Lara Completes Sale Of Brazilian Nickel Laterites To Horizonte
February 7, 2012 (TSX Venture: LRA) - Lara Exploration Ltd. (“Lara” or the “Company”), is pleased to report that the Brazilian Department of Mines has completed transfer of the exploration licenses covering the Company’s Vila Oito and Floresta nickel laterite discoveries to the local subsidiary of Horizonte Minerals plc (TSX-V: HZM, “Horizonte”). Transfer of title was a condition of payment and Horizonte has now issued 8.5 million of its common shares (valued at approximately $2 million) to the Company.
Miles Thompson, Chairman and CEO of Lara commented: “This transaction completes the consolidation of the Araguaia nickel laterite deposits discovered by Teck Resources Ltd., Horizonte and Lara in recent years. Horizonte has been drilling aggressively and has already outlined combined resources in excess of 100 million tonnes and begun preparation of a Preliminary Economic Assessment. We are very happy to be part of this larger and more viable project and expect to do well from our investment in Horizonte.”
Horizonte Minerals Plc. (TSX-V: HZM, “Horizonte”) is an AIM-listed and TSX-quoted exploration and development company, focussed on advancing the Araguaia Nickel Project in northern Brazil. Horizonte is owned approximately 44% by Teck Resources Limited, in addition to having a gold exploration joint venture and strategic alliance with AngloGold Ashanti Limited.
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. 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.