CJL Reports on its Qualyfing Transaction: Lara Options the Chocos Polymetallic Project in Peru to CJL Capital
QUEBEC CITY, QUEBEC--(Marketwire - Oct. 11, 2012) - (CJL-P.V) - CJL Capital inc., ("CJL" or the "Company") is pleased to report that it has optioned the Chocos Polymetallic Project in southern Peru from Lara Exploration Ltd. ("Lara"). Under the terms of the agreement, CJL will invest a minimum of US$400,000 over three years and make payments in cash and shares to Lara totalling US$450,000 over three years to earn a 100% interest in the project. Lara will retain a Net Smelter Return Royalty of 2% on any production.
The 10,200-hectare Chocos property is located within the prolific Tertiary Volcanic Belt of southern Peru about 100 kilometres north of Arequipa. Lara has carried out mapping, surface sampling and trenching targeting a series of lead, zinc and silver veins that extend from 200 metres to as much as one kilometer in length and have thicknesses ranging from 0.20 to 2.0 metres.
Completion of the transaction is subject to a number of conditions, including but not limited to TSX Venture Exchange (the "Exchange") acceptance, approval of the boards of directors of CJL and a private placement by CJL sufficient to meet the minimum listing requirements of the Exchange.
Furthermore, the Exchange has not considered the merits of the contemplated qualifying transaction. A more detailed press release will be subsequently published in order to provide additional details on the contemplated qualifying transaction. Consequently, trading in the common shares of CJL will remain until the publication of a press release announcing that trading in the common shares is resumed.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
Quality Control
Andre Gauthier, Lara's President, a member of the Quebec Order of Engineers, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for the preparation and verification of the technical information in this release.
About Lara
Lara is an exploration company following the Prospect Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio of prospects and deposits primarily in Brazil and Peru where it has signed agreements for fourteen joint ventures and three Strategic Alliances. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".
Prospectus CJL Capital inc. can be found on the SEDAR website at: http://www.sedar.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
