VANCOUVER, Feb. 8 -- Lara Exploration Ltd. (TSX VENTURE:LRA) ("Lara" or the "Company") is pleased to report that the Brazilian Department of Mines has completed transfer of the exploration licenses covering the Company's Vila Oito and Floresta nickel laterite discoveries to the local subsidiary of Horizonte Minerals plc (TSX VENTURE:HZM) ("Horizonte"). Transfer of title was a condition of payment and Horizonte has now issued 8.5 million of its common shares (valued at approximately $2 million) to the Company.
Miles Thompson, Chairman and CEO of Lara, commented: "This transaction completes the consolidation of the Araguaia nickel laterite deposits discovered by Teck Resources Ltd., Horizonte and Lara in recent years. Horizonte has been drilling aggressively and has already outlined combined resources in excess of 100 million tonnes and begun preparation of a Preliminary Economic Assessment. We are very happy to be part of this larger and more viable project and expect to do well from our investment in Horizonte."