Latin American Minerals Inc.

Published : April 16th, 2008

Options Its La Carolina Gold Property to Argentinean Venture Capital Group.

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Latin American Minerals Options Its La Carolina Gold Property to Argentinean Venture Capital Group.

TORONTO, ONTARIO--(Marketwire - April 16, 2008) - Latin American Minerals Inc. (TSX VENTURE:LAT) announces that it has optioned part of its 75% interest in La Carolina gold property to CHC Venture Capital S.A. ("CHC"), a venture capital group based in Argentina focused on the resource sector.

Under the terms of the option, CHC has the right to acquire a 51% interest in the property from LAT's 75% interest (see April 15, 2008 press release) by making escalating cash payments totaling US$1,090,000 over 4 years and by expending US$750,000 each year over 4 years (US$3,000,000 in the aggregate) on exploration of the property. No interest is earned by CHC until all its obligations have been satisfied.

Mr. Wahl, President and CEO report that "... we are extremely pleased to advance our La Carolina gold property with a made in Argentina solution. This agreement speaks volumes about the confidence local Argentineans have for the future of mining in Argentina and we look forward to working with our new partner to further define the resource potential of La Carolina..."

Situated in the Province of San Luis, Argentina, the La Carolina gold project is a large, low-sulphidation epithermal system hosted in a diatreme - dome volcanic complex that pierce through the Paleozoic basement. Anglo drilled 55 shallow holes in 1989 and Geocom drilled 14 holes in 2004 identifying disseminated and vein hosted pyrite with gold, galena and sphalerite in breccia pipes and the rims the volcanic complex. LAT targeted new IP geophysical and soil geochemical anomalies located on the contacts of the basement and the volcanic breccias as well as deeper targets located in the central part of the diatreme.

In 2007, LAT drilled 16 holes, totaling 4,489m to test six target areas on the Property. For location of the targets and analytical results please refer to our web page

Significant results were reported on the La Luisa target, DDH-Lat 3, intersected 333m averaging 0.25gpt Au. The gold grade increases with depth. The hole was terminated at 332.9m in a quartz pyrite stockwork averaging 0.4gpt Au over 78m. Included in this section are several narrow higher grade intersections including 3gpt Au over one meter and 0.92gpt Au over 3m. The quartz pyrite stockwork is hosted in a quartz-dacite dome and in the basement rocks. This long mineralized interval remains open to depth as well as to the north and west.

Holes DDH-Lat 6 and DDH-Lat 21, drilled on the Mogote target intersected long intervals with base metal and gold mineralization. DDH-Lat 6 returned 401.3m @ 0.14% Zn including 119m @ 0.35% Zn and 0.14 % Pb, including 28m @ 0.78% Zn and 0.23% Pb.

DDH-Lat 21 returned 200m @ 0.12 % Zn and 70m @ 0.34gpt Au. Mineralization in both holes is composed of quartz and pyrite with sphalerite, galena and trace chalcopyrite and is hosted in a wide halo that extends from the breccia of the diatreme into the basement. Both holes pierce through the diatreme into the basement. These holes are located below a trench that returned 1gpt Au over 30m and a historic Geocom hole that returned 0.54gpt Au over 60m including 5.7gpt Au over 4m. The results indicate that the gold content decreases and base metal content increases at depth. The remaining holes drilled during the 2007 exploration program intersected fracture controlled gold mineralization with quartz over narrow widths. Pyrite is the most dominant sulphide in all of the holes and was found to be the cause of the strong chargeability/resistivity ("IP") anomalies identified in the basement rocks surrounding the diatreme.

Dr. Waldo Perez, Sr. V.P. Exploration reported in our press release of September 14, 2007 that "...we found galena, sphalerite and minor chalcopyrite in the contact zone between the diatreme and the basement. Gold appears to be related to quartz pyrite veins at depth and decoupled from the base metals. Holes DDH-Lat 3, DDH-Lat 6 and DDH-Lat 21 tested the exploration potential of the domes on the western margin of the diatreme. The results are encouraging and suggest that this mineralization could be peripheral to a higher grade system."

Dr. Waldo Perez, P.Geo, is the designated Qualified Person for the project and is responsible for the contents of this news release.

LAT is a mineral exploration company focused on the acquisition and development of base and precious metals projects in underexplored but highly prospective countries of Latin America.

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 Argentina and 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 law. 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. Historic estimates contained herein do not meet the definition of Mineral Resources as contained in National Instrument 43-101 of the Canadian Securities Administrators. Furthermore, neither the Corporation nor the Qualified Person have reviewed any of the reports or exploration results underlying such estimates and accordingly, such estimates (and any assumptions underlying such estimates) have not been independently verified. As a result, there can be no assurance that such historic estimates are reliable, or that such estimates are indicative of any mineralization which would meet the criteria of Mineral Resources as defined in accordance with National Instrument 43-101. Consequently, no reliance should be placed upon these historical estimates. However, the Corporation believes that these historical estimates may be indicative of the potential for mineralization on these properties.

The TSXV has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For more information, please contact

David Wahl, P.Eng., P. Geo.

President and CEO

Latin American Minerals Inc.

(416) 363-0841

Website:

www.latinamericanminerals.com.

 

 


 

Latin American Minerals Inc.

EXPLORATION STAGE
CODE : LAT.V
ISIN : CA51827X1015
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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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