Lara Completes Sale of the Curionópolis Iron Project
Rhea-AI Summary
Lara Exploration (TSXV: LRA) has completed the sale of its Curionópolis Iron Project to Ferrous Technology Mineração Limitada (Fertec) for approximately US$2 million. Lara retains a 3% gross sales royalty on any production, with minimum advance royalties of US$150,000 per year if production hasn't started within three years.
The Curionópolis Iron Project covers 1,226 hectares in the Carajás Mining Province of northern Brazil. It has undergone 8,727 meters of diamond drilling across 96 holes, with resource estimates and a preliminary economic assessment completed to Brazilian standards. Fertec is currently advancing environmental studies and has applied for a pilot mining license.
Positive
- Sale of Curionópolis Iron Project for approximately US$2 million
- Retention of 3% gross sales royalty on future production
- Minimum advance royalties of US$150,000 per year if production doesn't start within three years
- Extensive exploration work already completed on the project
- Potential for future revenue through royalties
Negative
- Divestment of a potentially valuable asset
- Uncertainty of future production and royalty payments
News Market Reaction – LRAXF
On the day this news was published, LRAXF declined 4.82%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - October 1, 2024) - Lara Exploration Ltd. (TSXV: LRA) ("Lara") is pleased to announce that it has completed the sale of its Curionópolis Iron Project to Ferrous Technology Mineração Limitada ("Fertec"), for approximately US
The Curionópolis Iron Project comprises a 1,226-hectare license area, covering iron formations located in the Carajás Mining Province of northern Brazil. To date 8,727 meters of diamond drilling, in 96 holes, have been completed, along with resource estimates and a preliminary economic assessment to Brazilian standards. Fertec is advancing environmental studies and has filed an application for a pilot mining license.
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/225247
FAQ
What is the value of the Curionópolis Iron Project sale by Lara Exploration (LRAXF)?
What royalty does Lara Exploration (LRAXF) retain on the Curionópolis Iron Project?
What are the minimum advance royalties for the Curionópolis Iron Project sold by Lara Exploration (LRAXF)?
Where is the Curionópolis Iron Project located?
How much exploration work has been done on the Curionópolis Iron Project sold by Lara Exploration (LRAXF)?
