Colt Resources, Inc. (COLTF) Affiliate in Middle East Enters Exclusivity Agreement for Chagai Hills Exploration Licenses
Colt Resources this morning announced that its affiliate, Colt Resources Middle East (CRME), signed an exclusivity agreement with Lake Resources N.L. (LKE.AX), a publicly traded Australian based global mineral exploration company. Colt owns 38% of CRME and is currently its largest shareholder. According to agreement, CRME can earn a majority interest in Lake's Chagai Hills exploration licenses in Balochistan, Pakistan. The agreement sets an exclusivity period of 120 days and, during this period, the parties aim to conclude the final terms and conditions of a joint venture. Jim Clavarino, Executive Director of Lake Resources, stated, “"I am very pleased to…