Latin American to acquire majority interest in La Carolina

Geocom Resources Inc. announces that its joint venture partner in Argentina, Latin American Minerals Inc. (LAT), has exercised its option to acquire a 75% interest in the La Carolina Project, San Luis Province, Argentina. LAT has completed its required exploration expenditures and, with the final issuance of 175,000 common shares and payment of US $75,000 to the optionors, has acquired a 75% interest in the property. A formal joint venture agreement between Geocom Resources Inc., TNR Gold Corp., and Latin American Minerals Inc. will be negotiated in due course.

John Hiner, Geocom’s President and CEO, commented, we agree wholeheartedly with LAT president David Wahl’s assessment that La Carolina has considerable untapped gold potential. We are further pleased with LAT’s decision to accelerate its earn-in as it validates Geocom’s belief in the ore potential of the project.

Subsequent to its earn-in, LAT optioned a part of its newly acquired interest to CHC Venture Capital S.A. (CHC), a venture capital group based in Argentina that specializes in the resource sector. Geocom believes the entry of an Argentina-based group at La Carolina is further validation of the ore potential at La Carolina, as well as the confidence that Argentineans have for the future of mining in Argentina. Of importance to Geocom, CHC must conduct $3,000,000 in exploration over four years to earn a net 38.2% interest in the project.

The formalization of the La Carolina venture is further evidence that the Company is executing its business plan of developing projects such as La Carolina, forming ventures with solid exploration and development companies to continue the exploration and development of select properties, and maintaining a continuing interest in the properties. The entry of CHC into the project means an additional $3 million will be invested into the property before LAT, TNR, and Geocom will be required to invest additional funds. The Company believes this will provide valuable evaluation of the ore potential at La Carolina without additional expenditure by Geocom.

The La Carolina Project encompasses multiple gold showings, some with previous production history, in west central Argentina. The property is situated at an elevation of 1,600 meters in the Sierra de San Luis, and is accessible year round via paved roads. The claims cover approximately 3,500 hectares.