Latin Resources directors purchase over 2 million shares in the company

Latin Resources Ltd (ASX:LRS) has had a show of confidence from three of its directors who have purchased shares by participating in the company’s pro-rata entitlement issue. Managing director Chris Gale acquired 642,311 shares and 321,155 listed options at 0.6 cents per share. Latin non-executive director Brent Jones acquired 908,218 shares and 454,109 listed option and non-executive chairman David Vilensky joined with his colleagues, purchasing 534,121 shares and 267,060 listed options. MT03 Copper Project joint venture Latin recently signed an extension to acquisition terms with major global copper producer First Quantum Minerals Limited (TSE:FM) (OTCMKTS:FQVLF) (FQM) for the MT03/Pachamanca Copper Project indicating FQM’s intention to progress the joint venture program. FQM will complete geophysical surveys at Latin’s large-scale MT03 (Pachamanca) copper project in Peru following which it may elect to earn an initial 51% of the project by completing 4,000 metres of drilling within six months of obtaining drilling approvals. Total potential acquisition to 80% is possible should project move to ‘decision to mine’ and LRS will be free carried to that point. The joint venture terms with a global copper producer of the calibre of FQM is a rare opportunity for Latin and is testament to the work carried out over time by the company in Peru.