Lara Starts Drilling At Campos Verdes In Brazil And Ends Joint Venture With Solid In Peru
Lara Exploration Ltd. (“Lara” or the “Company”) is pleased to report it has started a 1,100 metre diamond drilling program on the João Neves target within its Campos Verdes Gold Project in central Brazil. This program is operated by Lara and funded by CCT Capital Ltd. (“CCT”) under the terms of the Mineral Property Option Agreement whereby CCT may earn a 70% interest in the Campos Verdes Property by spending US$2 million on exploration by February 27, 2010.
This Phase 1 drill program will test the down-dip extension of the mineralization present in the João Neves open pit and soil and trench anomalies to the northeast of it. Lara has also completed planned target definition work along the 12 kilometre regional trend that hosts the João Neves target, using soil geochemistry and trenching. Ground geophysics (Magnetics and Induced Polarization) will be initiated in the coming days.
Under the terms of a Letter Agreement dated November 1, 2005 between Lara and Solid Resources Ltd. (“Solid”) respecting the Company’s Lara (oxide copper) Property in Peru, Solid had to complete 1,500 metres of diamond and reverse circulation drilling before the first anniversary of the issue of a drill permit by the Peruvian mining authorities. As at this anniversary date on October 2, 2007 and an additional one-week extension, Solid had not completed this work commitment. Lara served a Notice of Termination of Option to Solid on October 10, 2007 and is in the process of resuming operating control of the project.
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.
Lara is a well-funded junior exploration company with 14 (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.