Latin Metals Provides Update Regarding the Esperanza Copper-Gold Porphyry Project, San Juan Province, Argentina

VANCOUVER, British Columbia, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS) (OTCQB: LMSQF) announces that it has issued a Notice of Default and Termination to Libero Copper & Gold Corporation (“Libero”) under a letter option agreement dated January 20, 2023, as amended, between Latin Metals and Libero (the “Letter Agreement”). Pursuant to the Letter Agreement, Latin Metals had granted to Libero the option (the “Option”) to acquire a 70% interest in and to the Esperanza property (“Esperanza” or the “Project”). The Letter Agreement and Option were terminated for Libero’s failure to make a payment in the amount of US$350,000, on or before December 6, 2023, on account of a payment that was due to the underlying owner of the Project (the “Vendor”).

Latin Metals' has subsequently renegotiated the commercial terms of the underlying exclusive option to acquire a 100% interest in the Project (the “Underlying Option”) and has entered into an amending agreement with the Vendor. The amending agreement postpones the December 2023 cash payment until May 5, 2024 and reduces the amount of the payment to US$100,000 (which payment is an irrevocable commitment). The payment schedule to fulfill the terms of the Underlying Option is outlined in Table 1 below.

“In 2024, Latin Metals will move to secure a new partner to take Esperanza through drill testing. We are awaiting receipt of documentation related to Libero’s ongoing drill permit application, which we understand to be advanced, and Latin Metals is aiming to complete the drill permitting process prior to securing a new partner. The Project has previously been successfully drill permitted three times between 2005 and 2019.” stated Keith Henderson, Latin Metals CEO.

Mr Henderson continued, “There are not many outcropping porphyry systems in the world with limited historical drill testing leaving potential for expansion. Results from Latin Metals’ drilling at Esperanza in 2018 included 357m grading 0.57% copper and 0.27 g/t gold from surface, with mineralization open at depth. The Project is in San Juan Province at an elevation of less than 3,500m. It is drill-ready, road accessible, and can be worked year-round. We expect the availability of the Project to attract interest from qualified potential partners.”