CORPORATE UPDATE
June 27, 2011 (TSX Venture: LRA) - Lara Exploration Ltd., (“Lara” or the “Company”) announces that at its recent annual general meeting, Mr. Adrian Calvert was elected to the board of directors replacing Mark Monaghan who did not stand for re-election.
Mr. Calvert is a lawyer and financial advisor with over 15 years of legal and commercial development experience with natural resource companies and is the founder of WindRose Capital Ltd., an advisory company, which provides development and project finance advice for energy, infrastructure and natural resource projects in emerging markets. Previously he co-founded EuroVentures, a development company in Brazil which originated, structured, raised capital and invested in early stage projects in mining, bio- fuels and renewable energy. His experience as a lawyer has been in the energy and natural resource/project finance practice areas with Clayton Utz in Australia and Clifford Chance in the UK and Brazil. Mr. Calvert holds a BA/LLB from the University of Queensland and an MBA from INSEAD business school.
The Company would like to thank Mr. Monaghan for his contribution to the growth of Lara.
Lara also announces that pursuant to the terms and conditions of the Company’s Stock Option Plan, a total of 125,000 incentive stock options exercisable at $1.18 per share for a period of five years have been granted to certain Directors of the Company.
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, Colombia and China and has signed agreements for eleven joint ventures, nine of which are expected to see drilling in 2011. 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.