CCT Capital Cancels Option

Vancouver, British Columbia, October 31, 2008 (TSX Venture: LRA)

CCT Capital Ltd. ("CCT") has informed Lara Exploration Ltd. ("Lara" or the "Company") in accordance with the Property Option and Joint Venture Agreement that CCT will not be proceeding with the earn-in on the Campos Verdes Property in Brazil. CCT has forfeited all rights, title and interest in and to the Property in favour of Lara.

About Lara

Lara is a well-funded prospect generator, with a multi-commodity exploration portfolio in Brazil and 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 news release