Drilling Results From The Canabrava VMS Project

November 23, 2011 (TSX Venture: LRA) - Lara Exploration Ltd., (“Lara” or the “Company”) reports results from diamond drilling on the Canabrava VMS Project in Central Brazil and that Votorantim Metais Zinco S.A. (“Votorantim”) has withdrawn from its Earn-in Agreement with the Company.

Votorantim completed 11 diamond drill holes for a total of approximately 1,628 metres on the Company’s Canabrava VMS Project in central Brazil. The program tested priority target areas, where airborne geophysics and surface work, have defined electromagnetic conductors with signatures similar to the Palmeirópolis Deposits in the same belt (a series of zinc, lead, copper and silver sulphide ore bodies discovered by the Brazilian Geological Survey in the 1970’s). The Votorantim drillholes intercepted zones with disseminated sulphides, primarily pyrrhotite, which account for the geophysical signatures, but no significant mineralization.

The Company is currently reviewing the exploration data provided by Votorantim to reassess its geological model and targeting.

Quality Control: Votorantim followed industry standard quality assurance and quality control procedures for all its samples from Canabrava. 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.

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.