Latin American Minerals Drills 4.09 g/t Au Over 25.5 Metres in First Drilling on 14.8 km New Gold Trend at Paso Yobai
TORONTO, ONTARIO -- (Marketwire) -- 03/06/12 -- Latin American Minerals Inc. (TSX VENTURE: LAT)(OTCQX: LATNF) (the 'Company') announces results for the first five diamond-drill holes on the Tacuru target, the first gold soil anomaly drilled on the 14.8 km long New Gold Trend of the Company's 100% owned exploration concession located at Paso Yobai, Paraguay. This prominent target area is located 3.5 km northeast of the Company's newly inaugurated Mina Independencia gold pilot plant.
The Tacuru Target is a prominent gold soil anomaly, first detected in the reconnaissance sampling program that detected and delineated the 14.8 km long New Trend gold occurrences. After claiming the mineral rights and contracting the surface rights with the local resident, the Company developed information on the target through detailed soil sampling grids, auger-hole sampling, and trenching. The Company released trench results at the target in December 2011, showing 3.8 gpt averaged over 30.55 m. The drill permit for the project was received Dec 22, 2011 and an initial program of six holes totalling 851.00 m of diamond drilling was completed during January 2012. Assay results for the first five holes have been received by the company and are presented in tabular form at www.latinamericanminerals.com.
Highlights of the initial drilling results from the Tacuru Target are presented below. The Company has not yet received assay results for DDH-LAT-BT-06.
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Top Bottom Intersection
Drill Section Drill Hole (m) (m) (m)
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Tacuru Fence A DDH-LAT-BT-01 (Bloque
Tacuru)
Nominal distance Collar location (UTM 7.23 8.40 1.17 1.21
between drill WGS84, zone 21S):
collars: 40 m
598068E, 7155086N
Azimuth: N317E, Angle:
-55 deg.
Total length: 119.60 m
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DDH-LAT-BT-02
Collar location: 0.00 25.50 25.50 4.09
598094E, 7155056N
Azimuth: N317E, Angle:
-55 deg.
Total length: 121.50 m
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DDH-LAT-BT-03
Collar location: 6.95 12.90 5.95 1.01
598121E, 7155027N
Azimuth: N317E; Angle:
-55 deg.
Total length: 167.40 m
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Tacuru Fence B DDH-LAT-BT-04
Nominal distance Collar location: 0.00 17.10 17.10 3.20
between drill 598075E, 7155048N
collars: 40 m
Azimuth: N230E; Angle:
-55 deg.
Total length: 150.00 m
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DDH-LAT-BT-05
Collar location: 4.40 18.42 14.02 2.41
598050E, 7155017N
Azimuth: N230E; Angle:47.70 54.00 6.30 1.17
-55 deg.
Total length: 145.50 m57.18 61.50 4.32 1.53
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Miles Rideout, President and CEO of Latin American Minerals stated: 'These first results from Tacuru confirm that there is notable gold mineralization on the New Trend and this gold is found in sandstone host units, a new mineralization style for the project. These are breakthrough results for the Company and we will continue to aggressively drill further targets. Our goal for 2012 is to demonstrate the scope and dimensions of this major new discovery.'
Other Paso Yobai Project updates:
In January, processing operations began at the Mina Independencia Gold Project, also located near the town of Paso Yobai, Paraguay. These operations were halted on January 31 by a demonstration lead by informal gold miners who were concerned about title security of their farms and homesteads under Paraguayan law. The demonstration was intended garner national attention for the informal mining movement by interrupting the Company's inauguration ceremony, at which many political and industry VIPs were expected to attend. The Company has since met with leaders of this informal mining movement, where both parties agreed that a mutually supportive alliance, overseen by Paraguay's Vice Ministry of Mines and Energy (VMME) is the most productive way forward for the Paso Yobai gold district.
On Feb. 21, VMME observers participated in the re-start of the Company's processing operation at the Mina Independencia Project. These operations continue without interruption.
The investment in the construction of the Mina Independencia mine and processing facility and has allowed the Company to complete the acquisition of 99% ownership of the permitted Minera Guaira mining concession though dilution of the partner's interest. The exercise of the option and the initial 70% ownership of the Minera Guaira concession were announced in 2010. The Mina Independencia operation is located on is located on the 4.5 km Discovery Trend, located within the Minera Guaira mining concession. The Company's partners at Minera Guaira retain a 1% NSR for this concession, in addition to proceeds from surface agreements. The completed acquisition of the permitted mining concession in no way influences the rights or practices of informal miners working in the area.
Regarding these project advances, Rideout commented 'The pilot plant operation allows us to expose and bulk sample mineralized shoots on the Discovery Trend. This work will confirm the head grades for a subsequent mine expansion program.' Regarding the informal miners, Rideout added 'Our neighbours to the south have a strong production track record, with historic production likely exceeding 100,000 oz. of gold. We are pleased that these residents are willing to work with the Vice-Ministry to formalize and advance their work area.'
About the Paso Yobai Gold Project:
The Company is developing the Discovery Trend Pilot Plant operation on the Minera Guaira mining concession, part of the Company's larger Paso Yobai Gold Project. The objective of the new Pilot Plant is to facilitate resource evaluation through bulk-sampling on the Discovery Trend, which is characterised by coarse gold mineralization extending from surface to greater than 100m depth. The course granular gold typical of the Discovery Trend complicates conventional resource estimation by diamond drilling due to the small sample volume extracted in exploration holes.
The second New Trend at Paso Yobai is located on concessions that are 100% owned by the Company. The New Trend at Paso Yobai is approximately 14.8 km in length, located 3.5 km northeast of the Discovery Trend. The Company owns 100% of the prospecting concessions that contain this geologic feature. The results of the Company's 2011 work to define drill targets suggest that bulk tonnage potential could exist at several target zones along this extensive structure. The Company plans to focus 2012 exploration on these targets.
About the Company:
Latin American Minerals Inc. is a well-financed mineral exploration company focused on the acquisition and development of mineral projects in highly prospective countries of South America. In addition to the Paso Yobai Gold Project, the Company's Itapoty Diamond Project and Chiriguelo REE/Niobium Project are also located in Paraguay.
Dr. Waldo Perez is the Company's internal 'Qualified Person' under the requirements of National Instrument 43-101 and has approved this press release.
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. At the drill site, the core was placed in core boxes and delivered to a secure field core processing center. The core was 'split' using a diamond saw by experienced exploration technicians and logged by professional geologists. The nominal sample interval was approximately 1m, though locally the interval might be increased to 2m or decreased to 0.5m, the interval being determined by the logging geologists based on geologic indicators. Half of the core was left in the core box as a permanent reference of the interval sampled and half of the designated sample interval was delivered to the Company's sample preparation facility, operated by Company technicians. The core samples were crushed, dried and split. A portion of the split sample was tagged and archived as coarse reject and the remaining portion ground to minus 200 mesh and shipped by bonded courier to the Alex Stewart Argentina S.A. laboratory in Mendoza, Argentina. 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 and read in ICP-OES. Accuracy of results is tested through the systematic inclusion of blanks, duplicates and certified reference standards.
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 Latin American Minerals' 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 American Minerals' 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
Toronto: (1-416) 363-0841 or (1-416) 902-8558
Argentina: (54-261) 439-9268
www.latinamericanminerals.com
Andreas Curkovic
Investor Relations
416-577-9927