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Lara Agrees to Settle Lawsuit and Recover the Curionopolis Iron Project

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Lara Exploration has settled a lawsuit with Vertical Mineração Limitada to recover the Curionopolis Iron Project, a 1,348-hectare license area in northern Brazil. The project was optioned to Vertical in 2009 but defaulted on payments to Lara. After legal actions, the project has been transferred back to Lara's Brazilian subsidiary.

Lara Exploration ha risolto una causa con Vertical Mineração Limitada per recuperare il Progetto di Ferro di Curionópolis, un'area concessa di 1.348 ettari nel nord del Brasile. Il progetto era stato concesso in opzione a Vertical nel 2009, ma quest'ultima non ha onorato i pagamenti dovuti a Lara. Dopo azioni legali, il progetto è stato trasferito nuovamente alla filiale brasiliana di Lara.
Lara Exploration ha resuelto un litigio con Vertical Mineração Limitada para recuperar el Proyecto de Hierro de Curionópolis, una área de concesión de 1.348 hectáreas en el norte de Brasil. El proyecto fue opcionado a Vertical en 2009, pero ésta incumplió con los pagos a Lara. Tras acciones legales, el proyecto ha sido transferido de vuelta a la filial brasileña de Lara.
라라 탐사(Lara Exploration)는 북부 브라질에 위치한 1,348헥타르 규모의 라이선스 지역, 쿠리오노폴리스 철광 프로젝트(Curionopolis Iron Project)를 회수하기 위해 베르티칼 미네라상 리미타다와 소송을 해결했습니다. 이 프로젝트는 2009년에 베르티칼에 옵션으로 제공되었으나, 지불 불이행으로 인해 법적 조치 후 다시 라라의 브라질 자회사로 이전되었습니다.
Lara Exploration a réglé un litige avec Vertical Mineração Limitada pour récupérer le Projet de Fer de Curionópolis, une zone sous licence de 1 348 hectares dans le nord du Brésil. Le projet avait été octroyé en option à Vertical en 2009, mais cette dernière n'a pas respecté les paiements dus à Lara. Après des actions en justice, le projet a été transféré de nouveau à la filiale brésilienne de Lara.
Lara Exploration hat eine Klage mit Vertical Mineração Limitada beigelegt, um das Curionopolis Eisenprojekt zurückzugewinnen, ein 1.348 Hektar großes Lizenzgebiet im Norden Brasiliens. Das Projekt wurde 2009 an Vertical optioniert, jedoch versäumte Vertical die Zahlungen an Lara. Nach rechtlichen Schritten wurde das Projekt zurück an die brasilianische Tochtergesellschaft von Lara übertragen.
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Vancouver, British Columbia--(Newsfile Corp. - April 30, 2024) - Lara Exploration Ltd. (TSXV: LRA) ("Lara") is pleased to announce that it has agreed with Vertical Mineração Limitada., to settle the lawsuit and recover the Curionopolis Iron Project, which has now been transferred back to Lara's Brazilian subsidiary.

The Curionópolis Iron Project comprises a 1,348-hectare license area, covering iron formations located in the Carajás District of northern Brazil that was optioned to Vertical in 2009 for staged cash payments and production royalties. Vertical completed exploration drilling, resource estimates, economic and environmental studies, but defaulted on its payment obligations to Lara. Lara initially filed for arbitration in 2016 which was contested, and then embarked upon legal action in 2022.

About Lara Exploration

Lara is an exploration company following the Prospect and Royalty Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures funded by partners, retaining a minority interest and or a royalty. The Company currently holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile. 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, or contact Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207242

FAQ

What is the name of the company mentioned in the press release?

Lara Exploration

What is the stock symbol of Lara Exploration ?

TSXV: LRA

What project is mentioned in the press release?

The Curionopolis Iron Project

Where is the Curionopolis Iron Project located?

In the Carajás District of northern Brazil

What happened to the Curionopolis Iron Project?

It was transferred back to Lara's Brazilian subsidiary after a settlement with Vertical Mineração Limitada.

When did Vertical default on its payment obligations to Lara?

Vertical defaulted on payments after being optioned the project in 2009.

LARA EXPLORATION LTD

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