The agreement will enable Energy Development Corporation (EDC) to become the majority partner in Hot Rock’s Calerias and Longavi projects in Chile, and the Quellaapacheta and Chocopata projects in Peru.

Under the joint venture agreements, EDC will sole fund up to $US12 million for each project over the exploration stage which includes geological, geochemical, geophysical and drilling at least one appraisal well.

Hot Rock Executive Chairman, Dr Mark Elliott, said: “EDC’s involvement is a huge endorsement to both the quality and blue-sky potential for our Chilean and Peruvian projects and local exploration teams.”