Lara Options Its Campos Verdes Gold Project To CCT Capital Ltd.
Lara Exploration Ltd. (“Lara”) is pleased to report that it has signed a Property Option and Joint Venture Agreement (the “Agreement”) with CCT Capital Ltd., (“CCT”) whereby CCT may earn a 70% interest in Lara’s Campos Verdes Gold Project by paying US$50,000 to Lara on signing and incurring an aggregate of US$2,000,000 of expenditures on the property within a three-year period, of which US$500,000 must be spent within the first year. Lara will be the project operator during the option period.
The Agreement is conditional upon receipt of exchange approval by June 30, 2007 and CCT having exploration funds of at least US$500,000 at that time. It is further conditional upon CCT completing a private placement of which a total of 200,000 common shares of CCT is made available for purchase by Lara at a price of $0.165 per share, together with warrants to purchase a further 200,000 shares at a price of $0.33 per share for a period of two years.
The 26,000 hectare Campos Verdes Project, located in Goiás State, Brazil, was acquired by Lara in 2005 because of the historical artisanal surface gold workings at João Neves. During 2006, Lara completed reconnaissance exploration along the 10 kilometer structural trend that is host to the João Neves mineralization. Soil and stream sediment sampling outline anomalism for some 6 kilometers of this trend and bonanza gold grades such as 2 meters at 133.6 grams per tonne (“g/t”) and 2 metres at 44.4 g/t gold were found in channel samples in the abandoned workings.
CCT Capital Ltd. is a Canadian company that was listed on the TSX Venture Exchange on August 28, 2006. CCT currently has 6.3 million common shares issued and outstanding and trades under the symbol CCW.P. Trading in CCT was halted February 13, 2007.
Michael Bennell, Lara’s Vice President Exploration, 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.