Lara Exploration Ltd.: Vertical Granted Pilot Mining License for the Curionopolis Iron Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/19/12 -- Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE: LRA) is pleased to report that Vertical Mineracao Ltda. ("Vertical"), has been granted a Trial Mining License (Guia de Utilizacao) for the Curionopolis Iron Project in northern Brazil, where Lara retains a royalty interest.
Vertical has concluded 115 diamond drill holes, for approximately 9,000 metres to date, outlining iron formations along six targets extending for approximately 8.5 kilometers and with thicknesses of up to 150 metres within the property. The Company has been advised by Vertical that it plans to file its final exploration report to the Brazilian Department of Mines by the end of this month.
Under the terms of the agreement with Vertical, an area of 1,348 hectares of the Curionopolis Property was ceded in exchange for cash payments to Lara of US$868,256 (US$589,816) paid and the remainder due by August 2012), production royalties of US$1.50/ton on sales of granular iron ore and US$0.75/ton on sales of fine-grained iron ore from the Project.
Quality Control
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 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".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Lara Exploration Ltd.
Chris MacIntyre
VP Corporate Development
+1 416 703 0010
www.laraexploration.com