The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Lara Exploration Ltd.: Drill Permit Granted for the Picha Copper-Silver Project in Peru

Wednesday, February 06, 2013

Lara Exploration Ltd.: Drill Permit Granted for the Picha Copper-Silver Project in Peru16:05 EST Wednesday, February 06, 2013VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2013) - Lara Exploration Ltd. (TSX VENTURE:LRA) is pleased to report that on behalf of partner Network Exploration Ltd. ("Network"), it has secured authorization from the General Mining Directorate of the Ministry of Energy and Mines of Peru, to undertake a drilling campaign on the Picha copper-silver porphyry project. This is one of the first drill permits to be granted since the implementation of the new regulations in July 2012.Network has identified seven priority exploration targets at Picha, based on geochemical and geophysical data, five closely associated with significant Induced Polarization geophysical anomalies and two based primarily on geochemistry. The planned drilling program will comprise approximately seven holes to test these targets (for a total of approximately 1,500 metres), to be mobilized as soon as is feasible after the end of rainy season. Given the time it has taken to secure permission to drill, the Company has agreed to extend Network's initial option period to June 6, 2013.The Picha Project is located within the Tertiary Volcanic Arc of Southern Peru, host to various epithermal gold-silver deposits and copper porphyry-skarn deposits and is adjacent to the properties of Gold Fields Limited and Compañia de Minas Buenaventura S.A., that are host to the recent Chucapaca discovery with reported mineral resources of 7.5 million gold equivalent ounces.Quality ControlAndre Gauthier, Lara's President, 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 and is responsible for the preparation and verification of the technical information in this release.About LaraLara 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 primarily in Brazil and Peru, where it has signed agreements for fourteen Joint Ventures and three Strategic Alliances. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA". FOR FURTHER INFORMATION PLEASE CONTACT: Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Contact Information: Lara Exploration Ltd.Chris MacIntyreVP Corporate Development+1 416 703