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Lara Agrees to Option Planalto Copper Project to Avanco Resources
May. 01, 2017 08:21AM PST
Base Metals Investing
Lara Exploration Ltd., (“Lara” or the “Company”) (TSXV:LRA) is pleased to announce that it has signed a Memorandum of Understanding to option its Planalto Copper Project, located in the Carajás Mineral Province of Northern Brazil, to Avanco Resources Ltd. (“Avanco”), owner of the nearby Antas Copper Mine. Under the terms of the agreement, Avanco can …
Lara Exploration Ltd., (“Lara” or the “Company”) (TSXV:LRA) is pleased to announce that it has signed a Memorandum of Understanding to option its Planalto Copper Project, located in the Carajás Mineral Province of Northern Brazil, to Avanco Resources Ltd. (“Avanco”), owner of the nearby Antas Copper Mine. Under the terms of the agreement, Avanco can acquire a 75% interest in the Planalto project by making cash payments to Lara and funding exploration and development work.
As quoted in the press release:
Avanco will furthermore assume Lara’s underlying purchase obligations (see Company news release of June 6, 2016 for details). In the event Lara’s interest in the project is diluted below 10%, it will be converted to a 2% NSR royalty payable on gold and a 1% NSR payable on copper and other metal production.
This agreement is subject to additional due diligence by Avanco and completion of a Definitive Agreement on a best efforts basis by June 30, 2017.
