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Latin Metals and AngloGold Ashanti collaborate on gold projects

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Global Mining Review,

Latin Metals Inc. has entered into a non-binding letter of intent (LOI) with AngloGold Ashanti regarding its Organullo, Ana Maria, and Trigal Gold Projects, located in Salta Province, northwestern 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.

Keith Henderson, Latin Metals’ President & CEO, comments:

“Securing joint venture partners is a key part of Latin Metals’ prospect generator operating model and we are pleased to have entered into the LOI with AngloGold, as a potential partner for our projects in Salta province.

“Relatively advanced-stage exploration projects like Organullo require significant expenditures to assess the full potential of the project, which expenditures would otherwise need to be financed through dilutive equity financing. Under the terms contemplated by the LOI, Latin Metals would retain a significant minority position and have the opportunity to participate with AngloGold in a future joint venture.”

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