Latin American Minerals (LAT- V) has sold all of its shares in Lithium Americas (LAC-T) to better focus on its Paso Yobai gold project in Paraguay.
The company raised $12.6 million from the sale of 8.4 million shares in Lithium Americas and says it is now fully funded to start an “aggressive exploration and development plan” at Paso Yobai during 2011.
“Paso Yobai is an extremely large footprint, about 100 sq. km so far, pervasive epithermal gold system that justifies an aggressive exploration strategy,” Latin American Minerals president and chief executive Miles Rideout said in a statement.
Rideout noted that a budget and development plan will be set for a January start and include provisions for auger and diamond drilling and large-scale trenching.
Paso Yobai was discovered by a local prospector in 1996. The property is in eastern Paraguay, about 150 km east of the capital city, Asuncion, and is accessible by paved highways and gravel secondary county roads.
The Paso Yobai property covers an aggregate total of 156 sq. km that is comprised of exploration concessions covering 78 sq. km and exploitation concessions covering 72 sq. km. Latin American Minerals own 100% of the exploration concessions and has the right to earn 70% of the exploitation concessions that cover the 8-km-long Paso Yobai gold trend and is fully permitted for production.
The weighted averaged grade of channel samples from trenches on the property returned 21.97 grams gold per tonne over an average width of 1.1 metres, while diamond drilling confirmed the continuity of the gold mineralization to a depth of 100 metres and remains open to depth.
All holes intersected intense alteration associated with gold deposits. Drill highlights include 26.6 grams gold over 6.5 metres in hole 11 and 45 grams gold over 1.3 metres in hole 43.
Latin American Minerals is trading at about 25¢ per share, within a 52-week range of 11.5¢-32¢.
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