Business
Lara Exploration - Favourable Ruling Received for Liberdade Copper Project Lawsuit in Brazil
Vancouver, British Columbia--(Newsfile Corp. - May 17, 2022) - Lara Exploration Ltd. (TSXV: LR...
About this update from Lara Exploration Ltd.
[{"type":"text","content":"Lara Exploration - Favourable Ruling Received for Liberdade Copper Project Lawsuit in BrazilVancouver, British Columbia--(Newsfile Corp. - May 17, 2022) - Lara Exploration Ltd. (TSXV: LRA) (\"Lara\"), Lara is pleased to report that it has been advised by partner Codelco do Brasil Mineração Ltda. (\"Codelco\"), that the court has given a positive ruling in the lawsuit defending the validity of our Liberdade exploration license with the Brazilian Mining Agency (\"ANM\"). The Company considers the ruling favourable, but understands that it is being appealed by the ANM.The Liberdade exploration license was originally published on October 19, 2010 and valid for three years. It was transferred to Codelco on March 21, 2011, under the terms of the option agreement with Lara, Codelco then having the right to renew the license for up to a further three years. Codelco completed surface exploration and multiple drill programs (see Lara news releases of March 1, 2013 and October 7, 2013 for details), within the initial license period and then requested the three-year renewal on July 12, 2013. The ANM delayed analysis of the renewal and in 2015 Codelco filed a lawsuit in the Federal Court in Brasilia, to safeguard its rights under the Liberdade exploration license.About the Liberdade Copper ProjectThe Liberdade Copper project comprises an exploration license of 8,491 hectares, located in the Municipality of São Felix do Xingú, Pará State, at the western end of the prolific Carajás District. Mineralization at Liberdade is considered to be IOCG-type, typical of the known copper deposits in region. Codelco has earned a 51% interest in the Liberdade property from Lara by investing US$3.3 million in exploration expenses, with Lara currently holding the remaining 49%. Codelco may elect to earn a further 24% interest by sole-funding such additional exploration works as are necessary to define a minimum resource of at least 500,000 tons of contained copper equivalent, independently reported under National Instrument 43-101 guidelines.About Lara ExplorationLara 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 ...