VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/07/10 -- Lara Exploration Ltd., ('Lara' or 'the Company') (TSX VENTURE: LRA) is pleased to announce that it has completed the sale of its 75% interest in the Midu Gold Project to joint venture partner Yunnan Geology and Mineral Resources Co. Ltd. ('YGMR'), for RMB 6 million (equivalent to approximately $980,000).
Repatriation of the funds is conditional on an audit of the Company's investment in the joint venture that has been completed and an agreement with the local authorities on withholding tax exemption, which is expected to be resolved in the coming days.
Andre Gauthier, President of Lara, commented, 'We would like to thank YGMR and wish them well with their on-going development of the project.'
Quality Control
Andre 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 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 China. 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.
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