Lara Exploration Ltd.: Bahia Inglesa Phosphate Acquisitions, Chile
Published : November 14, 2012
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Keywords :   Brazil | Canada | Chile | Market | Peru | Phosphate |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - Lara Exploration Ltd. ("Lara" or the "Company") (News - Market indicators) is pleased to announce that it has signed a Letter of Intent to acquire 6,090 hectares of mining licenses and that it has also claimed in its own right a further 6,200 hectares of exploration licenses, covering known sedimentary phosphate deposits in the Bahia Inglesa district of Chile, on behalf of the Kiwanda Phosphate Alliance.

Lara, on behalf of the Kiwanda Phosphate Alliance ("Kiwanda") has signed a Letter Agreement with two related Chilean companies SCM Bahia Inglesa ("SCM") and Compania Minera de Fosfatos Naturales Limitada ("Bifox") to acquire 6,090 hectares of mining licenses that were originally drilled for sedimentary phosphates in the 1980's by the Chilean Government and from which SCM and Bifox currently produce phosphate concentrates (with approximately 17% P2O5) on a small scale. The option is subject to due diligence, completion of a Definitive Agreement, cash payments and a sliding scale production royalty on the following terms:

Date/Milestone   Payment US$   Conditions
Definitive Agreement   400,000   Date of signature
12 Months   3,000,000   Cash payment 12 months after date of signature
24 Months   8,000,000   Cash payment 24 months after date of signature
48 Months   2,000,000   Payable only if phosphate concentrate (+30% P2O5) prices are greater than US$200/tonne
Production royalty   2%   Payable on any production if phosphate concentrate (+30% P2O5) prices are less than US$200/tonne
Production royalty   3%   Payable on any production if phosphate concentrate (+30% P2O5) prices are between US$200 and US$300/tonne
Production royalty   5%   Payable on any production if phosphate concentrate (+30% P2O5) prices are greater than US$300/tonne

Bifox and SCM will continue their current operations up to a total production of 200,000 tonnes (time measured from the date of signature of the Purchase Option Agreement) of phosphate rock with approximately 17% P2O5 content and will have an exclusive agreement to market and sell production by Kiwanda into the local Chilean market for a period of 10 years. Kiwanda will have access to and use of the laboratory and other facilities on-site for a period of 3 years, with an option to purchase them at market prices.

Kiwanda has also applied for 6,200 hectares of exploration licenses adjacent to and covering extensions of the SCM and Bifox deposits. Under the terms of the agreement between Lara and Kiwanda (see Company news release of January 10, 2012 for details), the combined Bahia Inglesa property will become a Designated Project, whereby Kiwanda will invest US$5 million over a four-year period (US$1 million of which is a firm commitment) in exploration and development to raise its interest to 65%. Kiwanda may then raise its interest to a total of 75% by delivering a Feasibility Study as defined by NI 43-101 within a further two years (subject to spending a minimum of US$2 million per year).

Quality Control

Andre Gauthier, Lara's President, a member of the Quebec Order of Engineers, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for the preparation and verification of the technical information in this release.

About Lara

Lara is an exploration company following the Prospect Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio of prospects and deposits primarily in Brazil and Peru where it has signed agreements for fifteen joint ventures and three Strategic Alliances. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Lara Exploration Ltd.
Chris MacIntyre
VP Corporate Development
+1 416 703 0010
info@laraexploration.com
www.laraexploration.com
Data and Statistics for these countries : Brazil | Canada | Chile | Peru | All
Gold and Silver Prices for these countries : Brazil | Canada | Chile | Peru | All

Lara Exploration Ltd.

EXPLORATION STAGE
CODE : LRA.V
ISIN : CA5166831092
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Lara Expl. is an exploration silver and gold company based in Canada.

Lara Expl. holds various exploration projects in Brazil.

Its main exploration properties are CAMPOS VERDES, SÃO LOURENÇO, CURIONOPOLIS, CONCEICAO BRAZIL, ARAGUAIA, CANABRAVA and LIBERTADE BRAZIL in Brazil and LARA COPPER, PICHA and LAMPA in Peru.

Lara Expl. is listed in Canada and in United States of America. Its market capitalisation is CA$ 15.2 millions as of today (US$ 11.5 millions, € 10.4 millions).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 2.14, and its lowest recent point on August 07, 2015 at CA$ 0.20.

Lara Expl. has 34 210 000 shares outstanding.

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Annual reports of Lara Exploration Ltd.
2008 Annual report
Project news of Lara Exploration Ltd.
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1/24/2011(Curionopolis)Additional Royalty Negotiated for the Curionopolis Iron Ore ...
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9/28/2009(São Lourenço)Independent Review and Technical Report Completed on São Lou...
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8/2/2016Picha Copper Project Sold to Carajas Copper
7/11/2016Lara Exploration Increases Private Placement to $3,000,000
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10/26/2015Lara Signs Option to Acquire the Azul Tin Project in Brazil
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8/26/2015Lara Exploration Ltd.: Colombia Phosphate Alliance Agreed Wi...
7/27/2015Lara Exploration Ltd.: Granting of Incentive Stock Options
6/23/2015Lara Files for Arbitration of the Vertical Iron Agreement in...
12/15/2014Lara and Goldplata Agree to Create New Copper Porphyry Explo...
11/4/2014Lara Amends Option Agreement for Its Caninde Graphite Projec...
10/15/2014Lara Signs Definitive Agreement to Sell Phosphate and Coal I...
9/24/2014Lara Signs Option Agreement for its Canindé Graphite Project...
7/29/2014Definitive Agreement Signed for Sale of Corina Project to Mi...
7/2/2014Focus Graphite Relinquishes Caninde Option
6/23/2014Lara Signs Letter of Intent to Sell Corina Project in Peru t...
5/20/2014Lara Signs Heads of Agreement to Sell Phosphate and Coal Int...
4/29/2014Lara Exploration Ltd.: Antofagasta Relinquishes Sami Option
4/28/2014Lara Adopts Advance Notice Policy and Appoints New President
10/7/2013Codelco Expands Mineralized Footprint at Liberdade Cu-Au Dis...
7/16/2013Exploration Joint Venture and Portfolio Update
7/10/2013Agrees Sale of Grace Gold Project to Aruntani S.A.C.
6/26/2013Options Sami Property to Antofagasta
5/21/2013Drilling Restarts at Liberdade in Northern Brazil
3/20/2013Agrees to Terms of Sami Option with Antofagasta
2/25/2013Signs Option to Acquire the Planalto Copper Project in North...
2/20/2013to Acquire Shares of Carbhid Coal
2/4/2013Malbex Relinquishes Option on the Grace Gold Project in Peru
1/21/2013Secures Renewals for the Sergipe Potash Licenses
1/14/2013Agreement Completed with Focus Graphite on Lara's Caninde Pr...
11/14/2012Bahia Inglesa Phosphate Acquisitions, Chile
10/22/2012Successful Completion of $5.0 Million Private Placement
10/11/2012Options the Chocos Polymetallic Project in Peru to CJL Capit...
9/27/2012and Antofagasta form Strategic Alliance to Explore for Coppe...
9/18/2012to Raise up to $3 Million by Private Placement
9/17/2012Codelco Mobilizes Drilling on the Liberdade Copper Project i...
9/10/2012Avanco Mobilizes Drilling on the Conceição Nickel Sulphide P...
7/8/2011Issuance of Bonus Shares And Implentation of Stock Grant Pro...
5/24/2011(Canabrava)Drill Program Started at Canabrava in Central Brazil
4/26/2011New Zone of Mineralization Found on the Tingo Este Copper Pr...
2/22/2011Corporate Update
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