Vancouver, October 1, 2024 - Lara Exploration Ltd. (TSXV: LRA) ("Lara") is pleased to announce that it has completed the sale of its Curionópolis Iron Project to Ferrous Technology Mineração Limitada ("Fertec"), for approximately US$2m. Lara retains a 3% gross sales royalty on any production, with minimum advance royalties of US$150,000 per year payable if production hasn't started within three years.
The Curionópolis Iron Project comprises a 1,226-hectare license area, covering iron formations located in the Carajás Mining Province of northern Brazil. To date 8,727 meters of diamond drilling, in 96 holes, have been completed, along with resource estimates and a preliminary economic assessment to Brazilian standards. Fertec is advancing environmental studies and has filed an application for a pilot mining license.
About Lara Exploration
Lara is an exploration company following the Prospect and Royalty Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures funded by partners, retaining a minority interest and or a royalty. The Company currently holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile. 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.
-30-
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225247
