Lara Exploration Ltd., ("Lara" or the "Company") is pleased to report that it has signed a Letter of Intent ("LOI") with Goldplata Mining International Corporation ("Goldplata"), to consolidate their respective interests in the Condoroma and Murindo copper porphyry projects and potentially add other porphyry prospects, into a new company with a mandate to explore and develop world-class copper porphyry projects in Peru, Colombia and other South American countries.
The Condoroma Copper Porphyry Project comprises 20,842 hectares of mineral properties within the prolific Andahuaylas-Yauri copper porphyry belt of southern Peru, host to the Las Bambas, Haquira, Constancia and Tintaya copper deposits. Lara and Goldplata have completed surface sampling and geophysical surveys on parts of their respective properties, identifying widespread alteration and mineralization, while Goldplata has mined from high-grade polymetallic veins in the past. Mineralization at Condoroma is interpreted as being related to a buried porphyry system that has never been drill tested.
The Murindo Copper Porphyry Project comprises 16,000 hectares of mineral properties in the Western Cordillera of Colombia. Surface exploration has identified a significant and well mineralized copper porphyry system, with sampling to date showing mineralization extending over an approximate area of two by four kilometres. The targets at Murindo have also never been drilled.
Under the terms of the LOI, Goldplata has an exclusive six-month option to negotiate an agreement to acquire Lara's interest in the Condoroma Project in exchange for agreeing to pay the property holding costs for the coming year. Lara and Goldplata have also agreed to negotiate on a best efforts basis the terms to exchange their respective interests in the Condoroma and Murindo Projects for shares in a new company and to seek finance to develop these projects and to acquire other similar copper porphyry projects in the region.
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 the National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for the preparation and verification of the technical information in this release.
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 in Brazil, Peru, Colombia and Chile. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".