Latin
American Minerals Closes in on the Source of 40 Macro-Diamonds Discovered at
Itapoty Project, Paraguay
TORONTO,
ONTARIO--(Marketwire - Feb. 26, 2009) - Latin American Minerals Inc. (TSX
VENTURE:LAT) (the "Corporation" or "Latin American
Minerals") is pleased to announce that it has discovered intensely altered
fragmental rocks within the host sandstones at the headwaters of three diamond
bearing streams, indicating proximity to the source of 40 macro-diamonds
discovered at its Itapoty Project, covering 165,000ha, in northern Paraguay.
Please refer to the area map below.
This important discovery is the results of stream sediment sampling, ground
magnetic survey and prospecting.
Several of the diamonds will be on display at the Corporation's booth (2518) in
the Investors Exchange at the Prospectors and Developers Association Convention
("PDAC") commencing March 1, 2009 in Toronto.
Stream Sediment Sampling:
During the stream sediment sampling program 177 samples were collected 12% of
the samples contained diamonds and 53% of the samples contained Kimberlitic
Indicator Minerals. Results include:
- 40 white, yellow and champagne macro-diamonds from 0.1 to 0.5 carats
- Kimberlite Indicator Minerals confirmed by microprobe analysis to be G-9 and
G-10 garnets and chrome spinel, which fall within the diamond stability field.
A picture of a diamond found on the property is set out below.
Ground Magnetometer Survey:
A ground magnetometer survey is currently ongoing under the supervision of Mr.
John Kieley, P.Geo, LAT's independent consulting geophysicist and
"Qualified Person". Mr. Kieley, formerly chief geophysicist for
Barrick, provides QA/QC and interpretation of the survey results. To date 490
line kilometers have been completed along grid lines trending N-S established
at 100 and 250m intervals. The survey identified:
- Structurally controlled and isolated circular magnetic anomalies
characteristic of diatreme intrusives
- Magnetic anomalies coincident with topographic depressions at the headwaters
of the diamond bearing streams.
Prospecting:
Prospecting of the stream beds discovered 3 individual and distinct occurrences
of an altered fragmental rock in the headwater area of three diamond bearing
streams.
A picture of this altered fragmental rock is set out below.
Mr. Kieley reports that "a significant number of magnetic features have
been defined within the Itapoty Project that are characterized by non-linear
anomalies of low magnetic intensity typical of kimberlitic and diatreme breccia
sources".
Dr. Waldo Perez, VP Exploration reports that "the head waters of six
streams are located in an area measuring 30 km long and 6 km wide and all of
the streams coming from this area contain all the diamonds and KIMs discovered
to date. The source area is comparable in size to other kimberlitic fields in
the world".
"With the discover of the altered fragmental rocks in the headwater area,
we believe we have discovered the key to locating the source of diamonds
recovered in the closed drainage basins" reports David G. Wahl, P.Eng.,
P.Geo., President and CEO.
Please join Dr. Perez for his presentation on LAT's Itapoty diamond project at
PDAC at the Exchange Forum on March 3, 2009 at 4:40 p.m.
Waldo Perez, P.Geo is LAT's internal "Qualified Person" under the
requirements of National Instrument 43-101 and is responsible for this press
release.
LAT is a mineral exploration company focused on the acquisition and development
of minerals projects in under-explored but highly prospective countries of
Latin America.
Sampling and Analytical Protocols: The sampling and analytical protocols were
established, implemented and supervised by Dr. Waldo Perez, the Company's
internal Qualified Person as defined by National Instrument 43-101. Dr. Howard
Coopersmith, P.Geo was retained to provide independent advice, inspect the
sites, diamonds and KIMs and review sampling procedures. Stream sediment
samples were collected from the river in traps under logs, deep holes and river
banks. The samples were sieved in the field into three fractions: fine (0.3-0.4
mm), medium (0.4-0.71 mm) and coarse (0.71-1.0 mm). The three fractions for
each sample were sent to SGS Geosol Lab in Brasilia (Brazil). Each fraction was
sieved again in the lab and minerals were separated and inspected by visual
analysis under microscope. KIM and diamonds were photographed and reported as
total number of grains found. Probe analysis of Chrome-Spinels and Garnets were
performed at University of Toronto.
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, except as 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.
The TSXV
has not reviewed and does not accept responsibility for the adequacy or the
accuracy of this release.