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Colt Resources (TSXV:GTP) announced the signing of a binding letter of intent with DSM Resource Corp. for an exclusive proposed earn-in arrangement, for the Boa Fe Montemor project in Portugal.

Colt Resources (TSXV:GTP) announced the signing of a binding letter of intent with DSM Resource Corp. for an exclusive proposed earn-in arrangement, for the Boa Fe Montemor project in Portugal.

As quoted in the press release:

COLT’s OBLIGATIONS
1. Assigns an additional 24% of the shares of Aurmont to DSM upon completion of Phase 2
2. Commits to assigning the remaining 25% of the shares of Aurmont to DSM, if DSM wants to own all of the shares of Aurmont and all of the Boa Fé Montemor property, after completion of Phase 2 and subject to the completion of an updated National Instrument 43-101 (“NI 43-101”) resource estimate and report for the Boa Fé Montemor property. If DSM wants to proceed, it will have 12 months after the completion of the updated NI 43-101 resource estimate and report to acquire the remaining 25% of the shares of Aurmont by paying $USD 40 per ounce for 25% of the revised measured and indicated resources and $USD 10 per ounce for 25% of the revised inferred resources, all as set out in the updated NI 43-101 report. DSM will also have a right of first refusal on the remaining 25% of the shares of Aurmont owned by Colt.
3. DSM will be the operator during Phase 2

The above terms are subject to a definitive agreement to be signed by both parties following due diligence by DSM. Due diligence is expected to be completed by February 28, 2015.

Click here to read the Colt Resources (TSXV:GTP) press release
Click here to see the Colt Resources (TSXV:GTP) profile.

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