Lara owns a 2% net smelter returns royalty on the project and a 5% carried (to production) equity interest in the operating company
July 27, 2020 (TSX Venture: LRA) - Lara Exploration Ltd. (“Lara” or the “Company”), is pleased to report
that mining and processing has started at its Celesta Copper Project, located near the town of Curionópolis,
in the Carajás Mineral Province, Pará State, northern Brazil , with first concentrates due to be shipped in
early August.
Lara owns a 2% net smelter returns royalty on the project and a 5% carried (to production) equity interest
in the operating company Celesta Mineração S.A. (“Celesta”), which is jointly operated by partners
Tessarema Resources Inc. (with 40% interest), and North Extração de Minério Ltda. ( with 55% interest).
Ocean Partners UK Ltd., has provided project finance in exchange for life of mine offtake rights. Lara is
also owed a US$1 million late penalty fee, of which US$200,000 has been paid to date.
Celesta’s mining program will initially focus on the Osmar target that has an Indicated Resource estimate
of 2.14 million tonnes, with average grades of 4.2% copper and 0.66 parts per million gold. For details see
the National Instrument 43-101 Technical Report entitled “Maravaia Copper-Gold Deposit, Carajás Mining
District, Pará, Brazil”, dated January 15, 2016 which is filed on SEDAR, and was prepared for Tessarema
and Lara by João Batista G. Teixeira, Geologist, PhD, P.Geo.
About Lara
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 and Peru. Lara’s common shares trade on the
TSX Venture Exchange under the symbol "LRA".
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.
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.
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First Production at the Celesta Copper Project in Brazil
TSX-Venture: LRA
Suite 501-543 Granville Street
Vancouver BC, Canada
V6C 1X8
www.laraexploration.com
T: 604.669.8777
F: 604.688.1157
News Release