Agreement on Sale of Mantaro Interest to Sprott Resource Corp.

Lara Exploration Ltd

Multi-commodity exploration portfolio in Brazil, Colombia and Peru.

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Agreement on Sale of Mantaro Interest to Sprott Resource Corp.

posted on Jun 13, 2008 06:14AM

Lara Signs Definitive Agreement on Sale of Mantaro Interest to Sprott Resource Corp.

Lara Exploration ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to report that it has signed a definitive agreement for the sale to Sprott Resource Corp. ("SRC") of its interest in the Mantaro Phosphate Project ("Mantaro") and has received 1,180,872 common shares of SRC.

Lara retains its right to a 0.5% royalty on any production from Mantaro, which SRC may purchase at its election for the equivalent in cash of 0.5% of the Net Present Value of the Project upon completion of a Bankable Feasibility Study.

About Lara Exploration Ltd.

Lara is a natural resource prospect generator, with multi-commodity exploration portfolio in Brazil and Peru. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".