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.