Lara Exploration Ltd.: Operational Restart at The Celesta Copper Project in Brazil

Rhea-AI Summary

Lara Exploration (TSXV: LRA) announces the resumption of mining and processing operations at the Celesta Copper Project in Carajás, Brazil. Tessarema Resources completed 3,545m of resource definition drilling at the Osmar and Galpão targets while working to reinstate permits and restart the processing plant. Operations resumed in October, processing ore from stockpiles and the Osmar pit, with a gradual ramp-up planned. Lara holds a 5% net profits interest through preferred shares without restart cost obligations, plus a 2% NSR royalty on production.

Positive

• Resumption of mining and processing operations
• Completion of 3,545m resource definition drilling
• No obligation to contribute to restart costs while maintaining royalty rights

Negative

• Gradual ramp-up indicates delayed return to full production capacity

Vancouver, British Columbia--(Newsfile Corp. - November 12, 2024) - Lara Exploration Ltd. (TSXV: LRA) ("Lara") is pleased to report that mining and processing has resumed at the Celesta Copper Project in the Carajás of Brazil. Tessarema Resources has advised that an additional 3,545m of resource definition drilling was completed on the Osmar and Galpão targets while work was carried out to reinstate permits and bring the processing plant out of care and maintenance. Tessarema resumed mining and processing ore from stockpiles and the Osmar pit in October, with a gradual ramp-up expected in the coming months.

Lara owns a 5% net profits interest in the project, via preferred shares of Celesta, without the obligation to contribute to the re-start costs, and a 2% Net Smelter Returns ("NSR") Royalty on production.

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/229637

FAQ

When did Celesta Copper Project resume operations in 2024?

The Celesta Copper Project resumed mining and processing operations in October 2024, starting with ore from stockpiles and the Osmar pit.

What is Lara Exploration's (LRAXF) royalty structure in the Celesta Copper Project?

Lara Exploration holds a 5% net profits interest through preferred shares and a 2% Net Smelter Returns (NSR) royalty on production, without any obligation to contribute to restart costs.

How much resource definition drilling was completed at Celesta Copper Project?

Tessarema Resources completed 3,545 meters of resource definition drilling at the Osmar and Galpão targets.