Latin Metals Inc. announced that it has issued a Notice of Default and Termination to Libero Copper & Gold Corporation under a letter option agreement dated January 20, 2023, as amended, between Latin Metals and Libero . Pursuant to the Letter Agreement, Latin Metals had granted to Libero the option to acquire a 70% interest in and to the Esperanza property. The Letter Agreement and Option were terminated for Libero?s failure to make a payment in the amount of USD 350,000, on or before December 6, 2023, on account of a payment that was due to the underlying owner of the Project.

Latin Metals' has subsequently renegotiated the commercial terms of the underlying exclusive option to acquire a 100% interest in the Project 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 USD 100,000 (which payment is an irrevocable commitment). Esperanza is a copper-gold porphyry exploration project where a copper-gold porphyry system has been partially defined by drilling and where a pyrite halo is exposed at surface over an area of 1,400m x 850m.

The Project has confirmed copper endowment within a multi-phase magmatic hydrothermal system. Historical exploration includes diamond drilling, rock and silt sampling, IP, and magnetic geophysics. Drill hole 18-ESP-025 (previous news release May 8, 2018), completed by Latin Metals, returned the best results to date with 387m grading 0.57% copper and 0.27 g/t gold from surface, including 166m grading 0.84% copper and 0.37 g/t gold from surface (true width unknown).

Mineralization is open at depth and laterally, with multiple drill-ready, untested targets. The Project is road accessible and located in San Juan Province which is known to be a mining-friendly jurisdiction in Argentina.