Two miners to partner on Argentinian gold projects

Photo: Latin Metals

South America-focused miner Latin Metals has signed a non-binding letter of intent with AngloGold Ashanti regarding the latter company’s Organullo, Ana Maria and Trigal gold projects in Argentina.


“The LOI provides the parties with a 90-day period to negotiate and, if deemed advisable, enter into a definitive agreement, through which the parties contemplate that AngloGold will be granted the option to acquire up to an 80% interest in the Projects,” Latin Metals said in a statement.


The letter “contemplates that upon execution of a definitive agreement AngloGold will be granted the option to earn an initial 75% interest in the Projects by making cash payments to Latin Metals in the aggregate of USD $2,550,000 and spending in the aggregate of USD $10,000,000 on exploration expenditures within five years of the execution and delivery of a definitive agreement,” according to the statement.


The three projects are located in Argentina’s north-western Salta prov-ince.