Junefield had acquired the shares, which take it closer to the takeover threshold of 19.9 per cent, through the recently completed A$2.46 million share placement to sophisticated investors.
The oversubscribed issue of 8.8 million shares at A$0.28 each was carried out to progress the Guadalupito Iron Sands Project in northern Peru, which Latin is rapidly advancing as it aggressively works to define over 1 billion tonnes of Resources at the project by the end of 2012.
Furthermore, the outlining of the an exploration target at Los Conchales of 690 million tonnes at 6.8% Heavy Mineral within just 6% of Latin's 17,500 hectares of mineral rights at Guadalupito highlights the potential of the increasing potential of Guadalupito to become a world class mineral sands project.
This is further evident in recent mineralogical test work confirming that a high iron (62%) and relatively low titanium (4%) magnetite product can be produced from pilot plant style processing on bulk sample composites.
Latin is working on producing a high purity andalusite concentrate, and to date all indications are that this type of concentrate should have impurities well below even the lower limits of andalusite sold in existing markets.
What this means is that with both magnetite and the higher value andalusite dominating the Heavy Mineral assemblage, revenues will be substantial.
The founder of Hong Kong's Junefield has built a $2 billion fund to invest in resources and in Peru. Junefield has been drilling itself at a property around Latin's Ilo project and Mariela and is known to be bullish on the potential of Latin Resources.
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