Lara Exploration Ltd. (TSX-V: LRA) is pleased to report that mining and processing has started at its Celesta Copper Project, located near the town of Curionópolis, in the Carajás Mineral Province, Pará State, northern Brazil, with first concentrates due to be shipped in early August.
Lara owns a 2% net smelter returns royalty on the project and a 5% carried (to production) equity interest in the operating company Celesta Mineração S.A. which is jointly operated by partners Tessarema Resources Inc. (with 40% interest), and North Extração de Minério Ltda. (with 55% interest). Ocean Partners UK Ltd., has provided project finance in exchange for life of mine offtake rights. Lara is also owed a US$1 million late penalty fee, of which US$200,000 has been paid to date.
Celesta’s mining program will initially focus on the Osmar target that has an Indicated Resource estimate of 2.14 million tonnes, with average grades of 4.2% copper and 0.66 parts per million gold. For details see the National Instrument 43-101 Technical Report entitled “Maravaia Copper-Gold Deposit, Carajás Mining District, Pará, Brazil”, dated January 15, 2016 which is filed on SEDAR, and was prepared for Tessarema and Lara by João Batista G. Teixeira, Geologist, PhD, P.Geo.
Lara is an exploration company following the Prospect and Royalty Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures funded by partners, retaining a minority interest and or a royalty. The Company currently holds a diverse portfolio of prospects, deposits and royalties in Brazil and Peru. Lara’s common shares trade on the TSX Venture Exchange under the symbol “LRA”.
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.
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