VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2011) - Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to report that it has been notified by partner, Codelco do Brasil Mineração Ltda. ("Codelco"), that it has invested approximately US$ 1.82 million to date at the Company's Curionópolis Copper-Gold Project, including completion of approximately 3,000 metres of diamond drilling, results of which will be reported once the relevant reports have been received. Codelco has furthermore notified the Company of its intention to continue into the second year of the exploration earn-in agreement.
The Company's 100%-owned Curionópolis Property includes 6 exploration licenses, covering 19,849 hectares located in the prolific Carajás District of northern Brazil. Under the terms of the Agreement, Codelco can earn an initial 51% interest by investing US$3.8 million in exploration over a four-year period (see the Lara news release of November 2, 2010 for details). Codelco has elected to return three licenses to Lara and will now focus exploration on the northernmost licenses (15,518 hectares).
Qualified Person: 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, Colombia and China and has signed agreements for thirteen joint ventures, seven of which are expected to see partner-funded drilling in 2011. 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.
Contact Information:
Chris MacIntyre
+1 416 703 0010
info@laraexploration.com
www.laraexploration.com