Lara Exploration agrees sale of the Curionopolis Iron Project in Brazil

To date 8,727 meters of diamond drilling, in 96 holes, have been completed, along with resource estimates and a preliminary economic assessment to Brazilian standards.

Lara Exploration has agreed to sell its newly recovered Curionopolis Iron Project to Ferrous Technology Mineração Limitada, for staged payments totaling approximately US$2m. 

Lara has received R$6.85 million in payment at closing (R$1.5 million of which is advanced royalties). The remaining R$3 million will be paid upon publication of the transfer of the license into the name of Fertec. Lara will also be entitled to a 3% gross sales royalty on any production, with minimum advance royalties of US$150,000 payable from year three.

The Curionópolis Iron Project comprises a 1.226,53-hectare license area, covering iron formations located in the Carajás District of northern Brazil. 

To date 8,727 meters of diamond drilling, in 96 holes, have been completed, along with resource estimates and a preliminary economic assessment to Brazilian standards. 

Fertec is advancing environmental studies and plans to apply for a pilot mining license in the near term.