Joint Venture Agreement Concluded For The Campos Verdes Gold Project
Lara Exploration Ltd. (“Lara” or the “Company”) is pleased to announce that CCT Capital Ltd. (“CCT”) has received TSX Venture Exchange approval for the Mineral Property Option and Joint Venture Agreement, to earn a 70% interest in Lara’s Campos Verdes Gold Property, by spending US$2 million on exploration by February 27, 2010.
Lara’s exploration team will be mobilized in the coming weeks to begin work on the US$500,000 Phase-1 exploration program. This program will comprise an eleven-hole (1,100 metre) drill program to test the down-dip extension of the mineralization present in the João Neves open pit and to test soil and trench anomalies to the northeast of it. The drilling will be mostly diamond coring to test the shear zone at depth in the fresh rock, but will also include (subject to availability of a suitable drill rig) some reverse circulation drilling to test the sheeted vein system in the oxide zone, where core drilling will be compromised by the loss of core (and gold values) with the washing out of the soft limonitic zones associated with the weathered sulphides in the very broken veins and vein margins.
Further drill target definition work will also be undertaken along the 12 kilometre regional trend that is host to the João Neves target, using soil geochemistry, trenching and ground geophysics (Magnetics and Induced Polarization). Further target definition is also planned at the Modesto gold-base metal target and at several other airborne magnetic and Aster imagery targets (possibly representing hydrothermal alteration zones associated with gold mineralization). These targets have already been identified by the earlier geochemistry and by remote sensing studies. This target definition will include ground geophysical surveys, geological mapping and soil geochemical surveys; and there is provision for some 500 metres of scout drilling to test these targets at depth.
A technical report under National Instrument 43-101 entitled “Technical Report Campos Verdes Gold Exploration Project Goiás State Brazil” was prepared for CCT by John Barry, M.Sc., M.B.A., P.Geo., M.Aus.I.M.M., of Irus Consulting Ltd., on April 16, 2007 and is available for review under CCT’s corporate profile on the SEDAR website at www.sedar.com.
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, and is responsible for the preparation and verification of the technical information in this release.
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.
Lara is a well-funded junior exploration company with fourteen (copper-gold-nickel-tin) projects in Brazil and the Lara oxide copper deposit in Peru. 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 or contact: Miles Thompson, President or Kim Casswell, Corporate Secretary at (604) 669-8777.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release