Lara Agrees to Settle Lawsuit and Recover the Curionopolis Iron Project
Rhea-AI Summary
Lara Exploration has settled a lawsuit with Vertical Mineração Limitada to recover the Curionopolis Iron Project, a 1,348-hectare license area in northern Brazil. The project was optioned to Vertical in 2009 but defaulted on payments to Lara. After legal actions, the project has been transferred back to Lara's Brazilian subsidiary.
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Vancouver, British Columbia--(Newsfile Corp. - April 30, 2024) - Lara Exploration Ltd. (TSXV: LRA) ("Lara") is pleased to announce that it has agreed with Vertical Mineração Limitada., to settle the lawsuit and recover the Curionopolis Iron Project, which has now been transferred back to Lara's Brazilian subsidiary.
The Curionópolis Iron Project comprises a 1,348-hectare license area, covering iron formations located in the Carajás District of northern Brazil that was optioned to Vertical in 2009 for staged cash payments and production royalties. Vertical completed exploration drilling, resource estimates, economic and environmental studies, but defaulted on its payment obligations to Lara. Lara initially filed for arbitration in 2016 which was contested, and then embarked upon legal action in 2022.
About Lara Exploration
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, Peru and Chile. 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, or contact Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.
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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207242
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