Malbex Relinquishes Option On The Grace Gold Project In Peru

February 4, 2013 (TSX Venture: LRA) - Lara Exploration Ltd., (“Lara” or the “Company”) has been advised by partner Malbex Resources Inc. (“Malbex”), that it is relinquishing its option to earn up to a 75% interest in the Company’s Grace Project in the Ayacucho Region of southern Peru.

The Grace Project covers Tertiary-age volcaniclastics, cut by brecciated silica bodies and veins with wide quartz-alunite and granular silica halos, indicative of a well-preserved high-sulphidation epithermal system. An area of hydrothermal alteration extending approximately 6 kilometres in length by 1 to 1.5 kilometres in width, has been outlined to date, where Lara previously took rock chip samples that returned anomalous gold, silver, arsenic, mercury and antimony values. The property lies adjacent and to the north of the Apumayo and Ayahuanca gold projects being developed by companies controlled by local miner Guido del Castillo.

Lara is currently compiling the data received from Malbex and planning further exploration of the property.

Quality Control

Andre Gauthier, Lara’s President, a member of the Quebec Order of Engineers, 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 agreements for fourteen joint ventures and three strategic alliances. 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.