Project, located in the Carajás Mineral Province of Northern Brazil. This a mendment is one of the conditions precedent under off-take and project finance agreements signed between Tessarema and Ocean Partners UK Ltd., to provide US$6.5 million in loans towards project development, construction cost
June 28, 2017 (TSX Venture: LRA) - Lara Exploration Ltd. (“Lara” or the “Company”) , is pleased to
report that it has amended the option agreement with Tessarema Resources Inc., for the Maravaia Copper
Project, located in the Carajás Mineral Province of Northern Brazil. This a mendment is one of the
conditions precedent under off-take and project finance agreements signed between Tessarema and 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.
Under the terms of the amendment, Lara has accelerated the transfer of its indirect interest in the project
to Tessarema in exchange for immediate payment of US$750,000 and a 5% fully -carried interest in the
project company Mineração Maravaia Ltda. Lara will continue to also hold a 2% Net Smelter Return
royalty over the Maravaia project and the other mineral rights covered by the original Curionópolis
Option Agreement with Tessarema. If the Maravaia mine does not achieve commercial production by
November 26, 2018, Tessarema will make an additional US$1 million cash payment to Lara and in the
event that Tessarema defaults on its loans, Ocean Partners has agreed to recognise Lara’s 2% royalty. On
the permitting front, Mineração Maravaia has secured its Environmental Operating License for the
Maravaia mine.
Avanco Resources Ltd. has completed electromagnetic surveys over two of soil geochemical anomalies
on the Planalto Copper Project, also located in the Carajás Mineral Province of Northern Brazil, and has
elected not to proceed with its option to acquire a 75% interest from Lara. The Company plans to review
the results of the work by Avanco before deciding the next steps for this project.
Qualified Person
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.
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 di verse portfolio of prospects and deposits
located mostly in Brazil and Peru. Lara’s common shares trade on the TSX Venture E xchange 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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Amended Option with Tessarema for the Maravaia Copper Project; Avanco Elects
not to Proceed with Planalto Option
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