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Wednesday, 16th April 2008 (2447 views)

Latin American Minerals (LAM) has exercised its option to acquire a 75 per cent stake in the La Carolina gold property in San Luis, Argentina, the company has announced.

The move comes after LAM met its required exploration expenditure level on the site. It will now issue 175,000 shares and a payment of $75,000 (£37,981) to complete the option deal.

Subject to this completion, a joint venture arrangement will then be put in place with the property's other stakeholders, TNR Gold and Geocom Resources, the company said.

La Carolina is a gold prospect located in west-central Argentina. It sits at an altitude of 1,600 metres in the Sierras de San Luis mountains, approximately 85 kilometres north of the provincial capital San Luis.

It comprises three contiguous staked claims and exploration concessions covering an area of around 3,500 hectares.

In addition to La Carolina, LAM is also pursing gold projects at Pasco Yobai in Paraguay and the Esmeralda property in Colombia.

 

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