Lara Exploration Ltd. (TSXV:LRA) announced Avenue Resources Ltd. has finished drilling at the São Lourenço tin project in Brazil.
As quoted in the press release:
The São Lourenço Tin Project comprises 7 mining licenses covering a total of 3,408 hectares located approximately 200 kilometres from the city of Porto Velho, in Rondônia State, northwest Brazil. Lara previously mapped and sampled several areas of altered granite with tin mineralization on the Irene and Isaac Hills within the property. Avenue has the option to acquire 100% of Lara’s rights to the project, for 3 million common shares already issued to Lara at closing, US$1 million in cash and/or shares in four annual payments of US$250,000, assuming responsibility for the remaining obligations under the option agreement and undertaking to drill a minimum of 1,500 metres of diamond core drilling by November 24, 2012 – 1,200 metres of which has now been completed. Lara will also receive a 1% net smelter return royalty on any production from the project.