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Latin Resources Books US$2.5M Sale Of Mariela Concessions To Total Genius Iron Mining

Latin Resources (ASX: LRS) has signed a binding term sheet to sell its five Mariela concessions in Southern Peru for US$2.5 million to Total Genius Iron Mining SAC.

Proceeds from the sale will be used to further its ongoing exploration programs for IOCG and porphyry copper in Southern Peru.

"The Mariela concessions, following completion of this transaction, will have provided funding for the Company of over US$11 million over a 2 year period that has allowed the development of our flagship project Guadalupito and funding of our subsidiary Peruvian Latin Resources," managing director Chris Gale said.

The company plans to further its exploration programs in the Ilo region, evaluate and maintain its Guadalupito project, other opportunities in South America and for general working capital.

The 3,200 hectares that makes up the Mariela concessions represent just 2.8% of the company's wholly-owned concessions in the highly prospective coastal IOCG/porphyry copper belt in southern Peru.

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