Latin American Minerals Announces Closing of $500,000 Non-Brokered Private Placement

Latin American Minerals Inc. (TSX VENTURE:LAT)(OTCQX:LATNF) (the "Company") has
completed a non-brokered private placement financing for gross proceeds of
$500,000. The funds received from the private placement will be used to complete
detailed geophysical exploration, and to upgrade the Company's pilot plant, at
its Paso Yobai gold project in Paraguay.


Pursuant to the private placement, the Company issued a total of 5 million units
at a price of 10 cents per unit. Each unit consists of one common share of the
Company, along with one common share purchase warrant. Each whole warrant may be
exercised for one additional common share at a price of 20 cents per common
share until February 4, 2015. No commissions or finders' fees were paid in
connection with the private placement. The units were issued pursuant to
exemptions from prospectus requirements of applicable securities legislation.
Securities issued pursuant to the private placement are subject to a hold period
that expires on June 5, 2013 (four months and one day).


Certain insiders of the Company participated in the private placement.
Subscriptions from such insiders are considered to be related-party transactions
within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral
Instrument 61-101. The Company relied on certain exemptions from the valuation
and minority shareholder approval requirements of Multilateral Instrument 61-101
in respect of such insider participation. Richard Boulay, the chairman of the
Company, purchased 1.32 million units in the private placement. After giving
effect to this private placement, Mr. Boulay owns or controls, directly or
indirectly, a total of 5,455,682 common shares, representing approximately 5.8%
per cent of the Company's 93,403,504 issued and outstanding common shares,
together with options and warrants to acquire an additional 3,075,000 common
shares. Dr. Waldo Perez, a director of the Company, purchased 200,000 units in
the private placement. After giving effect to this private placement, Dr. Perez
owns or controls, directly or indirectly, a total of 1,171,500 common shares,
representing approximately 1.3% per cent of the Company's issued and outstanding
common shares, together with options and warrants to acquire an additional
1,183,750 common shares. Paul Fornazzari, a director of the Company, purchased
100,000 units in the private placement. After giving effect to this private
placement, Mr. Fornazzari owns or controls, directly or indirectly, a total of
731,666 common shares, representing approximately 0.8% per cent of the Company's
issued and outstanding common shares, together with options and warrants to
acquire an additional 1,739,749 common shares. 


About the Paso Yobai Gold Project:

The Company is operating the Independencia Mine Pilot Plant on the Company's
99%-owned mining concession, part of the Company's larger Paso Yobai Gold
Project. The objective of the pilot plant is to facilitate resource evaluation
through bulk-sampling along the Discovery Trend, which is characterised by
coarse gold mineralization extending from surface to greater than 100m depth.
The proceeds of the bulk-sampling program also subsidise corporate
administration, exploration and property expenses in Paraguay. 


The Company's ongoing gold exploration work is now focused on the Company's
100%-owned exploration licences also located at Paso Yobai. These properties
contain the 14.8 km X-Mile Trend, identified as a major axis of mineralization,
and a selection of off-trend targets which may be related to sets of oblique
structures. A high-resolution CSAMT geophysical survey program is underway over
these target areas in order to develop drill targets below the surface gold
showings. 


About the Company: 

Latin American Minerals Inc. is a Canadian mineral exploration company whose
core Paso Yobai project includes the Company's Independencia Mine and satellite
targets in a new large gold district. 


The Company has identified Paraguay as a highly prospective region for mineral
exploration, and continues to explore its multiple Paraguayan mineral claims for
gold, diamonds, REE, niobium and phosphates.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Latin American Minerals Inc.
Miles Rideout, President and CEO
Toronto: (1-416) 363-0841 or (1-416) 902-8558
Argentina: (54-261) 439-9268
[e-mail]
www.latinamericanminerals.com