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Press Release - Lara Exploration (LRA-TSX.V) |
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“We have something that you just cannot go out and buy. We have all been working in South America for a long time. I have been there since the mid-1980’s, and my vice president has been there since the mid-1970’s. We also have a team of very senior Brazilian and Peruvian geologists that work with us and collectively we have pretty much been everywhere seen everything...” - Miles Thompson (LRA) (Interview published February 22, 2008) |
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Lara Agrees to Form a Strategic Alliance with Sprott Resource
Corp.
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05/05/2008
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 form a Strategic Alliance (the "Alliance") targeting
phosphates, potash and other fertilizer feedstock minerals. The
Alliance, which will be owned equally by Lara and SRC, aims to build on
the success of the Mantaro Phosphate Project in Peru, acquired jointly
by Lara and SRC in late 2007 (News Releases dated November 26, 2007 and
April 30, 2008).
Under the terms of the LOI, SRC will initially seed the Alliance with
up to $3,000,000 of which $500,000 will be committed in the first year
and Lara will act as the operator to seek acquisitions and undertake
basic exploration. Lara's ownership is not subject to dilution in the
first year and the Company may maintain its 50% interest thereafter by
equal funding with SRC. If Lara elects not to fund its share of
expenses, it will receive a goodwill equivalent of 50% of any funds
invested by SRC, thus limiting dilution.
Miles Thompson, President and CEO of Lara says: "We appreciate this
vote of confidence from Sprott Resource Corp., and their support for us
to get out and target larger acquisitions. We have a number of
opportunities under review and look forward to getting this program
underway in the coming months".
About Lara
Lara is a well-funded natural resource prospect generator, with a
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.
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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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