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Lara Exploration granted mining license for Maravaia copper project

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Lara Exploration granted mining license for Maravaia copper project

Lara Exploration Ltd. said May 23 that the mining license for the Maravaia copper project, part of the Curionopolis exploration license in northern Brazil, was granted to the project's holding company, Mineração Maravaia Ltda.

The project is being developed under an option deal with Tessarema Resources Inc., which has a US$6.5 million loan and off-take deal with Ocean Partners UK Ltd. to fund the project toward development.

Lara Exploration accelerated the transfer of its indirect interest in the project to Tessarema in exchange for an immediate US$750,000 payment and a 5% fully carried interest in Mineracao Maravaia under an amended deal in June 2017.