| Definitive Agreement Signed for Sale of Corina Project to Minera Ares | |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 29, 2014) - Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to report that it has signed a Definitive Mining Assignment and Option Agreement with Compañía Minera Ares S.A.C. ("Ares"), a subsidiary of London-listed Hochschild Mining plc., to purchase the Company's Corina Gold Project in southern Peru. Under the proposed terms, Ares has the option to acquire Corina from Lara for staged cash payments totalling US$4,150,000 (US$150,000 of which was paid on signing), carrying out up to US$2,000,000 in exploration in order to keep the Assignment and Option Agreement in good standing, and paying a 2% net smelter return royalty on any future production (see Company news release of June 23, 2014 for details). About Lara Lara is an exploration company following the Prospect Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio of prospects and deposits in Brazil, Peru, Colombia and Chile. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA". For further information on Lara Exploration Ltd., please consult our website www.laraexploration.com. Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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Lara Exploration Ltd.
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EXPLORATION STAGE |
CODE : LRA.V |
ISIN : CA5166831092 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Lara Expl. is a silver and gold exploration company based in Canada. Lara Expl. holds various exploration projects in Brazil. Its main exploration properties are CAMPOS VERDES, SÃO LOURENÇO, CURIONOPOLIS, CONCEICAO BRAZIL, ARAGUAIA, CANABRAVA and LIBERTADE BRAZIL in Brazil and LARA COPPER, PICHA and LAMPA in Peru. Lara Expl. is listed in Canada and in United States of America. Its market capitalisation is CA$ 41.7 millions as of today (US$ 30.3 millions, € 27.7 millions). Its stock quote reached its highest recent level on December 29, 2006 at CA$ 2.14, and its lowest recent point on August 07, 2015 at CA$ 0.20. Lara Expl. has 34 210 000 shares outstanding. |