TORONTO, ONTARIO -- (Marketwired) -- 09/29/14 -- Latin American Minerals Inc. (TSX VENTURE: LAT)(OTCQX: LATNF) (the "Company") reports the commencement of heap leach gold processing at its fully permitted Independencia Mine, part of its Paso Yobai gold project located in Paraguay.
Miles Rideout, President and CEO stated, "This step is a milestone towards the Company's objective of developing a significant gold resource in this mining-friendly region. We are fully permitted and now executing heap leach processing, which will form part of any future open pit production decision, as currently envisioned at Paso Yobai. The Company already holds 12 months of assayed stockpiles averaging 0.6 to 0.8 gpt onsite to be processed using heap leach, with ongoing extraction expected to replenish stockpiles. Increased gold recovery from low cost heap leach processing is expected to drive positive cash flow to support operations."
The Company is significantly increasing gold extraction at the Independencia Mine. The existing bulk sampling operations at its gravity plant (mill) will now be supplemented with the operation of reusable heap leach pads, effectively expanding its capacity of 4,000 tonnes to 21,000 tonnes per month. The first of several pads has been completed, with gold leaching now underway. The Company is proceeding with construction of additional pads.
The heap leach operation contemplates extraction and assaying of saprolite mineralization from the existing open pit, agglomeration of mineralization to improve gold recoveries and leach times to a short 20-30 day period, conveyor belt distribution to reusable covered leach pads, on-site desorption of loaded carbon, electro-winning, and final smelting of dore. Tailings will be rinsed and neutralized prior to movement to the Company's on-site tailings dam. These heap leach pads will run concurrently with on-going gravity plant gold extraction.
Dr. Waldo Perez is the Company's internal "Qualified Person" under the requirements of National Instrument 43-101, and has reviewed and approved this news release.
The Company's heap leach processing decision is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and is required to advise the reader that there is no certainty the proposed operations will be economically viable.
To partially offset start-up operating costs and the requirement to purchase and stockpile consumables for future leach cycles, the Company has signed a short term CDN$120,000 loan agreement with creditors and insiders of the Company. The loan bears a monthly interest rate of 1% and matures on January 10, 2015, with early repayment at the Company's discretion.
About the Company
Latin American Minerals Inc. is a mineral exploration company with its flagship Paso Yobai property located in eastern Paraguay, an emerging gold region. Paso Yobai hosts a large epithermal gold footprint focused on two parallel gold trends, namely the 10 km Discovery Trend and 14.8 km X-Mile Trend.
The Company holds a 100% interest in an on-site concentrator plant at the fully permitted Independencia Mine at Paso Yobai. In operation since 2012, the plant continues to provide operating cash flow and vital information on the grade, mineralogy and metallurgical characteristics of the Paso Yobai mineralization through self-funded operation. The Company is currently expanding the pilot facility to include heap-leach gold extraction.
The Company holds 100% of the adjacent Paso Yobai X-Mile Trend exploration concessions, the present exploration focus, and also holds 100% interests in highly prospective diamond and green-fields gold projects in Paraguay.
The Company's public documents may be accessed at www.sedar.com.
For further information, please visit our website at www.latinamericanminerals.com or email us at information@latinamericanminerals.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements unless required by securities law.
Contacts:
Latin American Minerals Inc.
Miles Rideout
President and CEO
(1-416) 363-0841 or (1-416) 902-8558
information@latinamericanminerals.com
www.latinamericanminerals.com
