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

Definitive Agreement Signed for Sale of Corina Project to Minera Ares

Tuesday, July 29, 2014

Definitive Agreement Signed for Sale of Corina Project to Minera Ares

10:56 EDT Tuesday, July 29, 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Lara Exploration Ltd.
Chris MacIntyre
VP Corporate Development
+1 416 703 0010
604.688.1157 (FAX)
info@laraexploration.com
www.laraexploration.com

Products
  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail App

    The New Globe and Mail App for iPhone®, iPad® and Apple Watch download

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Secure Service
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
NEWS APP
Other Sections