VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 11, 2017) - Lara Exploration Ltd., ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to provide an update on permitting and development work being undertaken by partner Tessarema Resources Inc. ("Tessarema") at the Maravaia Copper Project, located in the Carajás District of Northern Brazil.
On the permitting front, Tessarema has now been issued with the Installation License for its tailings facility and filed its Feasibility Study (known in Brazil as "Plano de Aproveitamento Economico") with the Department of Mines. Tessarema's consultants are currently working to secure the Operating Licenses that will allow the start of commercial production.
Construction of the processing plant is also now well advanced, with the remaining large items of the crushing circuit installed in December. Please see the projects section of the Lara website (www.laraexploration.com) for an updated set of photographs of the construction work.
Tessarema can complete its earn-in to 100% by starting commercial production at a rate of not less than 500 tonnes per day and making a final US$750,000 payment to Lara. Thereafter, Lara will retain a net smelter returns royalty of 2%.
Michael Bennell, Lara's Vice President Exploration and a Fellow 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 has approved the technical disclosure and verified the technical information in this news release.
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 located mostly in Brazil and Peru. 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.