TORONTO, ONTARIO--(Marketwire - Aug. 29, 2012) - Latin American Minerals Inc. (TSX VENTURE:LAT)(OTCQX:LATNF) (the "Company") announces the delivery of the first gold doré bar produced at its Paso Yobai Gold Project pilot plant, to the Johnson Matthey Ltd. gold refinery in Brampton, Ontario.
Miles Rideout, President and CEO of the Company, stated, "The delivery of the first gold bar to a refinery represents a milestone achievement for the Independencia Mine pilot plant. We've shipped this doré during Paso Yobai's commissioning stage in order to validate pyrometallurgical protocols and to assure minimum refinery specifications for future product. According to the refinery assays, this bar contains 166 ounces of gold and 47 ounces of silver, valued at approximately $276,000. This represents a doré of 76.74% gold, 21.75% silver and approximately 2.5% benign impurities, which is well below refinery penalty levels. Our first production test is a success. Congratulations to our Paraguayan team!"
The Independencia Mine pilot plant was constructed on the Paso Yobai Gold Project to provide a bulk testing facility to assist in quantifying the resource potential of this large epithermal gold system. The plant is currently processing gold mineralization excavated to 20m depth from the Discovery Trend Target, where mineralization is exposed at surface and has been drilled to greater than 100m depth. Current Independencia Mine and pilot plant activities include open pit development, up-scaling of the onsite assay laboratory, optimization testing of the Falcon gravity concentrators and the installation of a production-scale pyrometallurgical furnace.
A picture of our first Paso Yobai gold bar and related photos are available with this press release at the Company's website: www.latinamericanminerals.com.
About the Paso Yobai Gold Project:
The Paso Yobai Project is a 15,551 hectare exploration and mining property with multiple gold showings evident at surface. The Company's ongoing exploration continues to outline and verify epithermal gold mineralization on the Discovery Trend and on the 14.8 km X-Mile Trend.
The Company is operating the Independencia Mine Pilot Plant on the Company's 99%-owned 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 Company's 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.
Dr. Waldo Perez is the Company's internal "Qualified Person" under the requirements of National Instrument 43-101 and has approved this press release.
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.