2011 Paso Yobai Gold Exploration Underway in Paraguay

TORONTO, ONTARIO -- (Marketwire) -- 02/01/11 -- Latin American Minerals Inc. (TSX VENTURE: LAT) (the 'Corporation') announces the first quarter exploration program for the Paso Yobai Gold Project is underway, including a 2000m diamond drilling program. The drill rig is already on site. Refer to www.latinamericanminerals.com for pictures of the ongoing drilling.

The Paso Yobai Gold Project consists of a very large footprint epithermal gold system exposed near surface along two trends:

--  The Discovery Trend which is currently 8 km long, and
--  The Valientes Trend (formerly known as the New Trend, LAT New Releases
    dated Nov. 05, 2009 and Feb. 17, 2010) which is approximately 11 km
    long.

Exploration work to date on the 15,111 hectare concessions includes 6700m of diamond drilling, which outlined mineralization from surface to depths of 100m to 130m, 18 large machine-made trenches exposing the uppermost 13m of vein mineralization, and extensive soil sampling, rock sampling and geophysics.

An aggressive new work program has begun on the project consisting of exploration activity in three areas, to be conducted simultaneously.

Program 1 - Discovery Zone Detailed Trenching and In-fill Drilling:

--  1500m of diamond drilling to in-fill the central 200m of the Discovery
    Zone area with a 25m x 25m grid. This drilling began on Jan 29, 2011.
--  500m of deep exploration drilling below the existing known
    mineralization in the central area of the Discovery Zone;
--  deep mechanical trenching at 25m intervals though the central 200m of
    the Discovery Zone;

Miles Rideout, President and CEO of the Corporation explained the importance of this initial drill program: 'The in-fill trenching, grid-drilling and deep drilling through the core Discovery Zone is work that is essential to our understanding of the Paso Yobai mineralization and to the operation of our new commercial-scale bulk sampling plant (LAT News Release dated Jan. 24, 2011). This program will culminate in 9 detailed geologic sections spaced at 25m intervals, depicting the grades and the geologic model from surface to depths exceeding 150m. Accurate delineation of the mineralization at depth is one important element in the process of adding ounces to this deposit.'

Program 2 - Exploration trenching along the northern arm of the Discovery Trend

--  5 new mechanical trenches at 200m intervals over the mostly unexplored
    1100m long northwest arm of the Discovery Trend.

Rideout added the following about the continuing exploration along the Discovery Trend: 'The high-value gold anomaly in the soil samples extends for almost 4.5km of the Discovery Trend. The anomaly values are pretty consistent over this length. The central 1500m of this anomaly has been the focus of LAT's trenching and drilling. The northern arm, more than 1100 m long, has previously been tested with limited, shallow trenching and only three drill holes. The new trenching program is the beginning of a concerted exploration program for this sizable target area. There is a lot of potential in this area.'

Program 3 -Exploration on the Valientes Trend

--  The environmental permit has been received for the 100% LAT owned
    prospecting concession, which encompasses most of the 11 km-long
    geologic Valientes Trend target (formerly referred to as the New Trend).
--  The Valientes Trend consists of five large geochemical anomalies that
    will be intensively investigated by auger-hole sampling, trenching where
    appropriate, and subsequent exploration drilling.

The next phase of exploration on the Valientes trend was summarized by Rideout: 'Since we have large, high value yet discontinuous soil and rock gold anomalies occurring along a linear feature, we anticipate that alternative mineral models may apply, including structural intersections, diatremes or mineralized intrusives. LAT is conducting detailed ground work now to facilitate future drill targeting.'

Paraguay has good social conditions and infrastructure to support construction of new mines. Though underexplored, Paraguay has favorable regulations for investment, mine development and exports. The Corporation's Chiriguelo Rare Earth Element and Itapoty Diamond Projects are also located in Paraguay.

Latin American Minerals Inc. is a mineral exploration company focused on the acquisition and development of base and precious metals projects in highly prospective countries of South America. Dr. Waldo Perez is the Company's internal 'Qualified Person' under the requirements of National Instrument 43-101.

The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address the Latin America's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words 'may', 'will', 'anticipate', 'believe', 'estimate', 'expect', 'intend' and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as contained in Latin America's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events, unless required under applicable securities laws. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.

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.

Contacts:

Latin American Minerals Inc.

Miles Rideout

President and CEO

Argentina: (54-261) 439-9268

Toronto: (1-416) 902-8558 or 360 1921
www.latinamericanminerals.com