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Latin American Minerals Secures Bank Loan; Pilot Heap-Leach Expansion Underway
|By Marketwired .
|June 19, 2014 08:01 AM EDT
TORONTO, ONTARIO -- (Marketwired) -- 06/19/14 -- Latin American Minerals Inc. (TSX VENTURE: LAT)(OTCQX: LATNF) (the "Company") announces the receipt of a USD 700,000 bank loan to proceed with the heap-leach plant expansion at Independencia Mine, part of the Company's Paso Yobai gold project located in Paraguay.
Miles Rideout, President and CEO stated, "Our Independencia Mine received its heap-leach permit in February 2014 and is fully funded for construction, now underway. Heap-leach processing, in addition to our ongoing high-grade pilot plant production, will provide significant positive cash flow for continued exploration activities at this landmark gold discovery."
The bank loan consists of a secured 6 year loan of USD 600,000 and revolving line of credit of USD 100,000, provided by the Banco Bilbao Vizcaya Argentaria (BBVA) in Paraguay. The Company is allowed to prepay the loan, and expects to do so from operating cash flow earlier than the 6 year term. The loan is secured by the pilot plant machinery and certain real estate (land and building) in Paraguay, but the security does not affect the heap leach operations, any surface rights of the X-Mile Trend or Discovery Trend or any other of the Company's mineral properties.
Construction of four re-usable heap-leach pads with 28,000 tonnes total capacity is underway. Full implementation is expected over five months, during which the existing high-grade plant will continue with regular gold sales and stockpiling of low-grade mineralization.
A series of heap-leach tests has been completed in 2014 on existing mineral stockpiles and has confirmed recoveries up to 95%, averaging 70% within approximately a 30 day heap leach period. The Company already has over 12 months of heap leach stockpiles (140,000 tonnes at 0.6 - 0.8 g/t gold) on site and expects to replenish these stocks with the ongoing open pit bulk-sampling operations.
The Company is not basing its production decision 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.
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 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 (mill) at the fully permitted Independencia Mine at Paso Yobai. In operation since 2012, the plant continues to provide vital information on the grade, mineralogy and metallurgical characteristics of the Paso Yobai mineralization through self-funded operation.
The Company holds 100% of the adjacent Paso Yobai X-Mile Trend exploration concessions, the present exploration focus. The Company also holds 100% interests in highly prospective diamond, REE, niobium and green-fields gold projects in Paraguay and base metals projects in Argentina.
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 public documents may be accessed at www.sedar.com.
For further information, please visit our website at www.latinamericanminerals.com or email us at [email protected].
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.
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