Lara Acquires Sergipe Potash Targets In Brazil
(TSX Venture: LRA)
Lara Exploration Ltd. (“Lara” or “the Company”) is pleased to report that it has been granted potash exploration licenses, totaling approximately 14,000 hectares, in Sergipe State, northeast Brazil. The claims are adjacent to and cover the extensions of the potash-bearing sedimentary basins of Vale’s Taquari-Vassouras mine, which produced 607,000 tons of potash in 2008.
These sedimentary basins have been explored extensively for oil and gas in the past and a database of seismic surveys and exploration drilling is available through the Brazilian National Petroleum Agency (“ANP”). This ANP data includes eight wells drilled within Lara’s new licenses, several of which intercepted potash, with the best drilled intercept a cumulative 37.6 meters of potash mineralization in ten separate sedimentary units between 1,710 and 1,806 meters depth. The Company plans to access and review the available exploration data in the coming months.
Brazil is a major consumer of potash, mostly as a feedstock for fertilizers. Taquari-Vassouras is the only operating potash mine in Brazil, which currently imports 90% of its potash needs.
The Company’s Sergipe Potash exploration licenses are held through Lara Aliança Ltda., a Brazilian company owned 100% by Lara Alliance BVI Ltd., which is in turn owned 50% by Lara and 50% by Sprott Resource Corp.
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 Standards of Disclosure for Mineral Projects, and is responsible for the preparation and verification of the technical information in this release.
Lara is a well-funded prospect generator, with a multi-commodity exploration portfolio focused on Brazil, but with significant holdings in Colombia 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.
Julia Maxwell - (604) 669-8777
Chris MacIntyre - (416) 640-1932
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.