Lara Exploration Ltd.

Published : June 06th, 2016

Lara Reports New Exploration Licenses Issued for the Planalto Copper Project in Brazil

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Keywords :   Brazil | Canada | Chile | Colombia | Copper | Diamond | Mines | Peru |

Lara Reports New Exploration Licenses Issued for the Planalto Copper Project in Brazil

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 2016) -Lara Exploration Ltd., ('Lara' or the 'Company') (TSX VENTURE:LRA) is pleased to report that new exploration licenses have been issued for the Planalto Copper Project, located near Vale S.A.'s Sossego copper mine, in the Carajás Mineral Province of northern Brazil. The original licenses were cancelled by the Brazilian Department of Mines ('DNPM'), based on perceived deficiencies in the application paperwork, which have been definitively rectified this year under the normal administrative appeals process. The Company originally optioned the property in early 2013 (see Company news release of February 25, 2013 for details) and the terms of the option have been amended to reflect the delay.

Past exploration work includes surface sampling, which outlined two copper-in-soil anomalies with values in excess of 300 parts per million ('ppm') copper, one approximately 1.3 kilometres ('km') by 0.9 km in size, the other 2.9 km by 0.3 km. The historical reporting also includes results of two drill holes executed approximately 100 metres ('m') apart on the same East-West section on one of the copper-in-soil anomalies. Hole FD-73 has a reported intercept value of 188m of 0.4% copper, including 15m at 0.67%, 14m at 0.68% and 10m at 1.18% copper. Hole FD-74 has a reported intercept of 50m at 0.38% copper, including 21m at 0.6% copper.

The project comprises three exploration licenses, totalling 4,726 hectares in area, covering meta-volcano-sedimentary sequences and intrusives of early Proterozoic-age that are deeply weathered and have an extensive lateritic cover. Data provided by the vendors, includes reports of previous exploration work including soil sampling and two Diamond drill holes (the Company does not have access to the drill cores or samples to confirm these historic results).

Planalto Purchase Option

Under the amended terms of the option agreement to acquire 100% of the properties, Lara has agreed to make staged cash payments totalling up to US$500,000 as follows:

Milestone/Date Payment US$
Upon signing the Definitive Agreement (paid) 25,000
Upon issue of Exploration Licenses (paid) 25,000
12 months from issue of the Exploration Licenses 50,000
24 months from issue of the Exploration Licenses 100,000
36 months from issue of the Exploration Licenses 100,000
DNPM approval of the Final Exploration Report 200,000

Lara may defer 50% of the annual cash payments in the event it is unable to secure third party finance or a partner. The vendor will also be entitled to a 2% net smelter return royalty on any production; Lara retains the right to purchase 50% of this royalty for a cash payment of US$2 million.

Quality Control and Qualified Person

Certain information and data in this news release concerning the past work done and results is historical. The reliability of this historical data is unknown, but is considered relevant by Company management. The historical data may not be compliant with National Instrument 43-101 and should not be relied upon. It is the Company's intention to verify the historical data, however confirmation work may produce results that differ substantially from the historic results. There is a risk that current exploration and test work will not result in the Company replicating historical results.

Michael Bennell, Lara's Vice President Exploration and a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has approved the technical disclosure and verified the technical information in this news 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 in Brazil, Peru, Colombia and Chile. Lara's common shares trade on the TSX Venture Exchange under the symbol 'LRA'.

For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com.

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

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Brazil | Canada | Chile | Colombia | Peru | All
Gold and Silver Prices for these countries : Brazil | Canada | Chile | Colombia | 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$ 16.2 millions as of today (US$ 12.2 millions, € 11.0 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.
10/15/2013(Curionopolis)Agreement Signed for Development of the Curionopolis Copper ...
2/7/2013(Picha)Drill Permit Granted for the Picha Copper-Silver Project in ...
4/8/2011(Curionopolis)Progress Report on the Curionopolis Iron Project in Brazil
3/7/2011(Libertade Brazil)Codelco Intercepts Copper on Lara's Liberdade Project in Bra...
2/22/2011(Lara Copper)Intercepts 40 Metres with 1.39% Copper at the Lara Project i...
2/14/2011(Conceicao Brazil)Reports Platinum and Palladium Values From Its Conceicao Nic...
1/24/2011(Curionopolis)Additional Royalty Negotiated for the Curionopolis Iron Ore ...
11/4/2009(Curionopolis)Starts Curionópolis Drill Program
9/28/2009(São Lourenço)Independent Review and Technical Report Completed on São Lou...
Corporate news of Lara Exploration Ltd.
8/2/2016Picha Copper Project Sold to Carajas Copper
7/11/2016Lara Exploration Increases Private Placement to $3,000,000
7/5/2016Lara Exploration to Raise Up to $2 Million by Private Placem...
6/21/2016Lara's Grace Option Agreement With Apumayo Extended
6/6/2016Lara Reports New Exploration Licenses Issued for the Planalt...
5/27/2016Lara Exploration Ltd.: Corporate Update
5/12/2016Lara Exploration Announces That the Company has Fully Disclo...
3/23/2016Lara Signs Option to Acquire Serrita Gold Project in Brazil
2/2/2016Revised Resource Estimate Report Filed for Maravaia Copper G...
2/1/2016Lara to Acquire the Tocantins Gold Project in Brazil
12/21/2015Lara Reports Progress of Development and Construction at the...
10/26/2015Lara Signs Option to Acquire the Azul Tin Project in Brazil
8/31/2015Lara Exploration to Commence at Ki Phosphate Project in Chil...
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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