known
mineralized trend. Individual samples were collected at 50 metre intervals on
all grid lines. The sample was collected below the level of organic matter,
between 0.8 and 1.2 metre deep. A total of 5 kilogram sample was collected
and sieved to -150#. Several tests have been done at different depth and
grain size in known mineralized zones to maximize reproducibility and
minimize nugget effects. All of the samples were collected by qualified
technician and/or qualified technicians under the direct supervision of the
project geologist. The samples were tagged with a pre-numbered tag and bagged
in micropore bags to allow humidity to evaporate. The samples were sent to
the preparation facility of Lat in Paso Yobai that is supervised by Alex
Stewart Assayers Argentina S.A. ("ASAA"). The samples were dried in
stainless steal containers at 80 degrees and sieved at -140# mesh. In those
cases that small pellets were formed during drying due to high clay content
of the sample the pellets were crushed by hand using a stainless steal ball.
After drying and sieving the sample was split as many times as needed to
obtain a 200 gram pulp that is shipped by a company truck from Paso Yobai to
Asuncion and by an international courier from Paraguay to Mendoza Argentina
to the laboratories ASAA in Mendoza (Argentina). ASAA is an ISO 9001-certified
laboratory with headquarters in England. All samples were assayed for gold
and multi-elements by ICP. Gold was analyzed by Fire Assay with AA finish
using 50 gram sample. For the multi-elements the samples were dissolved in
Aqua Regia at 120 degrees and read in ICP-OES. Accuracy of results is tested
through the systematic inclusion of blanks and certified reference standards.
Notes: 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 obligations, 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.
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.
Ray Mitchell
CFO
(416) 363-0841
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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Option Grants of Latin American Minerals Inc. |
Project news of Latin American Minerals Inc. |
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