VANCOUVER – Lara Exploration Ltd. (TSXV:LRA) has paired with Triumph Tin Mining Ltd. to explore and develop its tin projects in northwest Brazil.
The Vancouver-based company said Monday the binding agreement will see Triumph assume the rights to Lara’s Sao Lourenco Tin Project for US$ 50,000 in cash and $ 500,000 in shares within 30 days of the agreement.
Further cash and share payments of $ 1 million over four years, as well as a one per cent net smelter royalty, would follow.
Triumph would also have the option to buy the rights to Sao Lourenco for $ 1.1 million cash before May 2012.
Triumph also acquired an option to earn up to a 75 per cent interest in Lara’s North Brazilian Tin Project for $ 35,000 in cash as well as a $ 2.5-million investment in the project over four years, plus a one per cent net smelter royalty.
Local news from metronews.ca/vancouver
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