Exploration Update Curionopolis Copper-Gold Project
VANCOUVER, BRITISH COLUMBIA–(Marketwire - Feb. 29, 2012) - Lara Exploration Ltd. (TSX VENTURE:LRA) (“Lara” or the “Company”) is pleased to provide an update on the on-going drill program by partner Codelco do Brasil Mineração Ltda. (“Codelco”), at the Company’s Curionópolis Copper-Gold Project in northern Brazil.
Codelco has completed an additional 6 diamond drill holes CRCD-11 to CRCD-16, for a total of 1,433 metres into possible extensions of the high-grade breccias intercepted at the Osmar Target (see Company news release of December 1, 2011) and to test copper-gold anomalies to the east of the Osmar Target. Hole CRCD-17 is currently in progress, with two more diamond holes planned for this phase of work. The Company will report results in the coming weeks, once all the analyses are in hand.
For the next stage of work, Codelco plans to mobilize a reverse circulation (“RC”) drill rig to the project in April-May, once the rainy season is over, to drill an additional 16-hole RC program.
The Company’s 100%-owned Curionópolis Copper-Gold Project includes 3 exploration licenses, covering 15,518 hectares, located in the prolific Carajás District or northern Brazil. Codelco can earn an initial 51% interest in the project by investing US$3.8 million in exploration over a four-year period (approximately US$2 million invested to date).
Quality Control: Codelco follows industry standard quality assurance and quality control procedures for all its samples from Curionópolis. 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 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”.
For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.