Lara Exploration Ltd.
TSX VENTURE : LRA
PINK SHEETS : LRAXF

Lara Exploration Ltd.

December 15, 2009 07:30 ET

Acquisition by Lara Exploration Approved by Maxy Gold Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2009) - Lara Exploration (TSX VENTURE:LRA)(PINK SHEETS:LRAXF) is pleased to report that 81% of the shares voted at the special meeting of the shareholders of Maxy Gold Corp., held in Vancouver on December 14th 2009, representing well over the required two thirds majority, voted in favour of the Plan of Arrangement whereby Lara will acquire Maxy. An application will be made to the British Columbia Supreme Court on Tuesday, December 15th and to the TSX Venture Exchange shortly thereafter for final approval of the Plan of Arrangement.

The transaction involves Lara issuing 4,307,731 new shares to current Maxy shareholders, for a total outstanding of 23,554,232 issued shares. Maxy holds a highly prospective precious and base metal exploration portfolio in Peru and two joint venture projects in China. The transaction is expected to be effective by the end of the month, at which time Andre Gauthier, current President and CEO of Maxy, will become the President of Lara and Miles F. Thompson, Lara's current President, will become Chairman and CEO.

"The acquisition of Maxy Gold brings a number of exciting new exploration opportunities and we look forward to working with Andre Gauthier and his team to help us build the Company." commented Miles Thompson, President and CEO of Lara.

About Lara

Lara is a well-capitalized prospect generator with a multi-commodity exploration portfolio focused in Brazil, Colombia and Peru. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA" and on the pink sheets under "LRAXF." 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.

Contact Information

  • Lara Exploration Ltd.
    Miles Thompson
    604-669-8777
    or
    Lara Exploration Ltd.
    Julia Maxwell
    Investor Relations
    604-669-8777
    604-688-1157 (FAX)
    or
    Lara Exploration Ltd.
    Chris MacIntyre
    Investor Relations
    416-640-1932
    Email: info@laraexploration.com
    Website: www.laraexploration.com