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VANCOUVER, June 5, 2012 /CNW/ - Plata Latina Minerals Corporation ("Plata Latina" or the "Company") is pleased to announce further results from ongoing drilling at the Company's 100% owned Naranjillo silver-gold property ("Naranjillo") that continue to indicate the presence of a significant epithermal silver-gold vein system.
The Company has received assays for three additional drill holes at Naranjillo (BDD-N-11, BDD-N-12, BDD-N-14), with results ranging up to 2,040 g/t Ag and 15.40 g/t Au over 2.77 metres on the principal Villa vein. Drill holes BDD-N-12 and BDD-N-14 represent successive step-outs of approximately 100 metres from the original high-grade intercept in the Company's discovery hole, BDD-N-10, which averaged 3,181 g/t silver and 13.28 g/t gold over 10.95 metres on the Villa vein, as previously reported in Plata Latina's March 5, 2012 press release. Hole BDD-N-11 explored the outlying San Diego vein group. This drilling discovered significant silver-gold values on splits of the Villa vein, as well as on a vein in the outlying San Diego vein group, approximately three kilometres to the northwest of the drilling at the Villa vein on the Naranjillo property.
The Company now has two diamond core drills working on the Naranjillo property and plans to add a third drill in July of this year. All three drills will be focused on advancing the Company's exploration at Naranjillo for hidden silver bearing vein structures similar in characteristic to other major deposits in the Mexican Silver Belt. Plata Latina has defined a system of northwesterly-striking veins at Naranjillo that have so far produced significant drill-hole values over a distance of approximately five kilometres along the vein system.
Plata Latina's President and CEO, Mike Clarke, said, "With this drilling of additional high silver-gold values on the Villa vein and with the discovery of additional veins bearing significant silver-gold values at Naranjillo, Plata Latina continues to make progress in its search for Mexico's next great epithermal silver-gold vein district."
A summary of these results is provided in the table below. A long section view is available at the end of this press release.
| True Width
|BDD-N-11||601.30||602.95||1.65||1.24||316||0.35||San Diego Vein System|
|BDD-N-12||643.21||645.35||2.14||1.65||641||1.49||Villa Vein (Hangingwall)|
|BDD-N-12||684.66||688.88||4.22||3.25||120||0.80||Villa Vein (Footwall)|
|BDD-N-13||Hole lost before reaching mineralization|
|BDD-N-14||799.14||799.45||0.31||0.24||99||0.30||Villa Vein (Footwall)|
Assays and Quality Assurance/Quality Control
Commercially obtained standards were inserted between every tenth core sample as were blanks obtained from barren rock in nearby road material quarries. Chemex laboratory also inserted a blank and a standard every 20 samples. Rejects and pulps from the high grade intersection in hole BDD-N-10 were both re-assayed at ActLabs and the average of these two assays and the original Chemex assay are included in the results as previously reported and within the press release.
The drilling results contained in this news release has been reviewed and approved by an independent consultant to the Company, David St. Clair Dunn, P.Geo., a Qualified Person as defined under National Instrument 43-101 (NI 43-101). Mr. Dunn has been a prospector and geologist for more than 40 years, which includes work on numerous epithermal and mesothermal gold and silver vein deposits.
About Plata Latina Minerals
Plata Latina Minerals is a Canadian silver exploration company currently concentrating its drilling efforts on its 100% owned Naranjillo property which consists of 31,701 hectares and is approximately 35 kilometres southeast of the world-class Guanajuato epithermal silver-gold vein district in Mexico. The Company has four additional properties also located in the Mexican Silver Belt which have yet to be drilled. Plata Latina's expertise in the ore horizon concept and extensive experience in Mexico provides a competitive edge for discovery of new districts between old historic deposits. Its highly experienced management team and board are focused on developing its portfolio of high-potential targets and exploring additional value-creation opportunities. The Company trades on the TSX Venture Exchange under "PLA".
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and other statements that are not historical facts including statements about the intended use of proceeds from the initial public offering and planned exploration program. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from target results and the results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Plata Latina disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking information reflects the current expectations or belief of the Company based on information currently available and such information is subject to a number of assumptions, risks and uncertainties, including risks related to exploration, uncertainties related to financings; the uncertainties of interpreting exploration results and the other risks associated being a mineral exploration company.
For further information:
Letitia Cornacchia, Vice President, Investor Relations and Corporate Communications
Telephone: +1 416 860 6310
Email: [email protected]