Minsur S.A. (“Minsur”). Minsur is a Peruvian tin and gold miner that is in the late stages of building the US$1.6 billion capex Mina Justa open pit copper mine near Marcona, in the same district as the Lara project. The Lara Copper Project comprises mineral rights covering a partly defined copper-mo
July 28, 2020 (TSX Venture: LRA) - Lara Exploration Ltd. (“Lara” or the “Company”), is pleased to report
that it has , with partner Global Battery Metals Ltd. (“GBM”) , signed an Option and Royalty Agreement
(“the Agreement”) for the sale of the Lara Copper Project for US$5.75 million and a 1.5% NSR royalty to
Minsur S.A. (“Minsur”). Minsur is a Peruvian tin and gold miner that is in the late stages of building the
US$1.6 billion capex Mina Justa open pit copper mine near Marcona, in the same district as the Lara project.
The Lara Copper Project comprises mineral rights covering a partly defined copper-molybdenum porphyry
deposit, located in the Laramate Province of the Ayacucho Department, approximately 40km inland from
the town of Palpa on the Panamerican Highway. The Project is registered in the name of Minas Dixon S.A.,
which is in turn owned 55% by GBM and 45% by Lara.
Under the terms of the Agreement Lara and GBM have granted Minsur an exclusive option to acquire a
100% interest in the Project by making staged cash payments of US$5.75 million, based on permitting
milestones, as summarized in the following table:
Milestone/Date Option Payments (US$)
Upon Registration of the Agreement before Public Notary (Paid) 59,000
One year from Registration of the Agreement 200,000
Approval of Environmental Study and Start of Work (“DIA-IA”) 200,000
One year from approval of the DIA-IA 300,000
Approval of Semi-Detailed Environmental Study (“EIA-SD”) 500,000
One year from approval of the EIA-SD 1,500,000
Upon transfer of Title 3,000,000
Total (US$) 5,759,000
In addition to the cash payments tabled above, Minsur has also granted a 1.5% Net Smelter Return Royalty
(“NSR”) to Lara (0.75%) and GBM (0.75%), payable on any production from the property. Minsur retains
the right to purchase a 0.25% NSR from each of L ara and GBM (collectively one third) of the NSR for
US$5 million at any time prior to the commencement of commercial production.
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. The Company currently holds a diverse portfolio of prospects, deposits and
royalties predominantly in Brazil and Peru. Lara’s common shares trade on the TSX Venture Exchange
under the symbol "LRA".
Option and Royalty Agreement Signed for Minsur to Acquire the Lara Project
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
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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