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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 Signs Letter of Intent with Votorantim Metais for Canabrava
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May 20, 2008
Lara Exploration ("Lara" or the "Company") (LRA-TSX.V) is pleased to
report that it has signed a Letter of Intent ("LOI") with Votorantim
Metais Zinco S.A. ("Votorantim Metais"). Under the terms of the LOI,
Votorantim Metais may earn up to a 75% interest in the Company's
Canabrava VMS Project, by funding further exploration and development
work on the project.
Votorantim Metais can earn an initial 55% interest in the project, by
funding $2.5 million of exploration expenditures over a three year
period, with $0.5 million committed in year one. It may then elect to
increase its interest to 70% by delivering a Feasibility Study within a
further two years. Finally, subject to agreement by Lara and a decision
to construct a mine at Canabrava, Votorantim Metais may raise its
interest to 75% by funding Lara's equity cost of the mine development,
on terms substantially the same as those of the debt financing.
The Canabrava VMS (volcanogenic massive sulphide) Project comprises
28,500 hectares of exploration claims and licenses that covers strike
extensions of the Palmeirópolis Deposits, which are a series of zinc,
lead, copper and silver sulphide ore bodies discovered by the CPRM
(Brazilian Geological Survey) in the 1970's. Lara has been gradually
acquiring mineral rights along this trend over the last two years as it
sees considerable potential to discover additional mineralization using
modern geophysical methods and that the base metal focused exploration
work of the 1970's may have under-estimated the gold and silver
potential of the district.
About Votorantim Metais
Votorantim Metais belongs to a privately held Brazilian business
conglomerate that is a leader in every market segment in which it
operates, including cement, pulp and paper, metals, chemicals, orange
juice, and finance. In 2007, Votorantim Group's revenues amounted to
US$15.6 billion. The metals business accounted for 31% of revenues from
production of zinc, nickel, steel and aluminum. Votorantim Metais is
the world's third largest primary zinc producer with three operating
zinc smelters and two operating zinc mines.
About Lara Exploration
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.
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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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