Colt Resources Middle East acquires the majority stake in three significant Chagai Hills exploration licenses formerly held by Lake Resources licenses in Balochistan, Pakistan through a Joint Venture company Chagai Resources
PRESS RELEASE – June 15, 2015
Dubai, UAE – Colt Resources Middle East (“CRME” or the “Company”) has entered into a Shareholders Agreement further to signature of an exclusivity agreement in May 2014 (the “JV Agreement”) with Lake Resources N.L. (“Lake”) an Australian based global mineral exploration company trading on the Australian Stock Exchange. This JV Agreement sets out the terms and conditions governing the joint venture Pakistani company called Chagai Resources that CRME and Lake Resources have created. Chagai Resources has now been awarded the three licenses formerly held by Lake Resources and will develop these license areas in the Chagai Hills in Balochistan, Pakistan.
These licenses cover three primary exploration areas, as indicated in the accompanying map below in Chagai Hills, Balochistan, Pakistan an area known for world class assets such as the Reko Diq deposit. The three Chagai Resources licenses are at Amalaf, Dasht-‐i-‐Gauran and Koh-‐i-‐Sultan. The Amalaf area adjoins the northern boundary of the Saindak copper-‐gold mine that has been operating for over 20 years. The exploration target is large tonnage: low grade copper amenable to low-‐cost open-‐pit mining and trucking to the adjacent Saindak mine and smelter operated by China
Metallurgical Construction Corporation, a private Chinese entity. The Dasht-‐i-‐Gauran area is situated to the west of copper mineralisation reported by Tethyan Copper Company from drilling at its Sor Baroot Prospect at the Reko Diq Project and covers a number of possible alteration zones identified from interpretation of satellite images. At Koh-‐i-‐Sultan, CRME will be exploring for gold and copper associated with an extensive system of intensely altered breccia and volcanics covering an area of more than five square kilometres on the margin of an extinct volcanic caldera.
CRME is very pleased to take these next and very important steps towards the further exploration and development of these significant properties. CRME has been selected for the award of the first new major exploration licenses issued in over a decade by the Government of Balochistan. CRME is looking forward to working constructively with the Government of Balochistan in the coming years to bring economic and social development to the region. Shahal Khan Chairman of CRME stated that “By signing this agreement and securing these licenses Colt is demonstrating it’s commitment to investing in the natural resources of Balochistan in a fair and equitable way that could ensure significant economic and social development for its people”. Richard Quesnel, President and CEO of CRME stated “By partnering with Lake Resources, the local community and the Government of Balochistan, we believe that we can become an engine that could potentially develop what could be a world class asset in the Chagai Hills copper/gold district”. CRME is focused on securing and developing World Class mining opportunities in the Greater Middle East and South Asia Regions.