News 2012

Codelco Mobilizes Drilling On The Liberdade Copper Project In Brazil

Sep 17, 2012

September 17, 2012 (TSX Venture: LRA) - Lara Exploration Ltd., is pleased to report that its joint venture partner, Codelco do Brasil Mineração Ltda. (“Codelco”), has mobilized a drill rig to the Company’s Liberdade Copper Project in northern Brazil, where it plans to complete approximately 2,000 metres of diamond drilling in the coming months.

The Liberdade Copper project comprises an Exploration License of 8,491 hectares in area, located in the Municipality of São Felix do Xingú, Pará State, at the western end of the prolific Carajás District. To date, Codelco has completed surface sampling and mapping and a single diamond drillhole, FTCD-01, which intercepted two copper-bearing intervals of 66 metres with an average grade of 0.5% copper and 37 metres at 0.52% (see Lara news release of March 7, 2011 for details). Mineralization is considered to be IOCG-type (iron oxide copper gold) typical of the known copper deposits in region.

Codelco can earn an initial 51% interest in the property by investing US$3 million in exploration over a four-year period and may then elect to earn a further 24% interest by sole-funding such additional exploration works as are necessary to define a minimum resource of at least 500,000 tons of copper equivalent, independently reported under National Instrument 43-101 guidelines.

Quality Control

Codelco follows industry standard quality assurance and quality control procedures for all its samples, including the insertion of blanks, duplicates and certified standards into the sample analysis stream. Michael Bennell, Lara’s Vice President of 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 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 primarily in Brazil and Peru, where it has signed agreements for fifteen Joint Ventures and two Strategic Alliances. 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, or contact Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.