Latin American Minerals Inc.

Latin American Minerals Inc.

December 06, 2010 09:04 ET

Latin American Minerals Announces $12.6 Million Asset Monetization

TORONTO, ONTARIO--(Marketwire - Dec. 6, 2010) - Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Corporation") is pleased to announce that it has sold all its 8.4 million common shares in Lithium Americas Corp. (TSX:LAC) ("LAC") for net proceeds of approximately CDN$12,600,000.

"This is the culmination of the Corporation's previously announced gold project financing strategy when it divested itself of its interest in certain early stage Argentinean lithium properties to LAC and received cash and LAC shares", said Miles Rideout, President and Chief Executive Officer of the Corporation, "We are now fully funded to commence an aggressive exploration and development plan at our highly prospective Paso Yobai gold project in Paraguay. The budget and development plan specifics will be set immediately for a January start and it will include provisions for auger and diamond drilling, aggressive large scale trenching and a transition of Latin America's laboratory scale gravity concentration processor into a bulk sampling processing facility during the first half of 2011. Paso Yobai is an extremely large footprint, about 100 square kms so far, pervasive epithermal gold system that justifies an aggressive exploration strategy."

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 Itapoty Diamond Project and Chiriguelo Niobium/Rare Earth Elements Project 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. The expansion and development of the Paso Yobai Gold Project is core to the company's current planning.

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.

Contact Information

  • Latin American Minerals Inc.
    Miles Rideout
    President and CEO
    Argentina: (54-261) 439-9268
    Toronto: (1-416) 902-8558 or 360 1921