Lara Exploration Ltd.: Drilling Underway at the Sao Lourenco Tin Project, Brazil
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/12 -- Lara Exploration Ltd. (TSX VENTURE: LRA) ('Lara' or the 'Company') is pleased to report that its partner, Avenue Resources Ltd., (ASX: AVY) ('Avenue') has initiated a 2,000 metre drill program at the Company's Sao Lourenco Tin Project in northwest Brazil.
The program will test targets outlined by the Company on two adjacent hills Irene and Isaac, which are partly exposed granite cupolas, with tin mineralization on the top and flanks comprising sheeted veins, parallel stringers and alteration. Lara has collected a total of 2,241 channel samples from hand-dug surface trenches, of which 1,257 reported values greater than 0.05% tin and 146 reported values greater than 0.5% tin. High-grade values range between 0.73% tin and 7.88% tin, which are derived from vein structures. It is likely that the mineralization is wider spread than currently delineated, because there is vegetation and deep colluvial cover over more than 50% of the occurrences.
Details of the project and the work completed to date by Lara are outlined in a Technical Report, which is available on the Lara website: www.laraexploration.com.
Avenue can acquire 100% of Lara's rights to the project, for 3 million common shares already issued to Lara at closing, US$1 million in cash and/or shares in four annual payments of US$250,000, assuming responsibility for the remaining obligations under the option agreement and undertaking to drill a minimum of 1,500 metres of diamond core drilling within 12 months of signing the Definitive Agreement. Lara will also receive a 1% net smelter return royalty on any production from the project.
Quality Control: Michael Bennell, Lara's Vice President Exploration and a member 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 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. 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.
Contacts:
Lara Exploration Ltd.
Chris MacIntyre
VP Corporate Development
+1 416 703 0010
info@laraexploration.com
www.laraexploration.com