CORPORATE UPDATE

November 22, 2011 (TSX Venture: LRA) - Lara Exploration Ltd. ("Lara” or the “Company”) is pleased to announce the appointment of Mr. Chris Jones to the Board of Directors (the “Board”) of the Company. Lara also announces the resignation of Mr. Narinder Nagra from the Board and wishes thank him for all his support and good work on behalf of the Company.

Mr. Jones is a member of both the Institute of Canadian Chartered Accountants and Institute of Chartered Financial Analysts in Ontario. Since January 2009, Mr. Jones has been the Vice President of Duff & Phelps Limited, a company based out of Toronto that provides business valuation and corporate finance services. From September 2004 to December 2008, Mr. Jones worked for KPMG LLP as a Senior Assurance Accountant (Audit) and Valuations Senior Consultant. He also holds an Honours Business Administration Degree from the Richard Ivey School of Business at the University of Ontario.

Miles Thompson, CEO of Lara, commented, “Although we are sorry to be losing Narinder from the team, Chris brings us a wealth of financial experience and we look forward to working with him going into the New Year”.

Pursuant to the Company’s stock option plan, 100,000 incentive stock options exercisable at $1.36 per share for a period of five years have been granted to Mr. Jones.

About Lara: 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 of prospects and deposits in Brazil, Peru 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 Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.