Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
TORONTO, ONTARIO–(Marketwire – Dec. 7, 2012) – Latin American Minerals Inc. (TSX VENTURE:LAT)(OTCQX:LATNF) (the “Company“) announces the commencement of CSAMT geophysical surveys at the Paso Yobai Project in Paraguay, an early start to the 2013 exploration campaign to drill the project’s multiple geochemical gold targets. The ground-based geophysical survey will initially focus on the X-Mile Trend prior to covering the Discovery Trend and multiple outlying target areas. The intensive geophysics program is expected to require 2 to 3 months. To follow up the initial deep reconnaissance survey results, the Company will implement the second phase of the program with targeted diamond drilling, expected to start by mid-February 2013.
CSAMT (Controlled Source Audio Frequency Magneto-Tellurics) is a rapid, high-resolution variant of the magneto-telluric class of geophysical surveys, designed to provide detailed section views of lithology and structural features, and to delineate any contrasting zones of hydrothermal alteration. The geophysics survey contract was awarded to Canadian company Quantec Geoscience Limited after a competitive bid process. Quantec is the world leader in deep magneto-telluric and electrical survey technologies for mineral exploration.
Miles Rideout, President and CEO of the Company, stated, “We have seen CSAMT surveys employed with excellent results on many gold systems over more than two decades. Applying this imaging technology at Paso Yobai, prior to drill testing many of our surface gold targets, will allow us to employ better structural information in the initial drill targeting, and will extend our targeting ability to more than 300 metres depth. The high resolution of CSAMT will allow us to better understand the nature, depth and orientation of major mineral targets. The potential benefits to the Paso Yobai gold project include: increased exploration depth, improved drill target identification, reduced reconnaissance drilling cost and improved target prioritization.”
About the Paso Yobai Gold Project:
The Paso Yobai Project is a 15,020 hectare exploration and mining property with multiple large gold showings mapped at surface. The two primary gold bearing structures at Paso Yobai include the 4500 metre Discovery Trend and the 14,800 metre X-Mile Trend. Additional oblique trends and outlying gold zones have been delineated by the Company’s work programs, producing a gold system footprint approaching 100 sq. km. in area.
The Company is operating the Independencia Mine Pilot Plant on the 99%-owned, fully permitted mining concession, part of the Company’s larger Paso Yobai Gold Project.
About the Company:
Latin American Minerals Inc. is a mineral exploration company whose core projects include the Independencia Mine and satellite targets in the new Paso Yobai gold district. The Company also holds diamond, REE, niobium and base metals projects in South America. All the Company’s projects feature year-around road access and mineral occurrences tested at surface.
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 Latin American Minerals’ 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 American Minerals’ 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.
