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Mayan Iron Corporation steps closer to Guatemala exploration

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Mayan Iron Corporation’s (ASX: MYN) subsidiary in Guatemala, Tikal Minerals S.A., has been advised that the mitigation study presented by the company for the Exploration License area “Porvenir Central” has been accepted by the Socio- Environmental Management Unit (UGSA) of the Guatemala Government's Ministry of Energy and Mines (MEM).

The mitigation study has been accepted on the condition that MYN provide an Environmental Impact Assessment detailing measures that the company will adopt to protect the nesting sites of local sea-turtles that may be found in the area.

Tikal Minerals S.A. lodged ten Exploration Licence applications in July and August 2009. Three Exploration Licences were granted in October 2009, Paraiso Oeste, Porvenir Central and Progreso Este covering a total area of 292.5 km2.

The remaining seven exploration licence applications covering an area of 631.5 km2 are still being processed by the Government of Guatemala.

Mitigation Studies for the three granted Exploration Licence areas were provided to the Guatemala government in February and March 2010. Additional information was requested by the Government of Guatemala in May and this was provided by the company in June 2010.

In July 2010 the company raised $2.5 million, a large part of which is to be used to conduct an exploration program in the three granted tenement areas.

Bruce Richardson, managing director, said the acceptance of the mitigation studies are an important step to proceed with the company’s plans to conduct an exploration program in Guatemala for iron sand as detailed in its IPO prospectus.

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