TORONTO, ONTARIO--(Marketwire - Sept. 27, 2010) - Latin American Minerals Inc. (TSX VENTURE:LAT)('Latin American') and VotorantimMetais Argentina SA ('Votorantim') have signed an agreement whereby Latin American has granted to Votorantim the right to acquire an initial 51% interest in the Tendal Mineral Concessions in La Rioja Province, Argentina by funding USD 4,500,000 in exploration development over a three year joint venture period.
The agreement also stipulates that Votorantim has an additional option to earn a 19% additional interest in the property by solely funding development to the completion of the feasibility study during another period of three years. Votorantim has 60 days from the exercise date of the initial option to elect this additional interest.
Details of the agreement stipulate a minimum exploration expenditure of USD 500,000 in the first year of the agreement and, in addition to the exploration expenditures, USD 50,000 annual cash payments to Latin American during the JV period.
Votorantim is a subsidiary of VotorantimMetais, the largest producer of zinc in Latin America and one of the ten largest worldwide. VotorantimMetais' activity in the zinc market began in 1956 in Minas Gerais, Brazil. Votorantim has enjoyed excellent national and international growth featuring the key acquisitions of the Juiz de Fora Zinc Refinery in 2002; the Cajamarquilla Zinc Refinery in Peru in 2004; a 51% interest in the Milpo Mining Company, the fourth largest Peruvian zinc miner (2005/2010) and the acquisition of US Zinc in 2007. The Mineral Exploration division of VotorantimMetais is actively exploring in Brazil, Canada, Mexico, Colombia, Peru and Argentina.
Latin American Minerals holds a 100% interest in the six Tendal mineral concessions, which comprise two land parcels totaling 36,488 hectares. The Tendal zinc, copper, lead and silver property is located in the province of La Rioja in northwestern Argentina and is accessible by all-season gravel road.
At Tendal, massive sulphides outcrop on surface in the Espinal Formation and in the Rio Bonete Formation. The sulphides have suffered deformation but are concordant to schistosity and major lithologic units indicating syngenetic deposition with the sedimentary host units.
Massive sulphides outcrop in the Espinal Formation on surface for over 2 km extent, in stacked lenses up to 18m thick extending along an 80m zone. Saw-cut channel samples along the massive sulphide bodies confirm zinc mineralization on surface extending for up to 18.5 meters true width with 4.28% Zn. Drill hole results confirm the extension of the mineralization at depth with a 4.41m intersection having 4.49% Zn.
Massive lead-zinc sulphides in the Rio Bonete Formation have a smaller footprint on surface, extending 400m in length along two zones of 8m width. Trench samples in these mineralized zones yielded up to 8m width of 8% Pb and 3% Zn. Drill holes yielded 4m with 5.18% Zn and 3.15% Pb including 1.7m with 9.18% Zn and 3.18% Pb.
Latin American has performed 2079m of diamond drilling in the district to date. The extension of mineralization found on surface and the promising results at depth show that the mineral camp has exploration potential for a major new zinc discovery in Argentina.
Miles Rideout, President of Latin American Minerals stated that 'We are extremely pleased that the preeminent South American zinc producer will lead development of the Tendal Project.'
LAT is a mineral exploration company focused on the acquisition and development of base and precious metals projects in under-explored but highly prospective countries of Latin America. Dr. Waldo Perez is the Company's internal "Qualified Person" under the requirements of National Instrument 43-101.
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.
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.
The agreement also stipulates that Votorantim has an additional option to earn a 19% additional interest in the property by solely funding development to the completion of the feasibility study during another period of three years. Votorantim has 60 days from the exercise date of the initial option to elect this additional interest.
Details of the agreement stipulate a minimum exploration expenditure of USD 500,000 in the first year of the agreement and, in addition to the exploration expenditures, USD 50,000 annual cash payments to Latin American during the JV period.
Votorantim is a subsidiary of VotorantimMetais, the largest producer of zinc in Latin America and one of the ten largest worldwide. VotorantimMetais' activity in the zinc market began in 1956 in Minas Gerais, Brazil. Votorantim has enjoyed excellent national and international growth featuring the key acquisitions of the Juiz de Fora Zinc Refinery in 2002; the Cajamarquilla Zinc Refinery in Peru in 2004; a 51% interest in the Milpo Mining Company, the fourth largest Peruvian zinc miner (2005/2010) and the acquisition of US Zinc in 2007. The Mineral Exploration division of VotorantimMetais is actively exploring in Brazil, Canada, Mexico, Colombia, Peru and Argentina.
Latin American Minerals holds a 100% interest in the six Tendal mineral concessions, which comprise two land parcels totaling 36,488 hectares. The Tendal zinc, copper, lead and silver property is located in the province of La Rioja in northwestern Argentina and is accessible by all-season gravel road.
At Tendal, massive sulphides outcrop on surface in the Espinal Formation and in the Rio Bonete Formation. The sulphides have suffered deformation but are concordant to schistosity and major lithologic units indicating syngenetic deposition with the sedimentary host units.
Massive sulphides outcrop in the Espinal Formation on surface for over 2 km extent, in stacked lenses up to 18m thick extending along an 80m zone. Saw-cut channel samples along the massive sulphide bodies confirm zinc mineralization on surface extending for up to 18.5 meters true width with 4.28% Zn. Drill hole results confirm the extension of the mineralization at depth with a 4.41m intersection having 4.49% Zn.
Massive lead-zinc sulphides in the Rio Bonete Formation have a smaller footprint on surface, extending 400m in length along two zones of 8m width. Trench samples in these mineralized zones yielded up to 8m width of 8% Pb and 3% Zn. Drill holes yielded 4m with 5.18% Zn and 3.15% Pb including 1.7m with 9.18% Zn and 3.18% Pb.
Latin American has performed 2079m of diamond drilling in the district to date. The extension of mineralization found on surface and the promising results at depth show that the mineral camp has exploration potential for a major new zinc discovery in Argentina.
Miles Rideout, President of Latin American Minerals stated that 'We are extremely pleased that the preeminent South American zinc producer will lead development of the Tendal Project.'
LAT is a mineral exploration company focused on the acquisition and development of base and precious metals projects in under-explored but highly prospective countries of Latin America. Dr. Waldo Perez is the Company's internal "Qualified Person" under the requirements of National Instrument 43-101.
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.
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.
For more information, please contact
Latin American Minerals Inc.
Miles Rideout
President and CEO
Argentina: (54-261) 439-9268
Toronto: (1-416) 902-8558 or 360 1921
www.latinamericanminerals.com
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