VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/10/11 -- Lara Exploration Ltd. (TSX VENTURE: LRA) ('Lara' or the 'Company') is pleased to report that it has been advised by Codelco do Brasil Mineracao Ltda., ('Codelco'), that its 90-day due-diligence program on the Company's Curionopolis Copper-Gold Project has been successfully completed and that Codelco now plans to move ahead with the proposed exploration programs.
The Company's 100%-owned Curionopolis Property covers 16,452 hectares and is located in the prolific Carajas District of northern Brazil. Under the terms of the Agreement, Codelco can earn an initial 51% interest in the Curionopolis property by investing US$3.8 million in exploration over a four-year period, of which the first US$400,000 is committed (see the Lara news release of November 2, 2010 for details).
Qualified Person: Michael Bennell, Lara's Vice President Exploration and a member of the Australasian Institute of Mining and Metallurgy (AusIMM), 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, with eight in actively funded joint ventures. 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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