Vancouver-Lara Exploration Ltd. said that it has been granted potash exploration licenses totaling approximately 14,000 hectares in Sergipe State, northeast Brazil. It says the claims are adjacent to and cover the extensions of the potash-bearing sedimentary basins of Vale’s Taquari-Vassouras mine, which produced 607,000 mt of potash in 2008. These basins have been explored extensively for oil and gas in the past, and a database of seismic surveys and exploration drilling is available through the Brazilian National Petroleum Agency. Lara plans to access and review the available exploration data in the coming months. Brazil is a major consumer of potash, mostly as a feedstock for fertilizers. Taquari-Vassouras is the only operating potash mine in Brazil, which currently imports 90 percent of its potash needs. The exploration licenses are held through Lara Alianca Ltda., a Brazilian company owned 100 percent by Lara Alliance BVI Ltd., which is in turn owned 50 percent by Lara and 50 percent by Sprott Resource Corp. Lara says it is a well-funded prospect generator with a multi-commodity exploration portfolio focused on Brazil, but with significant holdings in Colombia and Peru. Lara’s common shares trade on the TSX Venture Exchange under the symbol LRA.
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