Lara Exploration Ltd., ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to provide an update on permitting and development work being undertaken by partner Tessarema Resources Inc. ("Tessarema") at the Maravaia Copper Project, located in the Carajás District of Northern Brazil.
On the permitting front, Tessarema has now been issued with the Installation License for its tailings facility and filed its Feasibility Study (known in Brazil as "Plano de Aproveitamento Economico") with the Department of Mines. Tessarema's consultants are currently working to secure the Operating Licenses that will allow the start of commercial production.
Construction of the processing plant is also now well advanced, with the remaining large items of the crushing circuit installed in December. Please see the projects section of the Lara website (www.laraexploration.com) for an updated set of photographs of the construction work.
Tessarema can complete its earn-in to 100% by starting commercial production at a rate of not less than 500 tonnes per day and making a final US$750,000 payment to Lara. Thereafter, Lara will retain a net smelter returns royalty of 2%.
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.