Colt Earns 100% of the Mining License for the Boa Fé Shear Zone Gold Project in Portugal

Nov 03, 2011, 15:16 ET from COLT RESOURCES INC.

Trading Symbols: GTP - (TSX-V)


MONTREAL, Nov. 3, 2011 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that the Colt-AIOC Joint Venture application for an Experimental Mining License on its 47 Km2 Boa Fé gold project from the Direcção-Geral de Energia e Geologia, a division of the Portuguese Ministry of Economy and Innovation, has been formerly ratified in an official signing ceremony held in Lisbon at the Ministry of Economy and Innovation on November 2, 2011. In the same ceremony, Colt was also formally awarded the larger Montemor Gold Exploration License.

As a result, the Company has proceeded yesterday with the final payment of €125,000 and the issuance of 3 million restricted shares, thus satisfying the requirements of the August 10, 2010 transaction (see press release of August 10, 2010). This has now increased ownership and control of the Boa Fé gold project from 51% to 100%.

Colt anticipates initially having two drill rigs in operation on the Boa Fé concession by mid-November (see press release of October 24, 2011).

About Colt Resources Inc.

Colt Resources Inc. is a Canadian junior exploration 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 the second largest lease holder of mineral concessions.

SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide overall technical assistance to Colt in Portugal and will be producing several NI 43‐101 compliant reports as projects progress (see press release of January 18, 2011).

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 revised annual information form dated April 20, 2011 available on SEDAR at 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.