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Vancouver, British Columbia – (Newsfile Corp.- September 1, 2020) – Lara Exploration Ltd.(TSXV: LRA) (“Lara” or the “Company” is pleased to provide an update on the authorization and report the production restart to the Bifox Phosphate project, near the city of Ccopiap, in the Atacama Desert in northern Chile.
Since the agreement of violations and environmental fines, inherited from the sellers, in early 2020 (see the company’s press release of February 7, 2020), Bifox Ltd.(“Bifox”), is running to repair your licenses and resume operations.delayed due to Covid-19 restrictions imposed in March, however, the site resumed operations in June and new operational authorizations were issued in July due and early August. Production and sales of phosphate for direct application (containing an average of 22% of P2O5) in the Chilean market have now resumed and Bifox plans to gradually increase production over the next 3 to six months as the market and sales team generates new orders.
Bifox continues to paint in its Australian inventory market as phosphate production and sales revenue emerge.Lara is entitled to a refund of US$570,000 payable on the Array owns approximately 14% of Bifox inventories and will get a 2% royalty when production exceeds 50,000, according to year.
About Lara
Lara is an exploration company that follows the business model of Royalty Generator and Prospects, which aims to minimize shareholder dilution and monetary threat through the generation of potential customers and their exploration in partner-financed joint ventures, retaining a minority stake and/or royalties.portfolio of potential customers, deposits and royalties in Brazil and Peru.Lara’s stock industry in the TSX Venture Exchange under the symbol “LRA” is not unusual.
Michael Bennell, Vice President of Lara Exploration and a member of the Australasian Institute of Mines and Metallurgy (AusIMM), is a qualified user as explained through the National Instrument 43-101 Disclosure Standards for Mineral Projects and approved the technical disclosure and verified the content in this press release.
For more information about Lara Exploration Ltd., visit our website www.laraexploration.com or contact Chris MacIntyre, Vice President of Corporate Development, at 1-416-703-0010.
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