Avrupa Minerals Ltd. reported that it has signed an agreement with Colt Resources Inc. and Antofagasta Minerals SA, whereby Colt will purchase Antofagasta's 60% interest in Avrupa's Alvalade VMS property in the Iberian Pyrite Belt of southern Portugal. Colt will pay Antofagasta a total of up to USD 7.1 million in increments, some over specified time periods, and certain other payments based on completion of a resource estimate, a feasibility study, and then upon commercial production. Colt has also granted a 1% NSR to Antofagasta on all production coming from the Alvalade Project.

With the assignment agreement, Colt is now the Optionee partner with Avrupa under the existing earn-in agreement which was last amended in December, 2014. The agreement gives a clear, staged path for Colt to earn up to 80% of the Alvalade Project through a combination of exploration expenditures, completion of a feasibility study, and generation of a mine development decision by the end of the year 2023.