Lara Exploration Ltd.

Published : October 15th, 2014

Lara Signs Definitive Agreement to Sell Phosphate and Coal Interests

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Keywords :   Brazil | Canada | Chile | Coal | Colombia | Peru | Phosphate |

Lara Signs Definitive Agreement to Sell Phosphate and Coal Interests

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 15, 2014) - Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to report that it has signed a Definitive Agreement with partner Kiwanda Mines LLC ("Kiwanda") to sell the rights and options held under their Phosphate Alliance and Coal Alliance, to Australian Securities Exchange listed Phillips River Mining Limited ("Phillips River"). The terms of the agreement differ from the Heads of Agreement (see Company news release of May 2014), in that Lara has agreed to sell all of its direct project rights under the Alliances to Phillips River in exchange for 50% of the vend-in shares to be issued by Phillips River and a 2% production royalty.

Under the terms of the agreement, Phillips River will now acquire all of the Phosphate Alliance and Coal Alliance assets and options as follows:

  1. Lara's 19.9% interest in central Colombian coal producer Carbhid S.A.

  2. The Coal Alliance's option to earn a 51% interest in Carbhid's Escalones mining rights.

  3. The Coal Alliance's option to earn a 100% interest in the Pelaya coal exploration rights in northern Colombia.

  4. The Phosphate Alliance's option to acquire a 100% interest in the Bifox phosphate mining rights in northern Chile.

  5. The Phosphate Alliance's 100% owned Ki phosphate exploration rights adjacent to the Bifox mining rights.

Lara has received US$200,000 that was due upon signing of the Heads of Agreement and is entitled to a further US$570,000 upon the earliest of either the completion of the acquisition of the assets by Phillips River or February 15, 2015. Phillips River will acquire the assets through the issue new shares at a deemed price of A$ 0.20 each, based on an independent valuation. After payment of the cash amounts due to Lara, the new Phillips River shares will be issued equally to Lara (50%) and Kiwanda (50%), with 50-60% of the shares payable upon closing of the transaction and the remainder only payable subject to achieving certain production and resource definition milestones. Phillips River will assume the day-to-day management and costs of these assets, with Lara retaining the right to appoint a director to the Phillips River's board of directors.

Lara is further entitled to a 2% production royalty on the Coal Alliance assets and once an annual production capacity of 50,000 tons has been achieved, a 2% production royalty on the Phosphate Alliance Assets.

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."

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

Contact Information:
Lara Exploration Ltd.
Chris MacIntyre
VP Corporate Development
+1 416 703 0010
www.laraexploration.com
Read the rest of the article at www.noodls.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$ 19.8 millions as of today (US$ 14.9 millions, € 13.6 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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