Mr. Paul Kuhn reports

AVRUPA AGREES TO COLT'S ACQUISITION OF ALVALADE FROM ANTOFAGASTA

Avrupa Minerals Ltd. has signed an agreement with Colt Resources Inc. and Antofagasta Minerals SA (a wholly owned subsidiary of Antofagasta PLC), whereby Colt will purchase Antofagasta's 60-per-cent interest in Avrupa's Alvalade VMS (volcanogenic massive sulphide) property in the Iberian pyrite belt of southern Portugal.

Paul Kuhn, president and chief executive officer of Avrupa, noted: "We are excited to have Colt as our new partner on our Alvalade project. They are well funded and familiar with the exploration potential in Portugal. The Alvalade project already hosts one new massive sulphide discovery at Sesmarias, and we are excited to be drilling there again to delineate a potential copper-zinc deposit. We are planning, in collaboration with our new partner, up to 5,000 metres of drilling in the Sesmarias target area to be completed before the end of the year."

Nikolas Perrault, president and chief executive officer of Colt, commented: "By replacing Antofagasta in the option agreement with Avrupa Minerals, Colt is on a clear path to 80-per-cent ownership of the Alvalade concession. We are extremely pleased with this latest acquisition, which builds on Colt's existing foundation in Portugal. Synergies with existing operations can be expected. This acquisition gives the company access to a $6.5-million (U.S.) (approximated) geological information database and legacy drilling from previous exploration efforts in the concession area."

The Alvalade VMS project -- Portugal

During Antofagasta's earn-in to the Alvalade project, it spent close to $6.5-million (U.S.) on exploration, including five phases of drilling operated by Avrupa, totalling 44 holes and 17,633 metres. The drilling was highly successful, encountering copper-zinc mineralization in a number of localities around the licence, with the most important being the Sesmarias massive sulphide discovery, announced in an Avrupa news release on Feb. 27, 2014. To date, drilling has intercepted copper-zinc-lead mineralization at Sesmarias at numerous locations over a length of 1.8 kilometres to a depth of 300 metres. Sesmarias is located approximately 25 kilometres northwest of the Aljustrel mine, operated by a Portuguese mining company, and approximately 60 kilometres northwest of Lundin Mining's Neves Corvo mine. A summary of the previously announced results at Sesmarias is presented as follows:

• SES002 -- 10.85 metres of 1.81 per cent copper, 75.27 parts per million silver, 2.57 per cent lead, 4.38 per cent zinc and 0.13 per cent tin;
• SES006 -- 1.5 metres of 1.66 per cent copper, 54 parts per million silver, 2.30 per cent lead, 3.66 per cent zinc and 0.091 per cent tin -- mineralization cut off by faulting;
• SES008 -- five metres of 0.64 per cent copper, 36.8 parts per million silver, 0.94 per cent lead and 1.54 per cent zinc -- mineralization cut off by faulting;
• SES009 -- 2.3 metres of massive pyrite (not analyzed);
• SES010 -- 57.85 metres of 0.45 gram per tonne gold, 25.1 grams per tonne silver, 0.32 per cent copper, 0.61 per cent lead and 1.95 per cent zinc.

Terms of the new Colt transaction

Colt will pay Antofagasta a total of up to $7.1-million (U.S.) in increments, some over specified time periods, as well as certain other payments based on completion of a resource estimate and a feasibility study and then upon commercial production. Colt has also granted a 1-per-cent net-smelter-return royalty 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 per cent 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.