Latin Resources updates on its Tres Chosas area in Peru

Latin Resources today announced drilling results at the Tres Chosas area in Peru.

This new area is now the subject of a new JORC compliant resource estimation over a surface area of 1,070 hectares along strike to the south east of the Initial Heldmaier resource estimate area. The new resource estimate is expected to be completed in August 2012 following receipt of results throughout June 2012 from a further 99 drill holes that gold concentrators for sale south africapage2were completed at the end of May 2012.

Samples from the shafts represent the part of the deposit which is above the water table (average depth 1.9m) with 16 out of the 33 shafts containing an average of greater than 15% Heavy Mineral in the sand fraction. The highest average HM content in the sand fraction of the 33 shafts was 23%HM and the average was 13.2%HM.

Bulk sample composites of mineralised sands have been prepared from shaft samples above the water table that represent areas of the Initial, Heldmaier, resource estimate and the New Tres Chosas resource area. These bulk composites have been received by CPG-Mineral Technologies in Carrara, Queensland where they are undergoing an exhaustive process test work programme.

Preliminary mineralogical results from this program will constitute important data for the Scoping Study currently being undertaken by Ausenco. In order to maximise the value of the scoping study, this work has been extended to incorporate the preliminary mineralogical data from CPG-Mineral Technologies andis expected to be completed in August 2012.

A detailed airborne laser topographic survey has been completed over the majority of Latin’s concessions at Guadalupito and is an important advance for determining the upper surface of all future resource estimates and fundamental for mine planning as part of future scoping and potential feasibility studies due to the high level of detail inherent in the survey.

The survey provides topographic contour maps and a digital terrain model based on an average of 13,000 individual measurements per hectare with a precision of 0.5 m vertical metres. The data provides accurate definition of important relief variations between sea level and 7 metres characteristic of the accumulated ancient shoreline sediments that comprise the project area.

In addition, Latin is pleased to provide an update of results available from within the area of the initial JORC compliant inferred resource estimate announced 21 December 2011. Together with an additional 150 pit samples within the area that were reported 15 March 2012, these new results will be used to update the initial estimate of 119Mt @ 5.7% HM.

The new heavy mineral content results from drill holes and shafts are of similar grade to those that were used in the initial resource estimate and the area covered by sampling will increase from 682 to 850 hectares. The updated inferred resource estimate is expected from Snowden later in June 2012.

Results from 21 shafts excavated within the western most coastal conglomerate formation in the “Puerto Perdido” area to the north of the initial resource area are presented in Appendix 6 and 7. While the sand fraction of the conglomerates contained significant heavy mineral, the sand fraction itself represented a minor weight component of the formation.

Latin’s Managing Director, Mr Chris Gale commented “We are pleased with the progress of exploration at Guadalupito with drilling now completed for our second JORC compliant inferred resource estimate which we anticipate will increase Latin’s resource base at the Guadalupito Iron and Mineral sands project.”

With respect to the Scoping Study Mr Gale said “The Guadalupito scoping study is now being extended for completion in August, allowing important mineralogical data to be included that will add significant value to the study”.