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 Re:  News Release - Wednesday, April 30, 2008
      Lara Converts its Interest in the Mantaro Phosphate Project to
      Shares of Sprott Resource Corp.
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 Lara Exploration ("Lara" or the "Company") is pleased to report that it
 has signed a Letter of Intent ("LOI") with Sprott Resource Corp.
 ("SRC") to sell its future interest the Mantaro Phosphate Project
 ("Mantaro") for approximately US$3.0 million in common shares of SRC.
 The proposed transaction is subject to the execution and delivery of a
 definitive agreement.

 Lara is part of the Mantaro Group, an unincorporated joint venture that
 holds the rights to Mantaro, potentially one of the largest undeveloped
 phosphate deposits on the Pacific Rim. Under the terms of the option
 and exploration agreement entered into between SRC and the Mantaro
 Group on November 15, 2007 (the "Original Agreement") (see November 16,
 2007 news release), SRC had the option to acquire a 100% interest in
 Mantaro by funding exploration and technical studies, making certain
 cash payments and issuing shares in a new project company to the
 Mantaro Group. For its share, Lara would have been issued with 10% of
 the outstanding shares of the new project company at the time of the
 Qualifying Transaction. Under the terms of the new LOI, Lara will
 convert its 10% future interest into 1,180,872 common shares of SRC,
 but retain its right to a 0.5% royalty on any production from Mantaro,
 which SRC may purchase at its election for the equivalent in cash of
 0.5% of the Net Present Value of the Project upon completion of a
 Bankable Feasibility Study.

 Miles Thompson, President and CEO of Lara says: "We are very pleased to
 crystallise value from our work on Mantaro and to deepen the
 relationship with SRC. This transaction both strengthens Lara's balance
 sheet and validates our business model as a multi-commodity Prospect
 Generator".

 About Sprott Resource Corp.

 SRC is a Canadian based company, the primary purpose of which is to
 invest, directly and indirectly, in natural resources. Through
 acquisitions, joint ventures and other investments, SRC seeks to
 provide its shareholders with exposure to the natural resource sector
 for the purposes of capital appreciation and real wealth preservation.
 SRC is well positioned to draw upon the considerable experience and
 expertise of both its Board of Directors and Sprott Consulting Limited
 Partnership (SCLP), of which Sprott Asset Management Inc. is the sole
 limited partner. Pursuant to a management services agreement between
 SCLP and SRC, SCLP provides day-to-day business management for SRC as
 well as other management and administrative services.

 About Lara Exploration Ltd.

 Lara is a natural resource prospect generator, with multi-commodity
 exploration portfolio in Brazil and Peru. 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: Miles Thompson, President or Kim
 Casswell, Corporate Secretary at (604) 669-8777.

 - 30 -

 The TSX Venture Exchange does not accept responsibility for the
 adequacy or accuracy of this news release

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 Copyright (c) 2008 LARA EXPLORATION LTD. (LRA)  All rights reserved.
 For more information visit our website at
 http://www.laraexploration.com/ or send mailto:info@laraexploration.com
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