Breaking News

Tweet TWEET

Agreement Completed with Focus Graphite on Lara's Caninde

Agreement Completed with Focus Graphite on Lara's Caninde Project 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- Lara
Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is
pleased to report that it has signed a Definitive Agreement ("the
Agreement") with Focus Graphite Inc. ("Focus"), whereby Focus can
earn up to a 60% interest in Lara's Caninde Graphite Project ("the
Project") in Ceara State, northeast Brazil. 
Focus can earn an initial 51% interest in the Project by spending
$2.5 million on exploration (including a minimum of 2,000 metres of
drilling) and issuing 500,000 common shares to Lara by December 14,
2015 (100,000 issued at signing). Focus can then elect to earn an
additional 9% (for a total of 60%) in the Project by investing a
further $4.5 million on exploration (including a minimum of 5,000
metres of drilling and delivering a Preliminary Economic Assessment
(as defined under National Instrument 43-101) within two years.  
Caninde Graphite Project comprises 15,614 hectares of exploration
licenses accessible on paved highways from the Ceara State Capital,
Fortaleza. Reconnaissance work by Lara has identified a number of
anomalous weathered bedrock outcrops with massive flake graphite
bodies up to approximately 10 meters wide, associated with wider
zones of lower-grade disseminated graphite flake occurrences along a
16 kilometre long, north-northwest trending zone within the property
(see Company news releases of December 05, 2011 and April 11, 2012).  
Quality Control  
Michael Bennell, Lara's Vice President Exploration and a Fellow of
the Australasian Institute of Mining and Metallurgy, is a Qualified
Person as defined by National Instrument 43-101 Standards of
Disclosure for Mineral Projects and has approved the technical
disclosure in this release and has verified the data disclosed. 
About Lara 
Lara is a South American-focused 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, mostly
funded through fifteen Joint Ventures and three Strategic Alliances.
Lara's common shares trade on the TSX Venture Exchange under the
symbol "LRA".  
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release. 
Contacts:
Lara Exploration Ltd.
Chris MacIntyre
VP Corporate Development
+1 416 703 0010
info@laraexploration.com
www.laraexploration.com
 
 
Press spacebar to pause and continue. Press esc to stop.