Latin American Minerals' CEO and Executive Chairman Step Down; Company Provides Project Update

TORONTO, ONTARIO--(Marketwire - Aug. 11, 2009) - Latin American Minerals Inc. (the "Company") (TSX VENTURE:LAT) announces that David Wahl resigned as President and CEO and as a director of the Company. In addition, Michael Brown resigned as Executive Chairman and as a director of the Company. Mr. Wahl is to receive severance in accordance with a severance agreement which may be subject to regulatory approval.

The Company wishes to thank both Mr. Wahl and Mr. Brown for their dedicated service to the Company.

In the near term, operations will be run by Waldo Perez, interim President and CEO, and, in Toronto, by Ray Mitchell, CFO.

Project Update:

Paso Yobai Gold Project

The Company concluded the third phase drilling program on the discovery zone and released results on May 22nd 2009. Since that time the Company outlined a new large soil anomaly 3 km from the discovery zone extending over 2.5x3 km, with soil samples ranging between 50 and 100 ppb. Soil geochemistry resulted in the discovery of the original discovery zone and the Company has used this technique very successfully to identify new gold mineralization in densely vegetated areas of Paraguay. The Company expects to have new drill targets in the new soil anomaly by Q4.

Itapotii Diamond Project

The stream sediment sampling program continues at this exciting new diamond project in Paraguay. On February 26th, 2009 the Company announced the discovery of 40 macro-diamonds in 177 streams sediment samples coming from an area of 20 x 50 km. Since then the Company has collected 120 mores samples and found 14 more diamonds in the streams. Other Kimberlitic Indicator Minerals ("KIMs") found include garnets, chrome spinels and ilmenites. The Company completed a total of 685 line kilometres of surface magnetic survey and identified a series of circular magnetic anomalies near the headwaters were the diamonds and KIMs were found. The Company identified deeply altered breccias in the headwaters of the diamond-bearing rivers. The breccias were identified as collapse breccias of a younger age than the regional sediments. The matrix of the breccias was sampled and 1 diamond was found. The Company is currently testing the breccia-bearing areas with auger holes where they coincide with magnetic survey anomalies for KIMs and diamonds.

Tendal Zinc Project

As previously announced (June 16, 2009), the Company signed a heads of agreement and is negotiating a definitive agreement with Cadillac Ventures Inc.

Potash and Lithium Salar Project

As previously announced, the Company sold its potash and lithium properties to Lithium Americas Corp. (June 11, 2009 press release) and Lithium Americas completed a private placement of $1.575 million (announced June 16, 2009). The Company currently owns approximately 30% of Lithium Americas. Lithium Americas is continuing the exploration work in the Cauchari and Olaroz lithium salt lakes in Argentina.

Dr. Waldo Perez, P.Geo., interim President and CEO of Latin American Minerals Inc., is the designated Qualified Person for the Project and is responsible for the contents of this news release.

Latin American Minerals Inc. is a mineral exploration company focused on the acquisition and development of exploration opportunities in South America.

Investors are invited to visit the Latin American Minerals IR Hub at http://agoracom.com/ir/LatinAmerican where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to LAT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

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 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 laws. 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.

Neither 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.

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