VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/20/13 -- Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE: LRA) is pleased to report that it has agreed to acquire a 13.3% interest in Carbhid S.A.S. ("Carbhid"), a Bogota, Colombia based coal producer. Carbhid holds an operating contract on the 90.58 hectare Escalones Concession in the Boyaca district, where it is developing underground coal mining operations.
During 2012 Carbhid completed the El Diamante inclined shaft and related reserve development, which is due to begin full production in 2013, and started excavation of a second incline denominated Carbhid 2. Lara is investing approximately $220,000 to acquire the shares, which will be used to complete the Carbhid 2 shaft and development in order to raise production to 1,000 tonnes per month of thermal and coking coal. Carbhid has plans to develop a total of seven operating shafts on the Escalones concession, in addition to consolidating other properties and projects in the district.
The Carbhid transaction was generated by the Andean Coal Alliance (the Alliance") funded by Kiwanda Mining Partners LP. ("Kiwanda"), to generate, acquire and develop coal projects in Peru and Colombia. The Alliance elected not to participate in the Carbhid financing, but is working with Carbhid to source and complete larger acquisitions in the Boyaca and Santander coal mining districts of Colombia.
Andre Gauthier, Lara's President, a member of the Quebec Order of Engineers, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for the preparation and verification of the technical information in this release.
Lara is an exploration company following the Prospect Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio of prospects and deposits primarily in Brazil and Peru, where it has signed agreements for fourteen Joint Ventures and three Strategic Alliances. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".
For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Lara Exploration Ltd.
VP Corporate Development
+1 416 703 0010
Most Popular Stories
- 2014 Will Be 'Breakthrough Year' for U.S., Obama Says
- Climate Change Isn't an Equal Opportunity Destroyer
- Renewable Energy Group to Acquire Syntroleum
- Ally Financial Settles Auto Loan Suit
- Kanye, Kardashians and Other Kooks: A Wacky, Tacky, Entertaining Year
- Covered California Lags on Hispanic Enrollment
- Luis Suarez Re-ups With Liverpool F.C.
- Chris Christie Set to Sign Tuition Aid Bill
- Little Risk of Deportation Under Obama
- Time No Longer Stands Still for Cuban Entrepreneurs