VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 26, 2013) - Lara Exploration Ltd. (TSX VENTURE:LRA) ("Lara" or the "Company") is pleased to report that it has signed an Option and Joint Venture Agreement with Minera Anaconda Peru S.A., a subsidiary of Antofagasta Minerals S.A. ("Antofagasta"), to earn up to a 75% interest in Lara's Sami Gold-Copper Project in southern Peru.
Under the Agreement, Antofagasta has the option to invest US$6 million in exploration over four years to earn an initial 55% interest in the project, of which the first year expenditures of US$500,000 are a firm commitment. Thereafter, Antofagasta can elect to earn an additional 5% interest over two years by completing a Preliminary Economic Assessment and a further 15% (for a total of 75%) by completing a Feasibility Study within nine years. Antofagasta will be the project operator, with Lara providing continuity and support with community relations and permitting.
The Sami Project, located in the Ayacucho and Huancavelica departments of southern Peru, comprises approximately 50,000 hectares of mineral rights. Lara has completed exploration work that has outlined 20 gold-copper targets associated with high and low sulphidation epithermal style alteration assemblages, with quartz veining, siliceous bodies, hydrothermal breccias and oxidized vein stockworks.
Andre Gauthier, Lara's President and a member of the Quebec Order of Engineers, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, has verified the technical information and approved the form of its disclosure in this release.
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, where it has fifteen Option and Joint Venture Agreements and three Strategic Alliances, including one to explore for copper with Antofagasta in Brazil. 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.