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Latin American Minerals Completes Previously Announced $1.5 Million Financing

October 5, 2009


Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Corporation") is pleased to report that it has closed its previously announced non-brokered private placement (the "Financing").

The Corporation has issued 10,000,000 units (the "Units") at a price of $0.15 per Unit for gross proceeds of $1,500,000. Each Unit is comprised of one common share of the Corporation (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.30 per Common Share for a period of two years.

PowerOne Capital Markets Limited ("PowerOne"), Dundee Securities Corporation ("Dundee") and Canaccord Capital Corporation ("Canaccord", and together with PowerOne, and Dundee, the "Finders") received a finder's fee for their contributions towards completing the Financing. The Finders received an aggregate cash commission of 7% of the gross proceeds of the Financing. PowerOne and Dundee also received broker warrants entitling them to acquire such number of Units equal to 8% of the aggregate number of Units sold in the Financing, at a price of $0.15 per Unit, exercisable until October 5, 2011 ("Finder's Warrants").

If the closing price of the Common Shares is higher than $0.60 per Common Share for a period of 20 consecutive trading days at any time after February 6, 2010, the Corporation may accelerate the expiry date of the Warrants by giving written notice to the holders of the Warrants and Finder's Warrants ("Notice"). Where Notice is provided, the Warrants and the Warrants underlying the Finder's Warrants will expire on the 30th day after the date on which Notice is provided by the Corporation. The securities comprising the Units and the Finder's Warrants are subject to a statutory hold period that will expire on February 6, 2010.

The Corporation plans to use the net proceeds from the Financing for working capital and general corporate purposes.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States of America (the "United States") or to or for the benefit of U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

Latin American Minerals Inc. is a mineral exploration company focused on the acquisition and development of mineral projects in under-explored but highly prospective countries of Latin America.

The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address the Corporation's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as contained in the Corporation's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events, unless required under applicable securities laws. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.