Lara Exploration Ltd. (LRA.V) has signed a letter of intent with Antofagasta Minerals S.A. to enter into an option and joint venture agreement for the company's Sami Project in southern Peru.
Under the terms of the letter of intent, Antofagasta can invest $6 million in exploration over four years to earn an initial 55% interest in the project, of which the first year expenditures of $500,000 would be a firm commitment.
LRA started the session nearly 2% lower at $1.30, with 52-week range of $0.88 - $1.59.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
