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Latin American Minerals shares surge as it unveils potential purchase of new uranium and rare-earth project; starts strategic review

Uranium and rare-earth bearing pitchblende was discovered on the property in the early 1900's, the firm said.

The project in Ontario is a uranium and rare-earth project

Paraguay-focused Latin American Minerals Inc (CVE:LAT) shares soared on Friday as it has kicked off a strategic review of its business, as it also announced the planned puchase of a uranium and rare-earth project in Ontario.

The company has struck an option deal with Griftco Corporation over the Butt Township property, which consists of 105 mineral claims covering around 1,280 hectares.

Uranium and rare-earth bearing pitchblende was discovered on the property in the early 1900's, the firm said.

The site has never been drilled but it has been host to numerous trenching and small-scale mining operations.

Significant recent target-generation exploration work has been completed, including magnetometer and induced polarization (IP) geophysical surveys, geological mapping, and prospecting.

The acquisition remains subject to approval by the TSX venture exchange.

Latin American can earn a 100% of Butt via four different payment schedule options, including paying C$25,000, issuing 2.5mln shares to Griftco and spending C$200,000 on the property on or before the first anniversary of the effective date.

Meanwhile, in the strategic review, then firm is mulling a possible sale of its mineral assets in Paraguay.

Other options include the sale of all or substantially all of the firm's assests, a merger or business combination with another party, a corporate sale, a strategic partnership or any combination.

The company does not intend to set a definite schedule to complete its evaluation process and cautions that there are no assurances or guarantees that the process will result in a transaction.

Shares in Toronto surged 50% to C$0.030.

Quick facts: Latin American Minerals Inc

Price: 0.01 CAD

Market: TSX-V
Market Cap: $1.37 m

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