Talon Metals Joint Venture On Lara’s Sergipe Potash Project
(TSX Venture: LRA) - Lara Exploration Ltd., (“Lara” or “the Company”) is pleased to report that it has completed transfer of the licenses comprising its Sergipe Potash Project to a new joint venture company created with Talon Metals Corp. (TSX: TLO, “Talon”) and has received the second instalment of US$50,000 (US$100,000 received to date). A total cash consideration of US$500,000 is to be paid by Talon over four years under the terms of the option agreement for Talon’s 75% interest.
The Company has also been informed by Talon that exploration work has begun on the properties, the first phase of which will comprise the acquisition and reinterpretation of the geophysical (2D and 3D seismic) and drilling data generated from historical oil and gas exploration in the basin. Under the terms of the Agreement, Talon must undertake a minimum US$4 million in exploration work programs over four years and deliver a Resource Report on the Project by late 2014. .
The license areas being contributed to the joint venture by Lara cover a total area of 21,689 hectares contiguous with other areas being explored by Talon and cover the strike extension trend of the known potash deposits in Vale’s Taquari-Vassouras Potash Mine.
Lara is an exploration company following the Prospect Generator business model which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio prospects and deposits in Brazil, Peru, Colombia and China. 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 – CEO, or Andre Gauthier – President, at 604-669-8777.
Julia Maxwell - 604-669-8777
Chris MacIntyre – 416-640-1932
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accepts responsibility for the adequacy or accuracy of this release.