Latin American Minerals, Inc. (LATNF: OTC Link) | CORRECTION: Latin American Minerals Drills 4.09 g/t Au Over 25.5 Metres in First Drilling On 14.8 KM New Gold Trend At Paso Yobai

CORRECTION: Latin American Minerals Drills 4.09 g/t Au Over 25.5 Metres in First Drilling On 14.8 KM New Gold Trend At Paso Yobai

Mar 08, 2012

OTC Disclosure News Service

Toronto, ONT, Canada –

March 6, 2012 – Toronto, Ontario –Latin American Minerals Inc. (TSXV: LAT; OTCQX: LATNF) (the “Company”)announces results for the first five diamond-drill holes on the Tacurú target,the first gold soil anomaly drilled on the 14.8 km long New Gold Trend of theCompany’s 100% owned exploration concession located at Paso Yobai, Paraguay.This prominent target area is located 3.5 km northeast of the Company’s newlyinaugurated Mina Independencia gold pilot plant.

The Tacurú Target is a prominentgold soil anomaly, first detected in the reconnaissance sampling program thatdetected and delineated the 14.8 km long New Trend gold occurrences. Afterclaiming the mineral rights and contracting the surface rights with the localresident, the Company developed information on the target through detailed soilsampling grids, auger-hole sampling, and trenching. The Company released trenchresults at the target in December 2011, showing 3.8 gpt averaged over 30.55 m.The drill permit for the project was received Dec 22, 2011 and an initialprogram of six holes totalling 851.00 m of diamond drilling was completedduring January 2012. Assay results for the first five holes have been receivedby the company and are presented in tabular form at www.latinamericanminerals.com.

Highlights of the initialdrilling results from the Tacurú Target are presented below. The Company hasnot yet received assay results for DDH-LAT-BT-06.

Drill Section

Drill Hole

Top               (m)

Bottom    (m)

Intersection (m)

Au

(gpt)

Tacurú Fence A

DDH-LAT-BT-01 (Bloque Tacurú)

 

 

 

 

Nominal distance between

Collar location (UTM WGS84, zone 21S):

7.23

8.40

1.17

1.21

drill collars: 40 m 

598068E, 7155086N

 

 

 

 

 

Azimuth: N317E,  Angle: -55 deg.

 

 

 

 

 

Total length: 119.60 m

 

 

 

 

 

DDH-LAT-BT-02

 

 

 

 

 

Collar location: 598094E, 7155056N

0.00

25.50

25.50

4.09

 

Azimuth: N317E, Angle: -55 deg.

 

 

 

 

 

Total length: 121.50 m

 

 

 

 

 

DDH-LAT-BT-03

 

 

 

 

 

Collar location: 598121E, 7155027N

6.95

12.90

5.95

1.01

 

Azimuth: N317E; Angle: -55 deg.

 

 

 

 

 

Total length: 167.40 m

 

 

 

 

 

 

 

 

 

 

Tacurú Fence B

DDH-LAT-BT-04

 

 

 

 

Nominal distance between

Collar location: 598075E, 7155048N

0.00

17.10

17.10

3.20

 drill collars: 40 m

Azimuth: N230E; Angle: -55 deg.

 

 

 

 

 

Total length: 150.00 m

 

 

 

 

 

DDH-LAT-BT-05

 

 

 

 

 

Collar location: 598050E, 7155017N

4.40

18.42

14.02

2.41

 

Azimuth: N230E; Angle: -55 deg.

47.70

54.00

6.30

1.17

 

Total length: 145.50 m

57.18

61.50

4.32

1.53

Miles Rideout, President and CEOof Latin American Minerals stated: “These first results from Tacurú confirmthat there is notable gold mineralization on the New Trend and this gold isfound in sandstone host units, a new mineralization style for the project. Theseare breakthrough results for the Company and we will continue to aggressivelydrill further targets.  Our goal for 2012is to demonstrate the scope and dimensions of this major new discovery.”

Other Paso Yobai Project updates:

In January, processing operationsbegan at the Mina Independencia Gold Project, also located near the town ofPaso Yobai, Paraguay. These operations were halted on January 31 by ademonstration lead by informal gold miners who were concerned about titlesecurity of their farms and homesteads under Paraguayan law. The demonstrationwas intended garner national attention for the informal mining movement byinterrupting the Company’s inauguration ceremony, at which many political andindustry VIPs were expected to attend. The Company has since met with leadersof this informal mining movement, where both parties agreed that a mutuallysupportive alliance, overseen by Paraguay’s Vice Ministry of Mines and Energy(VMME) is the most productive way forward for the Paso Yobai gold district.

On Feb. 21, VMME observersparticipated in the re-start of the Company’s processing operation at the MinaIndependencia Project. These operations continue without interruption.

