Lara Exploration Provides Update on Maravaia Project

Lara Exploration (TSXV:LRA) provided an update on progress at its Maravaia project in Brazil. Lara’s partner, Tessarema Resources, is earning a 100 percent interest in the project by bringing the project into commercial production and making cash and royalty payments to Lara.
As quoted in the press release:

Tessarema submitted a Final Exploration Report (“RFP”) to the Brazilian Department of Mines (“DNPM”) in September 2015 and is currently in the process of preparing the Feasibility (“PAE”) and Environmental Studies (“EIA/RIMA”) required under the Brazilian mining code to apply for a Mining License. An Environmental License has already been granted for Pilot Mining and the full EIA/RIMA is scheduled for completion early in 2016. Tessarema currently had a Pilot Mining License issued in late 2014 and since mid-2015 has started installation of a processing plant, capable of treating a minimum of 500 tonnes per day. The key development milestones completed to date are the following:

• Secured surface land rights;
• Electrical substation installed connecting the processing plant to the local grid;
• Concrete foundations and pads for processing plant laid;
• Large equipment items (crusher, mills, conveyors, flotation cells, etc.) ordered, with deliveries scheduled from March 2016;
• Geotechnical drilling and engineering work completed for the proposed tailings site;
• Stripping begun on the Osmar target, to access sulphide material that can be processed by flotation. The near-surface oxidized material (malachite, azurite, cuprite and some native copper) is being stockpiled near the plant for future processing.

Click here for the full press release.