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Latin American Minerals Inc sells Paso Yobai gold project as it shifts focus

The firm sold its subsidiary Latin American Minerals SA, which controls 100% of the Paso Yobai gold project, to a local consortium

Latin American has sold the Paso Yobai gold asset

Latin American Minerals Inc (CVE:LAT) has sold its Paso Yobai gold project in Paraguay for net proceeds of US$750,000 as it turns attention to new pastures.

As reported in late August this year, the firm started a strategic review of its business, and also unveiled the planned purchase of a uranium and rare-earth project in Ontario called the Butt Township property.

The firm sold its subsidiary Latin American Minerals SA, which controls 100% of the Paso Yobai gold project, to a local consortium.

"Given general weakness in the gold market, particularly for this level of exploration, the decision was made to sell the asset," said chief executive Mathew Wilson.

"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."

The firm added that "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".

Option deal

As revealed last month, Latin American 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 were 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 a magnetometer and induced polarisation (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.

Shares in Toronto were unmoved at C$0.02.

Quick facts: Latin American Minerals Inc

Price: 0.01 CAD

Market: TSX-V
Market Cap: $1.37 m

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