VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/12/11 -- Lara Exploration Ltd. ('Lara' or the 'Company') (TSX VENTURE: LRA) is pleased to report that it has completed a Sale and Purchase Agreement ('the Agreement') for the sale of the Company's Vila Oito and Floresta nickel laterite projects in northern Brazil to London and TSX Venture Exchange-listed Horizonte Minerals plc ('Horizonte').
Under the terms of the Agreement, upon transfer and publication of the Vila Oito and Floresta mineral rights to Horizonte's Brazilian subsidiary, Horizonte will issue 8.5 million new shares to Lara at a deemed value of approximately $2 million. The shares will be subject to a 12-month hold period.
About Horizonte
Horizonte is a TSX and AIM-quoted exploration and development company with a portfolio of nickel and gold projects in the Carajas District of Brazil and two major mining partners: Teck Resources Ltd., a strategic 50 per cent shareholder and AngloGold Ashanti Ltd., a JV partner on its gold portfolio. Horizonte owns 100 per cent of the advanced Araguaia nickel project, which has the potential to deliver a resource with size and grades comparable to other world-class nickel projects in northern Brazil.
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 China and has signed agreements for eleven joint ventures, nine of which are expected to see drilling in 2011. 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.
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