Lara Exploration Ltd.

Published : June 23rd, 2014

Lara Signs Letter of Intent to Sell Corina Project in Peru to Minera Ares

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Keywords :   Brazil | Canada | Chile | Colombia | Gold | London | Peru | Sac |

Lara Signs Letter of Intent to Sell Corina Project in Peru to Minera Ares

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 23, 2014) - Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to report that it has signed a binding Letter of Intent granting an option to purchase its Corina Gold Project in southern Peru to Compañía Minera Ares S.A.C. ("Ares"), a subsidiary of London-listed Hochschild Mining plc., that operates mines nearby. Under the proposed terms, Ares can acquire the Corina property from Lara for staged cash payments totalling US$4,150,000, carrying out US$2,000,000 in exploration and paying a 2% net smelter return royalty on any future production as follows:

Milestone
Time Period
(from Definitive Agreement)
Cash Payments
Exploration Expenditures
Definitive Agreement Within 120 days of LoI US$150,000 -
Community Agreement Within 36 months US$150,000 -
Drill Permit issued Triggers 3-year option - -
From Drill Permit 12 months US$350,000 US$500,000 including 3,000 metres of drilling
From Drill Permit 24 months US$1,000,000 3,000 metres of drilling or payment of US$500,000 in lieu
From Drill Permit 36 months US$2,500,000 At least US$1,000,000

Ares will be the project operator, with Lara providing support with community relations until a Community Agreement is secured and thereafter on an as-needed basis. If Ares fails to secure a Drill Permit for 20 drilling sites within 12 months of signing the Community Agreement, it will pay another US$150,000 to Lara, until it obtains a Drill Permit, and on every anniversary thereafter. If Ares is unable to obtain a Drill Permit within 36 months, Lara may terminate the option.

If Ares exercises its option and acquires the Property, Lara will be granted a 2.0% net smelter return royalty on all production from the Property.

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 finance.yahoo.com
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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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