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Lara Exploration: Tessarema Moves Ahead With Curionopolis Option Payments
Feb. 29, 2016 09:17AM PST
Base Metals Investing
Lara Exploration (TSXV:LRA) has received an additional US$500,000from Tessarema Resources for the company’s Curionopolis Copper-Gold Project in northern Brazil. As a result, Tessarema has increased its beneficial interest in the project to 60 percent.
Lara Exploration (TSXV:LRA) has received an additional US$500,000from Tessarema Resources for the company’s Curionopolis Copper-Gold Project in northern Brazil. As a result, Tessarema has increased its beneficial interest in the project to 60 percent.
As quoted in the press release:
Tessarema can complete its earn-in to 100% by starting commercial production at a rate of not less than 500 tonnes per day and making a final US$750,000 payment to Lara. Thereafter, Lara will retain a net smelter returns royalty of 2%.
Tessarema is currently advancing development work on the Maravaia Copper Deposit, with plans to initially extract and process mineralized material from the Osmar resource (for details see the National Instrument 43-101 Technical Report entitled “Maravaia Copper-Gold Deposit, Carajás Mining District, Pará, Brazil”, prepared for Tessarema and Lara by João Batista G. Teixeira, Geologist, PhD, P.Geo., dated January 15, 2016 which is filed on SEDAR). Tessarema operates under a Pilot Mining License, but submitted a final exploration report to the Brazilian Department of Mines in September 2015 and is in the process of preparing the feasibility and environmental studies required under the Brazilian mining code to apply for a full Mining License.