Lara and Aguia Amend Sergipe Potash Option
24 March 2014 - 10:30PM
Marketwired
Lara and Aguia Amend Sergipe Potash Option
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 24, 2014) - Lara
Exploration Ltd. ("Lara" or the "Company") (TSX-VENTURE:LRA) is
pleased to report that it has signed an amendment to extend the
option given to Aguia Resources Ltd. ("Aguia"), to acquire Lara's
Sergipe Potash Project in northeast Brazil.
Under the terms of the amendment, Aguia has committed to pay
US$400,000 in stages to Lara (US$100,000 of which was paid on
signing) by June 30, 2015 and issue four million new Aguia shares
to Lara by March 31, 2014. Aguia has also committed to complete a
drill hole on the property before June 30, 2015 or failing that
issue to Lara a further eleven million Aguia shares. In the event
that Aguia completes the drill hole ahead of the June 30, 2015
deadline, it may then elect to issue Lara eleven million Aguia
shares to acquire a 100% interest in the project.
Lara's Sergipe Potash Project comprises 21,483 hectares of
exploration licenses that are adjacent and complementary to the
licenses already held by Aguia, covering northern extensions of the
potash-bearing sedimentary units of the Taquari-Vassouras Mine
(operated by Vale SA). These license areas have been explored for
oil and gas in the past and a database of seismic surveys and
exploration drilling is available through the Brazilian National
Petroleum Agency ("ANP"). This data includes eight wells drilled
within Lara's license areas, several of which intercepted potash,
with the best drilled intercept a cumulative 37.6 meters of potash
mineralization in ten separate sedimentary units between 1,710 and
1,806 meters depth. Aguia holds approximately 68,700 hectares of
licenses covering both northern and southern extensions of this
potash producing basin, in addition to an exciting new phosphate
discovery in southern Brazil.
Quality Control
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.
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 twelve Joint
Ventures and 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.
Lara Exploration Ltd.Chris MacIntyreVP Corporate Development+1
416 703 0010info@laraexploration.comwww.laraexploration.com
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