Latin Resources (ASX: LRS) has cancelled its admission to the OTCQX platform and will cease trading on the SETSQX platform of the London Stock Exchange in line with its ongoing strategy to reduce overheads.
It had previously reduced directors and senior management fees and salaries by 20% and suspended all major exploration until joint venture partners are secured on the Guadalupito & Ilo projects.
The company also reduced staff at its office in Lima, Peru, and reduced the number of external consultants and discretionary spending.
It is also weighing the option of divesting some of its non-core assets.
Shares in the company will cease trading on SETSQX on 5 September 2013. Trading on the ASX will be unaffected.
The Ilo Norte copper‐gold project in Southern Peru is ready to drill with all permits and authorisations now received.
Elevated levels of copper and gold have being noted in soil samples located in the vicinity of previously reported IP geophysical anomaly, enhancing the prospectively of the copper-gold drill target.
Chip samples have also returned 80 metres at 0.19% copper and 0.05 grams per tonne gold about 1 kilometre south of the main soil anomaly, highlighting the potential for much higher grades down-dip.
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