Latin Resources Limited is pleased to announce that the total JORC compliant Inferred Resources at Guadalupito as estimated independently by Snowden Mining Industry Consultants, has increased 371% from 392Mt with 17.6Mt of contained heavy mineral to 1,465Mt with 82.9Mt of contained heavy mineral. This has been achieved by the addition of a new JORC compliant Inferred Resource Estimate for the “Los Conchales” area which is 2 km to the east of the previously released JORC compliant inferred resource estimate for the “Heldmaier” area.

Mineralogical analysis performed on two initial Heavy Mineral (HM) composites showed that Magnetite4 and Andalusite dominate the HM assemblage within the new resource area (22-25% and 21-24% of the HM respectively). A suite of Titanium minerals (Ilmenite, Rutile, Leucoxene and Titanite) make up an average 6.4%, with accessory minerals Zircon, Monazite, Garnets and Apatite all with some potentially viable commercial significance to be determined by further metallurgical test work.

Other test work on the new HM composites has confirmed that a high Iron (greater than 63% Fe) and relatively low Titanium (less than 3% TiO2) magnetite concentrate can be produced in the laboratory and should be replicable by standard industrial processes. Relatively low levels of Titanium and other impurities is a function of the high level of natural liberation of Magnetite at Guadalupito and should allow for a premium price over that of other Titanomagnetite concentrates in the market.

Andalusite in the HM composites from “Los Conchales” is more liberated than that in any other HM samples evaluated from Guadalupito suggesting that a high purity Andalusite concentrate from the “Los Conchales” area should have impurities well below even the lower limits of Andalusite sold in existing markets. This in turn promises to open up a range of favourable alternatives for the sale of an Andalusite concentrate from the Project. Andalusite products are currently sold at between US$350 and US$450 per tonne into a range of markets. Evaluation of the production of Titanium mineral and other concentrates including Zircon and Monazite from “Los Conchales” are expected to add further value streams to an eventual operation at Guadalupito.

Now that Guadalupito has a substantial resource base and a scoping study completed by Ausenco, a variety of pathways towards production are being evaluated including a dry mining operation to take advantage of high HM content sand fraction resources and gold present above the water table at the “Heldmaier” area. Alternatively at Los Conchales the relatively low gravel content, shallow (≈1m) saline water table, and consistently well mineralized sediment pile over 40 m thick favours a large scale, low cost dredging operation.

In any development scenario, a streamlined pathway to production is facilitated at Guadalupito considering: excellent proximity to important infrastructure including highway, power, water, steel smelter and port; the Government entity that owns much of the surface land has given a favourable technical opinion with respect to long term usage for mining and the process for achieving an formal agreement is well advanced and; excellent relations established with the local communities, the nearest located at the very southern limits of the Guadalupito concession package.

Latin’s Managing Director, Mr Chris Gale commented “We are extremely pleased to post our third and most significant JORC resource at Guadalupito that is a real game changer for Latin. To have achieved almost 1.5 Billion tonnes of inferred resources after only 2 years of exploration is a significant feat and we look forward to further evaluating development alternatives for what has undoubtedly become a World Class Iron and Heavy Mineral Sands deposit, still with significant upside potential”. Mr Gale went on to say, “With such a massive resource base, and promising product potential for Magnetite, Andalusite, Zircon, Monazite, Titanium and other minerals, Latin has laid the foundations for evaluating a significant multi-commodity operation and will continue to work towards realising the value of this considerable asset by expediting plans to move into production ”.