The investment in theconstruction of the Mina Independencia mine and processing facility and hasallowed the Company to complete the acquisition of 99% ownership of thepermitted Minera Guairá mining concession though dilution of the partner’sinterest. The exercise of the option and the initial 70% ownership of the MineraGuairá concession were announced in 2010. The Mina Independencia operation islocated on is located on the 4.5 km Discovery Trend, located within the MineraGuairá mining concession. The Company’s partners at Minera Guairá retain a 1%NSR for this concession, in addition to proceeds from surface agreements. Thecompleted acquisition of the permitted mining concession in no way influencesthe rights or practices of informal miners working in the area.

Regarding these project advances,Rideout commented “The pilot plant operation allows us to expose and bulksample ore shoots on the Discovery Trend. This work will confirm the headgrades for a subsequent mine expansion program, and this developmentmethodology is cash-flow positive.” Regarding the informal miners, Rideoutadded “Our neighbors to the south have a strong production track record, withhistoric production likely exceeding 100,000 oz. of gold. We are pleased thatthese residents are willing to work with the Vice-Ministry to formalize and advancetheir work area.”

 

About the Paso YobaiGold Project:

 

The Company isdeveloping the Discovery Trend Pilot Plant operation on the Minera Guairámining concession, part of the Company’s larger Paso Yobai Gold Project. Theobjective of the new Pilot Plant is to facilitate resource evaluation throughbulk-sampling on the Discovery Trend, which is characterised by coarse goldmineralization extending from surface to greater than 100m depth. The coursegranular gold typical of the Discovery Trend complicates conventional resourceestimation by diamond drilling due to the small sample volume extracted inexploration holes.

 

Thesecond New Trend at Paso Yobai is located on concessions that are 100% owned bythe Company. The New Trend at Paso Yobai is approximately 14.8 km in length,located 3.5 km northeast of the Discovery Trend. The Company owns 100% of theprospecting concessions that contain this geologic feature. The results of theCompany’s 2011 work to define drill targets suggest that bulk tonnage potentialcould exist at several target zones along this extensive structure. The Companyplans to focus 2012 exploration on these targets.

About the Company:

Latin American Minerals Inc. is a well-financed mineral explorationcompany focused on the acquisition and development of mineral projects inhighly prospective countries of South America. In addition to the Paso YobaiGold Project, the Company’s Itapoty Diamond Project and Chiriguelo REE/NiobiumProject are also located in Paraguay.

Dr. Waldo Perez is theCompany’s internal “Qualified Person” under the requirements ofNational Instrument 43-101 and has approved this press release.

Sampling and AnalyticalProtocols:

The sampling andanalytical protocols were established, implemented and supervised by or underthe direction of Dr. Waldo Perez, the Company’s internal Qualified Person asdefined by National Instrument 43-101. At the drill site, the core was placedin core boxes and delivered to a secure field core processing center. The corewas “split” using a diamond saw by experienced explorationtechnicians and logged by professional geologists. The nominal sample intervalwas approximately 1m, though locally the interval might be increased to 2m ordecreased to 0.5m, the interval being determined by the logging geologistsbased on geologic indicators. Half of the core was left in the core box as apermanent reference of the interval sampled and half of the designated sampleinterval was delivered to the Company’s sample preparation facility, operatedby Company technicians. The core samples were crushed, dried and split. Aportion of the split sample was tagged and archived as coarse reject and theremaining portion ground to minus 200 mesh and shipped by bonded courier to theAlex Stewart Argentina S.A. laboratory in Mendoza, Argentina. All samples wereassayed for gold and multi-elements by ICP. Gold was analyzed by Fire Assaywith AA finish using 50 gram sample. For the multi-elements,the samples were dissolved in aqua regia and read in ICP-OES. Accuracy ofresults is tested through the systematic inclusion of blanks, duplicates andcertified reference standards.

For more information, please contact:

MilesRideout

Presidentand CEO

Toronto:(1-416) 363-0841 or (1-416) 902-8558

Argentina: (54-261) 439-9268

 

www.latinamericanminerals.com

 

Andreas Curkovic

InvestorRelations

416-577-9927

 

Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthis release.

 

The statements made in this press release thatare not historical facts contain forward-looking information that involves riskand uncertainties. All statements, other than statements of historical facts,which address Latin American Minerals’ expectations, should be consideredforward-looking statements. Such statements are based on management’s exerciseof business judgment as well as assumptions made by and information currentlyavailable to management. When used in this document, the words “may”, “will”,“anticipate”, “believe”, “estimate”, “expect”, “intend” and words of similarimport, are intended to identify any forward-looking statements. You should notplace undue reliance on these forward-looking statements. These statementsreflect our current view of future events and are subject to certain risks anduncertainties as contained in Latin American Minerals’ filings with Canadiansecurities regulatory authorities. Should one or more of these risks oruncertainties materialize, or should underlying assumptions prove incorrect,our actual results could differ materially from those anticipated in theseforward-looking statements. We undertake no obligation, and do not intend, toupdate, revise or otherwise publicly release any revisions to theseforward-looking statements to reflect events or circumstances after the datehereof, or to reflect the occurrence of any unanticipated events, unlessrequired under applicable securities laws. Although we believe that our expectationsare based on reasonable assumptions, we can give no assurance that ourexpectations will materialize.


The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/LATNF/news?id=43330

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