Lara Exploration Limited has signed a Heads of Agreement for the sale of the company’s Vila Oito and Floresta nickel laterite projects to Horizonte Minerals plc. As per the HOA, Horizonte will issue 8.5 million new shares to Lara at a deemed value of USD 2 million. The shares will be escrowed and subject to a minimum 12 month hold period. A staged release as per TSX Venture Exchange standards will follow. The sale depends upon Horizonte completing due diligence, receiving particular third party approvals and completion of a definitive agreement. The Vila Oito nickel laterite deposit is adjacent to the Araguaia resource currently being drilled by Horizonte. The Floresta target lies north of Vila Oito.