Colt executes a binding LOI on Passa Frio
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, March 6, 2013 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce the execution of a binding letter of intent ("LOI") to purchase the property known as Passa Frio within the Company's recently awarded Tabuaço experimental mining license that includes the Tabuaço (São Pedro das Águias) and Aveleira tungsten deposits in northern Portugal, for the purposes of planning the Company's future mining operations. Passa Frio is mostly vacant land of approximately 1,000,000 m2. The property was carefully selected after a thorough trade-off evaluation and review of several possible locations to establish the necessary surface mining infrastructure, namely the processing plant, dams, dumps and adjoining warehouses, and is zoned to permit such construction. The property is situated away from residential areas such that it is mostly unnoticeable from the surrounding roads and nearby villages.
Over the next months, the Company will survey the property in detail to verify legal title. The LOI locks up the property while the Company completes its survey. Following the survey, Colt has a three-year option to enter into a final purchase and sale agreement with the owners of Passa Frio. Colt will pay €100,000 for the three-year option and an additional €350,000 to purchase the property by the end of the third year should the Company decide to exercise the option to purchase Passa Frio.
About Colt Resources Inc.
Colt Resources Inc. is a is a Canadian mining exploration and development company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is one of the largest lease holders of mineral concessions.
The Company's shares trade on the TSX‐V, symbol: GTP; the Frankfurt
Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Colt Resources Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's annual information form available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE COLT RESOURCES INC.