Definitive Agreement Signed for Sale of Corina Project to Minera Ares
July 29, 2014 (Source: Marketwired) — 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).
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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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>