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Latin Resources Receives Final US$2 Million Payments From Sale Of Mariela Project

Latin Resources (ASX: LRS) has received the final two payments totalling US$2 million (A$2.17 million) from the sale of the Mariela project to Total Genius Iron Mining SAC.

Shares in the company have jumped 50% this week to $0.06 from a close of $0.04 on 25 March as investor interest surged.

The Mariela concessions total 3,200 hectares in the highly prospective coastal IOCG/copper Porphyry belt of Southern Peru.

Funds from the sale will be used to progress ongoing exploration programs for IOCG and porphyry copper deposits at its still extensive concession holdings in Southern Peru, evaluation and maintenance of its Guadalupito project as well as Borborema Iron Ore Project in Brazil.

The Mariela concessions had made up just 2.8% of Latin's 100% owned concessions.

Latin and its partner Compañia Minera Zahena SAC (CMZ) had at the beginning of this month started drilling the first two holes at their Ilo Norte copper-gold project in Peru.

These holes are being drilled as part of CMZ's US$5.35 million exploration commitment to earn 70% in the project with Latin free-carried through the program.

First results are expected this month.

It had late last year received surface rights over 11,521 hectares of land over key mining concessions of the Guadalupito iron and mineral sands project in northern Peru and also acquired the Borborema Iron Ore Project in Brazil.

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