Colt Resources (TSXV:GTP) announced that it has signed a memorandum of agreement (MOU) with Star Mining Limited to jointly explore the Borba Licence, in which the latter will earn 25% interest.

As quoted in the press release:

Colt and Star Mining will jointly explore the Borba Licence (Press Release: February 20, 2013) and have agreed that Star Mining will develop a work program and has the right to earn-in progressively full ownership of the Borba Licence. Upon the completion of a work program and expenditures of not less than $350,000 USD over a period of up to 12 months, Star Mining may initially earn a 25% interest in the Borba Licence.

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