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Message: Closes in on the Source of 40 Macro-Diamonds

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Closes in on the Source of 40 Macro-Diamonds

posted on Feb 26, 09 09:36AM

February 26, 2009

Latin American Minerals Closes in on the Source of 40 Macro-Diamonds Discovered at Itapoty Project, Paraguay

TORONTO, ONTARIO--(Marketwire - Feb. 26, 2009) - Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Corporation" or "Latin American Minerals") is pleased to announce that it has discovered intensely altered fragmental rocks within the host sandstones at the headwaters of three diamond bearing streams, indicating proximity to the source of 40 macro-diamonds discovered at its Itapoty Project, covering 165,000ha, in northern Paraguay. Please refer to the area map below.

This important discovery is the results of stream sediment sampling, ground magnetic survey and prospecting.

Several of the diamonds will be on display at the Corporation's booth (2518) in the Investors Exchange at the Prospectors and Developers Association Convention ("PDAC") commencing March 1, 2009 in Toronto.

Stream Sediment Sampling:

During the stream sediment sampling program 177 samples were collected 12% of the samples contained diamonds and 53% of the samples contained Kimberlitic Indicator Minerals. Results include:

- 40 white, yellow and champagne macro-diamonds from 0.1 to 0.5 carats

- Kimberlite Indicator Minerals confirmed by microprobe analysis to be G-9 and G-10 garnets and chrome spinel, which fall within the diamond stability field.

A picture of a diamond found on the property is set out below.

Ground Magnetometer Survey:

A ground magnetometer survey is currently ongoing under the supervision of Mr. John Kieley, P.Geo, LAT's independent consulting geophysicist and "Qualified Person". Mr. Kieley, formerly chief geophysicist for Barrick, provides QA/QC and interpretation of the survey results. To date 490 line kilometers have been completed along grid lines trending N-S established at 100 and 250m intervals. The survey identified:

- Structurally controlled and isolated circular magnetic anomalies characteristic of diatreme intrusives

- Magnetic anomalies coincident with topographic depressions at the headwaters of the diamond bearing streams.

Prospecting:

Prospecting of the stream beds discovered 3 individual and distinct occurrences of an altered fragmental rock in the headwater area of three diamond bearing streams.

A picture of this altered fragmental rock is set out below.

Mr. Kieley reports that "a significant number of magnetic features have been defined within the Itapoty Project that are characterized by non-linear anomalies of low magnetic intensity typical of kimberlitic and diatreme breccia sources".

Dr. Waldo Perez, VP Exploration reports that "the head waters of six streams are located in an area measuring 30 km long and 6 km wide and all of the streams coming from this area contain all the diamonds and KIMs discovered to date. The source area is comparable in size to other kimberlitic fields in the world".

"With the discover of the altered fragmental rocks in the headwater area, we believe we have discovered the key to locating the source of diamonds recovered in the closed drainage basins" reports David G. Wahl, P.Eng., P.Geo., President and CEO.

Please join Dr. Perez for his presentation on LAT's Itapoty diamond project at PDAC at the Exchange Forum on March 3, 2009 at 4:40 p.m.

Waldo Perez, P.Geo is LAT's internal "Qualified Person" under the requirements of National Instrument 43-101 and is responsible for this press release.

LAT is a mineral exploration company focused on the acquisition and development of minerals projects in under-explored but highly prospective countries of Latin America.

Sampling and Analytical Protocols: The sampling and analytical protocols were established, implemented and supervised by Dr. Waldo Perez, the Company's internal Qualified Person as defined by National Instrument 43-101. Dr. Howard Coopersmith, P.Geo was retained to provide independent advice, inspect the sites, diamonds and KIMs and review sampling procedures. Stream sediment samples were collected from the river in traps under logs, deep holes and river banks. The samples were sieved in the field into three fractions: fine (0.3-0.4 mm), medium (0.4-0.71 mm) and coarse (0.71-1.0 mm). The three fractions for each sample were sent to SGS Geosol Lab in Brasilia (Brazil). Each fraction was sieved again in the lab and minerals were separated and inspected by visual analysis under microscope. KIM and diamonds were photographed and reported as total number of grains found. Probe analysis of Chrome-Spinels and Garnets were performed at University of Toronto.

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