Project is being developed under an option agreement with Tessarema Resources Inc. (“Tessarema”), which in turn has a loan and offtake agreement with Ocean Partners UK Ltd., to provide US$6.5 million in loans towards project development, construction costs and working capital for Mineração Maravaia
May 23, 2018 (TSX Venture: LRA) - Lara Exploration Ltd. (“Lara” or the “Company”), is pleased to report
that Mineração Maravaia Ltda ., has been granted its mining license for the Maravaia Copper Project,
located near the town of Curionópolis in the Carajás Mineral Province of Northern Brazil. The Maravaia
Project is being developed under an option agreement with Tessarema Resources Inc. (“Tessarema”), which
in turn has a loan and offtake agreement with Ocean Partners UK Ltd., to provide US$6.5 million in loans
towards project development, construction costs and working capital for Mineração Maravaia and the
Maravaia Copper Mine.
Lara holds a 5% fully-carried interest in Mineração Maravaia Ltda., and a 2% Net Smelter Return royalty
on any production from the Maravaia Project and the other mineral rights covered by the original
Curionópolis Option Agreement with Tessarema. If Tessarema does not achieve commercial production by
November 26, 2018, it will make an additional US$1 million cash payment to Lara and if Tessarema
defaults on its loans, Ocean Partners has agreed to recognise Lara’s 2% royalty over the properties.
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 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".
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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Mining License Granted for the Maravaia 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