LMSQF - Latin Metals Expands Esperanza Copper-Gold Project San Juan Province Argentina | Benzinga

VANCOUVER, British Columbia, March 13, 2024 (GLOBE NEWSWIRE) -- Latin Metals Inc. ("Latin Metals" or the "Company") - (TSXV:LMS) (OTCQB:LMSQF), a leading mineral exploration company in South America, announces that it has entered into a binding Letter Agreement (the "Letter Agreement") with Golden Arrow Resources Corp. ("Golden Arrow") to earn up to a 100% interest in the 3,500-hectare Huachi Property ("Huachi"). Huachi is contiguous with the Company's Esperanza Project ("Esperanza"), located in San Juan Province, Argentina (Figure 1).

Figure 1: Location of the Huachi property, located immediately west of the Company's Esperanza Property, San Juan Province, Argentina.

Option Agreement Terms

Under the terms of the Letter Agreement, Latin Metals has been granted the Option to earn an initial 75% interest in the Huachi project by incurring exploration expenditures totalling US$1,000,000 and making cash payments of US$1,000,000 to Golden Arrow over a four-year period (Table 1). The Letter Agreement will serve as the basis for the preparation of the Definitive Agreement, to be completed within 90 days after the execution of the Letter Agreement (signed).

Following the exercise of the Option, Latin Metals shall have a top-up right (the "Top-Up Right") whereby Latin Metals can purchase the remaining 25% interest in the Huachi property (aggregate 100%) by providing notice to Golden Arrow within 60 days after exercise of the Option and paying US$2,000,000 cash to Golden Arrow (Table 1) within 90 days after exercise of the Option. Upon completion of the acquisition, Golden Arrow's interest shall be reduced to a 1% NSR royalty.

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