Lara and Antofagasta Complete Permitting to Drill the Sami Project in Peru
09 December 2013 - 11:30PM
Marketwired
Lara and Antofagasta Complete Permitting to Drill the Sami Project
in Peru
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 9, 2013) - Lara
Exploration Ltd. (TSX-VENTURE: LRA), ("Lara" or the "Company") and
a wholly owned subsidiary of Antofagasta plc ("Antofagasta"), are
pleased to report that permitting has been completed for the first
round drill program at the Sami Gold-Copper Project in southern
Peru, with an initial 1,000 metre program now scheduled to commence
shortly.
Authorization has been received from the General Mining
Directory of the Ministry of Mines and Energy in accordance with
the new regulations implemented in July 2012. The Company and
Antofagasta have also secured a water use permit from the National
Water Authority (Autoridad Nacional de Agua) and signed a one-year
work agreement with the local Huancasancos community.
Andre Gauthier, President of the Company commented, "The
permitting process took approximately five months from the start in
mid July 2013 and Lara is very grateful for the support received
from the people of the Huancasancos community, the government
entities and the various professionals that have contributed to
this complex but ultimately successful process."
The Sami Gold-Copper Project, located in the Ayacucho and
Huancavelica departments of southern Peru, comprises approximately
50,000 hectares of mineral rights. Lara has completed exploration
work outlining 20 gold-copper targets associated with high and low
sulphidation epithermal style alteration assemblages, with quartz
veining, siliceous bodies, hydrothermal breccias and oxidized vein
stockworks, which are interpreted as being related to possible
underlying porphyry systems that the Company and Antofagasta are
now targeting with this program.
Under the Agreement with Lara, Antofagasta has the option to
invest US$6 million in exploration over four years to earn an
initial 55% interest in the project, of which the first year
expenditures of US$500,000 are a firm commitment. Thereafter,
Antofagasta can elect to earn an additional 5% interest over two
years by completing a Preliminary Economic Assessment and a further
15% (for a total of 75%) by completing a Feasibility Study within
nine years. Antofagasta is the project operator, with Lara
providing continuity and support with community relations and
permitting.
Quality Control
Andre Gauthier, Lara's President, a member of the Quebec Order
of Engineers, is a Qualified Person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects and
has verified, and approved the disclosure of, 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 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, where it has signed agreements for eleven Joint
Ventures and three Strategic Alliances. 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.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Lara Exploration Ltd. Chris MacIntyre VP Corporate
Development +1 416 703 0010 www.laraexploration.com
Lara Exploration (TSXV:LRA)
Historical Stock Chart
From Apr 2024 to May 2024
Lara Exploration (TSXV:LRA)
Historical Stock Chart
From May 2023 to May 2024