Challenger Deep Resources Purchases Coal Project in East Kalimantan, Indonesia

Calgary-based exploration company Challenger Deep Resources Corp. has exercised an option to purchase another coal project in East Kalimantan, Indonesia through its wholly owned subsidiary, Challenger Deep (Indonesia) Ltd. Challenger entered into a conditional sales and purchase agreement (CSPA) with the shareholders of PT Dua Putri Kutor for the purchase of 100% of the issued and outstanding securities of PT DPK. PT DPK is a private Indonesian company holding the coal exploration rights to a property which is located in the Sangatta area in East Kalimantan. The DPK Project CSPA includes a payment of C$57,226 upon execution and payment of the remaining C$1.95 million over the next 24 months.