LTR Latitude

RNS Number:9456B
Latitude Resources plc
13 August 2007

13 August 2007

                              Latitude Resources PLC

                 Proposed Disposal of Chilean Mining Operations

Disposal of Latin American Copper Chile Holdings BVI for #9.4 million

Latitude Resources PLC ("Latitude") today announces that its wholly owned
subsidiary Latitude Management Capital Inc. ("LAT Capital") has entered into a
conditional share and purchase agreement (the "Share Purchase Agreement") to
sell the entire issued share capital of Latin American Copper Chile Holdings
Limited ("LAC Holdings"), a wholly owned subsidiary of LAT Capital to Tamaya
Resources Limited ("Tamaya"), an Australian exploration and mining company with
copper production operations in Chile (ASX symbol : TMR).

In connection with the sale of LAC Holdings to Tamaya, LAT Capital will receive
85 million shares of Tamaya (the "Consideration Shares") and 15 million options
to subscribe for shares of Tamaya, comprised of 5 million options at a strike
price of A$0.30 per share, 5 million options at a strike price of A$0.40 per
share and 5 million options at a strike price of A$0.50 per share (the specific
terms of which are set out in the Circular, as defined below). The Consideration
Shares were valued at approximately #9.4 million by reference to Tamaya's
average market price on 10 August 2007.

If the sale of LAC Holdings to Tamaya occurs, Latitude will not hold any
tangible operating assets going forward. Latitude's only assets will be:

   * 85 million shares in Tamaya
   * 2.5 million shares in Western Goldfields (with a market value of #3.2
    million based on the average market price on 9 August 2007 of C$2.77);
   * 9.8 million shares in Tanami (with a market value of #0.5 million based
    on the average market price on 10 August 2007 of A$0.128); and
   * approximately #2.9 million cash that will remain in Latitude after
    completion.

This total of approximately #16 million represents a 33% premium to the Latitude
market capitalisation of approximately #12 million on 9 August 2007, and a 76%
premium to the Latitude market capitalisation of approximately #9.1 million on 4
July 2007 based on the average market price of 3.375p, being the trading day
prior to Latitude's announcement that it was at advanced stage negotiations
which may lead to an offer being made for one of Latitude's subsidiaries.

Following the sale of LAC Holdings it is proposed that the Latitude's shares
continue to trade on AIM and that Latitude continues to pursue new investment
opportunities in the mining sector in accordance with the investing strategy
(the "Investing Strategy") set out at the time of its Admission to trading on
AIM. The Investing Strategy is to seek to identify, evaluate and acquire
interests in prospective projects and companies in the resource sector with a
view to providing expertise, management support and, subject to further
fundraising, capital to those projects and companies as appropriate. The
Directors and management of the Company have a broad range of complementary
skill sets and knowledge, which combine extensive operational experience in the
mining and mineral exploration industry with specialist expertise in resource
banking, mining finance and the underlying commodities markets.

Transaction Process and Timetable

The disposal and the confirmation of the Investing Strategy both require
approval from the shareholders of Latitude Resources PLC.

A circular containing details of the sale and convening an Extraordinary General
Meeting will be posted to shareholders today (the "Circular")

The expected timetable for the proposed disposal, including the Extraordinary
General Meeting, which is set out in the Circular, is summarised below:

Last time and date for receipt of forms of proxy
9.30 a.m. on 27th August 2007

Extraordinary general meeting
9.30 a.m. on 29th August 2007

For further information please contact:

Martyn Konig, CEO Latitude Resources plc
Phone +44 (0) 207 087 7971
Fax +44 (0) 207 734 3870
Email: info@latituderesources.com

Simon Rothschild / Keith Irons
Bankside Consultants
Phone +44 (0) 207 367 8888
simon.rothschild@bankside.com / keith.irons@bankside.com

Simon Leathers
Evolution Securities
Phone +44 (0) 207 071 4300
simon.leathers@evosecurities.com

Note:

Latitude Resources PLC shares are traded on AIM, a market operated by the London
Stock Exchange plc under the symbol "LTR" and are quoted in Sterling.  No stock
exchange, securities commission or other regulatory authority has approved or 
disapproved the information contained herein.  The directors of Latitude 
Resources PLC accept responsibility for the contents of this announcement.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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