Latin American Minerals Inc.

Latin American Minerals Inc.

November 30, 2010 08:30 ET

Latin American Minerals Announces Acquisition of the Chiriguelo Niobium/Rare Earth Elements Project

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2010) - Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Corporation") is pleased to announce the acquisition of a 100% interest in the Chiriguelo Project in northeast Paraguay. The property consists of an exploration concession for which technical approval and environmental permitting have been received from the Paraguayan government.

The Chiriguelo Carbonatite Complex represents a prime exploration target for Niobium and Rare Earth Elements (REEs) in northeastern Paraguay.

The 25,500 hectare Chiriguelo exploration concession is held by the Corporation through its Paraguayan subsidiary Minera Itapora S.A. The Chiriguelo Project is located approximately 500 kilometers northeast of Asuncion. Vehicle access is available through the prospect on paved road.

The primary niobium producing ore 'pyrochlore' has been found in abundance at Chiriguelo, both at surface and in historic drilling. Worldwide production of niobium is limited, with the main production occurring in Brazil at deposits geologically similar to Chiriguelo. The principal uses for niobium are to produce special steel alloys for critical applications such as gas pipelines, and also to produce high-strength super alloys for high temperature applications.

The Corporation has conducted initial surface sampling that verifies an area with high niobium concentrations measuring 600m x 150m within the central carbonatite body.

Abundant concentrations of Rare Earth Oxides have also been located at surface and in trenches at the Chiriguelo deposit. The suite of rare earth elements have a variety commercial applications related to: advanced technologies such as super-conductors, lighting equipment and lasers, optical pigments and catalysts in chemical processes.

The Corporation's initial sampling of Rare Earth Oxides (REO) has demonstrated relatively large proportions of Lanthanum (32.8% of total REO), Cerium (47.3%), Praseodymium (4.4%), and Neodymium (11.9%). Samarium (1.12% of total REO), Europium (0.27%), Gadolinium (1.33%), Dysprosium (0.44%) and Erbium (0.28%) have also been encountered in the REO samples tested to date.

The economic significance of the Chiriguelo deposit is demonstrated in the table below. The occurrences of niobium and Rare Earth Oxides in the Corporation's surface samples compare favorably with several producing mines.

Name Reserve Millions of tons Ore Grade (%)
Chiriguelo, Paraguay Soil samples
65 soil/rock samples
0.68 to 2.9% Nb2O5
1.38% (avg.) combined rare-earth oxides (REO),
high of 6.4% combined REO
Catalão I, Brazil 15.7
1.61% Nb2O5
12.2% combined REO
Oka, Quebec 122
0.45% Nb2O5
0.2% combined REO
Mrima Hill, Kenya 50
0.7% Nb2O5
5.0% combined REO
Comparison of Latin American Minerals' surface sampling of Niobium (Nb2O5) and Rare Earth Oxides (xx2O3) at Chiriguelo with several other carbonatite deposits in production

Miles Rideout, the President and CEO of Latin American Minerals stated that: "Although we are still putting together a picture of the Chiriguelo target potential, the geological evidence supports a large intrusive source with pyrochlore below the current niobium anomaly on surface. The initial testing of the North Fenite Rim target has produced values of various rare earth elements at levels that are comparable with several REE mines in production. Given these impressive results at this early stage of field work, the Chiriguelo Project shows good potential to produce a sizable niobium/REE deposit."

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 Paso Yobai Gold Project and Itapoty Diamond 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. Dr. Waldo Perez is the Company's internal "Qualified Person" under the requirements of National Instrument 43-101.

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