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Latin Resources raising funds to advance South American projects


Latin Resources (ASX:LRS) is raising up to $280,000 through a share placement to progress its projects in South America.

The placement involves the issue of shares priced at $0.01 each and includes one free attaching option exercisable at $0.02 on or before 9 March 2017 for every two shares issued.

Shares in Latin last traded at $0.011.

The issue of the options will require shareholder approval at a general meeting planned on or before 30 April 2015.

Earlier this month, the company was returned full control of the Ilo Norte Copper-Gold Project in Peru and is now seeking an alternative partner.

Compañia Minera Zahena S.A.C.’s (Zahena) exploration activities at Ilo Norte brought US$200,000 in cash payments to Latin's Peruvian subsidiary. 

It drilled 16 holes totalling 12,657.9 metres of diamond core, representing an estimated investment of more than US$3 million in the project.

Of these, 14 holes had several copper intersections, demonstrating the extent of the mineralised system.

Exploration to date indicates good potential for a moderate tonnage high grade copper-gold deposit at Ilo Norte, which benefits from proximity to infrastructure and favourable topography.

In February, Zahena entered into a new earn-in option agreement over the company's wholly-owned Ilo Est project.

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Quick facts: Latin Resources Ltd

Price: 0.004 AUD

Market: ASX
Market Cap: $1.46 m

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