2012 Drill Program Underway At The Curionopolis Iron Project In Brazil
VANCOUVER, BRITISH COLUMBIA–(Marketwire - March 20, 2012) - Lara Exploration Ltd. (TSX VENTURE:LRA) (“Lara” or the “Company”) is pleased to report that its partner, Vertical Mineração Ltda. (“Vertical”), now has 4 diamond drill rigs conducting infill drilling on the Curionópolis Iron Project in northern Brazil. A team of consultants is also undertaking environmental studies and permitting work for the project. The Company has been advised by Vertical, that it intends to file final exploration reports and a mining license application with the Department of Mines by mid-year.
Under the terms of the agreement with Vertical, an area of 1,348 hectares of the Curionópolis Property was ceded in exchange for cash payments to Lara of US$868,256 (US$589,816 paid to date and the remainder due by August 2012) and royalties of US$1.50/ton on sales of granular iron ore and US$0.75/ton on sales of fine-grained iron ore produced from the Project.
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 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 primarily in Brazil and Peru where it has signed agreements for fifteen joint ventures. Lara’s common shares trade on the TSX Venture Exchange under the symbol “LRA”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.