Latin Resources Limited (ASX: LRS) ('Latin' or 'the Company') is very pleased to announce that it has signed a transformational joint venture agreement on the Company's Catamarca lithium Pegmatite projects with the Argentinian investment group Integra Capital S.A. ('Integra').
The agreement underpins the strategic approach by Latin in identifying, acquiring and advancing large-scale land positions of highly prospective mineral projects to attract joint venture partners. The signing of the binding Joint Venture agreement comes after an extensive and thorough negotiations on Latin's concessions which encompasses over 70,000 hectares in the province of Catamarca in Argentina.
Integra is an investment company that has a diversified portfolio in more than ten countries. Founded in 1995, Integra has developed projects and ventures with private institutions and investors for more than $16.5 billion in financing and investment projects. Integra is one of Argentina's largest lithium explorers and holds over 400,000 hectares of lithium brines projects in Jujuy and Catamarca provinces. The firm has developed a portfolio of assets in oil exploration and production, natural gas distribution, electricity generation and distribution. The company also has investments in uranium and copper. Integra provides services such as mergers and acquisitions, financial structuring, IPOs, due diligence procedures, debt and company restructuring.
Integra will spend up to USD $1 million (AUD $1.4 Million) under a Joint Venture ('JV') which will underpin an aggressive exploration program on the Catamarca concessions, with the initial aim of delivering a maiden JORC resource. Following the release of a maiden JORC resource on the projects, the joint venture focus will turn to project development, including feasibility, engineering and metallurgy studies to produce a lithium spodumene concentrate. Latin has already developed a high-level scoping study with consulting engineers Primero Group for the Argentinian lithium assets.
Under the JV, Latin will be free-carried through initial exploration with financing for the construction of the processing plant to be in line with percentage ownership between Integra and Latin of the project partnership at the time of the Final Investment Decision.
Integra has an option on completion of its due diligence to take a 10% stake in Latin and become the Company's largest corporate shareholder. Integra was attracted to Latin's highly prospective and large-scale lithium tenement portfolio in Argentina, as well the Company's renowned 10-year operational experience in Latin America. Integra is not a related party of the company.
Latin's Managing Director Chris Gale described the deal with Integra as an excellent outcome for Latin Resources and stated that the agreement placed the Company in a position to become a significant lithium player to create strong shareholder value.
'We welcome Integra as our partner at our highly-prospective Argentinian lithium Pegmatite projects and look forward to delivering significant shareholder value with our new partner. Integra's financial capacity combined with our track record and experience in Latin America makes a formidable team with the ability to rapidly explore and develop a lithium project.
'Our projects have received widespread interest, but one major advantage Integra offers Latin is their proven in country experience in Argentina with developing and operating on time and under budget. This has given the board and management a high-level of confidence that Integra, as a local company in Argentina, is focussed on making these highly prospective prospects that are situated across more than 70,000 hectares of hard-rock lithium pegmatites extremely successful. This will be reinforced by Integra becoming a cornerstone investor in Latin which displays confidence in our Board, Management, and our other projects in South America.
Integra Capital Founder and President Jose Luis Manzano stated 'we are very happy in becoming partners with Latin Resources in Argentina to advance this promising lithium pegmatite project. We expect to benefit from the knowledge of Latin Resources and contribute with our experience in Argentina and our highly qualified team to advance the project'
Contact:
Chris Gale
Tel: +61 8 6117 4798
About Latin Resources
Latin Resources Limited (ASX: LRS) is an Australian-based mineral exploration company with several mineral resource projects in Latin America and Australia. The company is actively progressing its Copper Porphyry MT03 project in the Ilo region with its joint venture partner First Quantum Minerals Ltd. The Company has secured over 173,000 hectares of exploration concessions in the lithium pegmatite districts of Catamarca and San Luis Provinces, Argentina as well as a portfolio of lithium projects in Brazil. The company is also progressing its Noombenberry Halloysite Project near Merredin, WA, and the Big Grey SilverLead Project in the Paterson region, WA.
LATIN RESOURCES LIMITED 
