September 12, 2018 / TheNewswire / Toronto, Ontario - Latin American Minerals Inc. (TSXV: LAT) (the "Company") announces that it has sold its 100% interest in its subsidiary Latin American Minerals S.A which controls 100% of the Paso Yobai Gold Project. The sale terminates all of the Company's rights and obligations related to the subsidiary. The subsidiary was sold to a local consortium.
As referenced in the press release dated August 24th, as a result of the strategic review process, the board of directors received and reviewed several offers and alternative transactions which led to this transaction and the sale of the company's Paraguayan interests.
Latin American Minerals CEO Mathew Wilson states: "Given general weakness in the gold market, particularly for this level of exploration, the decision was made to sell the asset. Starting with the Butt Township project, the company is shifting its focus to more stable jurisdictions and prospects more aligned with the company's capabilities."
Details of the transaction
The Company has sold its entire interest in its wholly owned Paraguayan subsidiary. The subsidiary holds all exploration and production interests in Paraguay. The company received net proceeds of $750,000 USD. A portion of the proceeds will be paid to business and legal advisors.
About the Company
Latin American Minerals Inc. is a mineral exploration company which holds its primary asset in Ontario, Canada. The Butt Township Property consists of 1,280 hectares in Butt Township, District of Nipissing, Ontario.
For more information, please contact:
Mathew Wilson, Mfin, CFA
President and CEO
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
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This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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