News 2006

Falconbridge Hits 1.73% Nickel Over 8.9 Metres On Lara's Araguaia Project

May 15, 2006

Lara Exploration Ltd. (“Lara”) (TSX VENTURE: LRA, TSX VENTURE: LRA.WT) is pleased to report that Falconbridge Brasil Ltda. (“Falconbridge”), a wholly owned subsidiary of Falconbridge Limited, has intersected significant nickel mineralization on Lara’s Araguaia Project (“Araguaia”) in Northern Brazil.

The initial drill results from the Vila Oito nickel laterite target on the Araguaia North Block include intersections in hole 9, which intersected 21.95 metres grading 1.36% nickel with a higher grade section with 1.73% nickel over 8.9 metres, plus a second zone grading 1.2% nickel over 6.8 metres; hole 11 with 12 metres grading 1.41% nickel; hole 1, with 5.1 metres grading 1.5% nickel and hole 2, which intersected 3.8 metres grading 1.5% nickel.

“The drill results received to date represent a grass roots nickel discovery with the potential to expand into a significant nickel laterite resource with additional drilling,” states Lara’s CEO, Miles Thompson. “So far drilling has encountered significant nickel laterite mineralization over a 1.4 by 1 km area.”

As of the end of April, Falconbridge had completed 19 shallow vertical drill holes comprising 661 metres of a planned 800 metre program. Most of the drilling focused on a 1.2 kilometer by 1.8 kilometer laterite plateau at the Vila Oito target where assay results for holes 10, 12 and 19 are still pending.

Table 1. Diamond drilling results from the Vila Oito Target, Araguaia North

Drillhole   From   To   Intercept Grade
            (m)    (m)     (m)    (% Ni)
FPB-06-01   2.70  11.45    8.75    1.27
including                  5.10    1.50
FPB-06-02                  3.80    1.50
FPB-06-03   6.00   8.15    2.15    1.20
FPB-06-04   1.20   5.10    3.90    1.12
FPB-06-05   2.30   7.45    5.15    1.00
FPB-06-06   2.25   4.25    2.00    0.98
FPB-06-07                         <0.80
FPB-06-08                         <0.60
FPB-06-09   2.10  24.05   21.95    1.36
including                  8.90    1.73
           31.70  38.50    6.80    1.20
FPB-06-11   4.80  16.80   12.00    1.41
including                  2.00    1.92

FPB-06-10 and FPB-06-12 to FPB-06-19 – results pending

The Araguaia Project, in which Falconbridge may earn a 70% interest by paying US$110,000 and spending US$3.89 million on exploration by June 2009 (Lara Press Release February 15, 2006), comprises 42,557 hectares of exploration claims in two blocks that lie approximately 100 km to the south of the Serra da Tapa and Vale dos Sonhos nickel laterite discoveries announced by Falconbridge in September 2005. Falconbridge has since released an inferred resource, using a 1% nickel cut-off, of 73.3 million tonnes grading 1.5% nickel for the combined deposits (Falconbridge Press Release, March 7, 2006).

Quality Control
Falconbridge is operator of the Property and employs a QA/QC protocol on all aspects of the analytical procedures. Core samples are split on plastic sheets in order to preserve fines and one half of the core is restored to the core box for future reference. Samples are taken in onemetre intervals or less. Sample preparation is completed locally in a sample preparation facility operated by SGS-Lakefield. A blank sample is inserted every forty samples and standard samples representing a range of grades are inserted at intervals of twenty samples. Five percent of pulps are re-analyzed at ALS-Chemex in Vancouver.

Richard Graham P.Geol., is the Qualified Person for Lara Exploration as defined by National Instrument 43-101, and is responsible for the preparation of the technical information in this release.

Lara is a well-funded junior exploration company with fourteen (copper-gold-nickel) projects in Brazil and one copper project in Peru. Lara on trades on the TSX Venture Exchange under the symbol “LRA”, “LRA.WT”. All dollars are in Canadian currency unless otherwise stated.

Forward-Looking Statement
Some statements in this report contain forward-looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.

On behalf of the Board,
Miles Thompson, President & CEO

For further information on Lara Exploration please contact: Miles Thompson or Kim Casswell Corporate Secretary on (604) 669-8777

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.