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TORONTO, ONTARIO--(Marketwire - July 2, 2010) - Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Corporation") announces that it has agreed to issue, on a non-brokered private placement basis, a maximum of 10,000,000 units ("Units") at $0.15 per Unit for maximum gross cash proceeds of $1.5 million for its mineral exploration projects and general and administrative expenses (the "Private Placement").

Each Unit shall consist of one common share of the Corporation ("Common Share") and one half common share purchase warrant of the Corporation (a "Warrant"). Each full Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.20 per Common Share for a period of two years following the closing of the Private Placement (the "Closing Date"). If the closing price of the Common Shares is higher than $0.50 per Common Share for a period of 20 consecutive trading days at any time after four months and one day after the Closing Date, the Corporation may accelerate the expiry date of the Warrants by giving written notice to the holders of the Warrants ("Notice"). If the Notice is provided, the Warrants will expire on the 30^th day after the date on which Notice is provided by the Corporation.

A finder's fee is payable in the form of a cash commission of up to 7% of the gross proceeds from the finder's placees and warrants entitling it to acquire such number of Common Shares as is equal to up to 8% of the aggregate number of Units sold to the finder's placees in the Private Placement, at a price of $0.20 per Common Share, exercisable for a period of two years following the Closing Date (the "Finder's Warrants"), with an equivalent acceleration feature as the Warrants.

The Private Placement is conditional upon due diligence by the finder, regulatory review and approval, and other closing conditions.

The Corporation is an active mineral exploration company focused on the acquisition and development of mineral projects in under-explored but highly prospective countries of Latin America. Currently focused on its Paso Yobai gold project in Paraguay, the Corporation is developing a track-record of exciting project generation in the Americas.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Corporation in any jurisdiction in which such offer, solicitation of sale would be unlawful. This news release contains forward-looking statements. The Corporation does not intend, and does not assume any obligations, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.