VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2012) - Lara Exploration Ltd. (TSX VENTURE:LRA) ("Lara" or the "Company") has been advised by partner Codelco do Brasil Mineração Ltda. ("Codelco") of its decision not to proceed with the option to earn-into Lara's Curionópolis Copper-Gold Project in northern Brazil.
Miles Thompson, CEO of Lara commented: "We have enjoyed a very friendly and productive relationship with Codelco on this project. While we didn't find a Codelco-sized deposit, we do have a number of high-grade copper drill intercepts to follow up and remain excited about the prospectivity of the Curionopolis Project."
During the first half of 2012, Codelco drill tested a number of geochemical and geophysical anomalies on the property, but did not encounter a target likely to meet their minimum resource size of 500,000 tonnes of contained copper. Codelco has invested US$1,820,808 on exploration to date, mostly in two diamond drilling programs (29 holes totalling 8,147 metres), including intercepting high-grade copper-bearing breccias (see Company news release of December 1, 2011 for details). The Company will be reviewing the data generated by this work in the coming weeks in order to assess how best to move the project forward.
Michael Bennell, Lara's Vice President Exploration and a Fellow 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 has approved 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 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.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.