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The initial pit is approximately 10 metres wide, 40 metres long and up to 15 metres deep (see photographs attached to this press release). Channel and bulk sampling of the pit is underway. Over the next 45 days, the Latin American Minerals estimates that a total of 10 pits will be excavated along the entire length of the 2,000 metres to expose the Discovery Zone, which is open to depth and along strike. Overburden at Paso Yobai is variably up to 3 metres thick and, once removed, the gold bearing zone has been traced from surface by trenching and diamond drilling to a depth of 100 metres. In Phase II, the historic artisanal pits on the Paso Yobai gold trend will be cleaned up and expanded to allow for detailed channel and bulk sampling.
Additionally, Latin American Minerals has completed a detailed ground magnetometer survey over the Paso Yobai gold tend, totalling 220 line kilometres. The magnetic data clearly identify the 2 km long Discovery Zone as an area exhibiting strong demagnetization due to the intense kaolin alteration of the host rocks (see map attached to this press release). The magnetic data will be used to target areas of intense alteration for follow up drilling. Four holes of the initial drill program were collared in this area of intense alteration, and returned the following results:
DDH-LAT-11: 6.5 m with 26.64 gpt Au DDH-LAT-06: 6.0m with 12.52 gpt Au DDH-LAT-03: 1.0m with 13.00 gpt Au DDH-LAT-01: 10.0 m with 2.17 gpt Au
Within the Discovery Zone there are 6 artisan pits where 40 rock chip samples returned assays from 1 gpt Au to 108 gpt Au. Sampling widths ranged from 0.5 to 2 metres, determined by the narrow artisanal workings. High grade samples grading over 10 gpt Au consist of calcite, ankerite and minor quartz stockwork hosted in a diabase and disseminated silica-kaolin hosted in the sandstone of the wall rock. Low grade samples consist of sandstones or diabase with minor veining.
"The first pit at Paso Yobai has exposed new gold mineralization. Our detailed surface magnetic data will now allow us to locate new pits and diamond drill holes extremely accurately," commented Dr. Waldo Perez, Senior VP Exploration.
Mr. David Wahl, President and CEO, reports that, "This surface work will allow us, in combination with further drilling, to define a 43-101 inferred resource before the end of 2008."
The Paso Yobai project comprises two nested mining concessions (Minas Paraguay and Minera Guaira) covering 7,200 ha and three exploration concessions covering 7,600 ha. The mining concessions cover entirely a new gold district 230 km east of Paraguay's capital of Asuncion.
Waldo Perez, P.Geo., is Latin American Minerals Inc.'s internal Qualified Person under the requirements of National Instrument 43-101 and is responsible for this press release.
Latin American Minerals Inc. is a mineral exploration company focused on the acquisition and development of mineral projects in under-explored but highly-prospective countries of Latin America.
Notes:
Sampling and Analytical Protocols:
Sampling and Analytical Protocols: The sampling and analytical protocols were established, implemented and supervised by or under the direction of Dr. Waldo Perez, the Company's internal Qualified Person as defined by National Instrument 43-101. At the drill site, the core was placed in core boxes and delivered to a secure field core processing center. The core was "split" using a diamond saw by experienced exploration technicians and logged by professional geologists. The typically sample interval was 1m and locally the interval was increased to 2 m or decreased to 0.5 m. The sample interval was designated by the project geologists. Half of the core was left in the core box as a permanent reference of the interval sampled and half of the designated sample interval was delivered to the Company's sample preparation facility, operated by Company technicians under the direct onsite supervision and QA/QC provided by professionals from Alex Stewart Laboratories. Alex Stewart Assayers Argentina S.A. ("ASAA") Laboratories is an ISO 9001-certified laboratory with laboratory facilities in Mendoza, Argentina and headquarters in England. The core samples were crushed, dried and split. A portion of the split sample was tagged and archived as coarse reject and the remaining portion ground to minus 200 mesh and shipped by bonded courier to ASAA laboratories in Mendoza, Argentina. All samples were assayed for gold and multi-elements by ICP. Gold was analyzed by Fire Assay with AA finish using 50 gram sample. For the multi-elements the samples were dissolved in Aqua Regia at 120A-A?1/2C and read in ICP-OES. Accuracy of results is tested through the systematic inclusion of blanks, duplicates and certified reference standards. Additionally, metallic or screen fire assays were carried out on samples containing visible gold. In the screen fire assay the sample is crushed, 400 grams of pulp is sieved and the plus 100 micron (150 mesh) portion of the sample is screened out and assayed in its entirety. The minus 100 micron (150 mesh) portion of the sample is homogenized and a 50 gram fusion is used to determine its grade. Then the final assay reported is the weighted average of both fractions, coarse and fine.
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 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.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/figure1pit.jpg
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/figure2gold.jpg
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/figure3discoveryzone.jpg
The TSXV has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Contacts: Latin American Minerals Inc. David Wahl (416) 363-0841 Website: www.latinamericanminerals.com
SOURCE: Latin American Minerals Inc.
http://www.latinamericanminerals.com
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