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Latin Resources Receives First Payment From Sale Of Mariela Project

Latin Resources' (ASX: LRS) cash balance has increased after receiving a first payment of US$500,000 from the sale of the Mariela project to Total Genius Iron Mining SAC.

The Mariela concessions total 3,200 hectares representing 2.8% of Latin's 100% owned concessions in the highly prospective coastal IOCG/Cu Porphyry belt of Southern Peru.

Latin announced the Mariela sale in mid-October for US$2,500,000, which was approved by shareholders at the Annual General Meeting on 29 November 2013.

Latin said pursuant to a revised payment schedule agreed between the company and TGIM, a further US$1,000,000 will now be received by the company on or before 14 February 2013.

The balance of US$1,000,000 is to be received on or before 28 February 2013 as originally agreed.

The funds will be used to further Latin's ongoing exploration programs for IOCG and porphyry copper deposits at its extensive concession holdings in Southern Peru, evaluation and maintenance of its Guadalupito project, other opportunities in South America.

At the time of the deal Chris Gale, managing director, commented: "We are pleased to have finalised the terms for the sale of Mariela.

"The Mariela concessions, following completion of this transaction, will have provided funding for the company of over US$11 Million dollars over a 2 year period that has allowed the development of our flagship project Guadalupito and funding of our subsidiary Peruvian Latin Resources."

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