(MENAFN - ProactiveInvestors - Australia) Latin Resources (ASX: LRS) has received strong support from sophisticated investors for its recent capital raising, which generated A2,022,500 in new funds for the company and its Peruvian projects.
The company is focused on iron and mineral sands exploration in the mineral rich Peru region, with the funds to advance exploration.
Demonstrating the strength of the company's projects Junefield Chinese Group recently increase its investment in Latin, taking its stake to 19.87%.
One of the major benefits of Latin's projects, and especially the flagship Guadalupito, is the proximity to port and infrastructure, with the Ilo Projects situated in an area surrounded by major international resource sector players.
Guadalupito has an exploration target of 4.5 billion tonnes at 6.1% heavy minerals, demonstrating the size potential of the project. Gold grades of potential economic significance have also been encountered.
Latin is targeting a 1 billion tonne JORC Inferred Resource in the March quarter of 2013.