Last updated on April 19, 2014 at 1:20 EDT

Colt Resources Strengthens its Operations Team in Portugal

January 24, 2012

    Trading Symbols: GTP - (TSX-V)
                     P01 - (FRANKFURT)
                     COLTF - (OTCQX)

MONTREAL, Jan. 24, 2012 /PRNewswire/ – Colt Resources Inc. (“Colt” or
the “Company”) (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is very pleased to
announce that it continues to strengthen its operations team in
Portugal. Seasoned geologist, Steve McRobbie, B.Sc., M.Sc., has
accepted to lead the Company’s mine geology efforts. Mr. McRobbie’s
diversified international experience with advanced stage projects is
key to us as we rapidly move our two main assets from exploration
towards production.

Mr. McRobbie is a mining and exploration geologist with nearly 20 years
of extensive international experience. He has served as the Vice
President of Exploration for Global Cobalt Corp., Director of
Exploration of Kazakhmys Plc. and General Manager of Europe and the CIS
for Monaro Mining Plc. He holds a B.Sc. in Geology from the University
of St. Andrews and a M.Sc. in Mining Geology from the University of
Exeter. Mr. McRobbie is a Member of The Australasian Institute of
Mining and Metallurgy and an Associate of Camborne School of Mines.

Under the supervision and direction of Mr. Declan Costelloe, Mr.
McRobbie will be working closely with Mr. Jorge Valente, mining eng.
(IST), whose extensive mine engineering and development experience
worldwide was gained with his involvement in studies, engineering
projects, mine planning and commissioning over 50 mining operations, in
Europe, Africa and South America. Mr. Valente has over forty’ years
experience, including creating and managing his own consulting firm for
over twenty years, specialized in ore resources and reserve estimation
and mine planning (open pit, underground and underwater). Mr. Valente
is a published author (nine books and more than 100 technical papers),
Member and/or Fellow of various international mining societies, namely
of the SME of AIME (USA) and CREA-MG (Brasil), Director of APROMIN
(Brasil) and professor (now retired) of the UFOP’ School of Mines

In addition, Mr. Filipe Faria, B.Sc., B.Sc. (Hon.), who has been
consulting almost exclusively for Colt for the past few years, has
agreed to join the Company full-time to become its VP of Exploration.
He has over thirty years’ experience in mineral exploration and
evaluation projects, including creating and managing his own consulting
firm for over twelve years and as an exploration geologist with
RioTinto Finance and Exploration for twelve years. He holds a B.Sc. in
Geology from the University of Lourenco Marques (Mozambique) and a
B.Sc. (Hon.) in Geology from the University of Lisbon (Portugal). Mr.
Faria’s main focus will be to pursue the multiple regional exploration
targets Colt has identified near both its Boa Fe gold and Tabuaco
tungsten development projects to the point where, when successful, they
can be transitioned over to an advanced projects team.

Finally, the Board of Directors of Colt has agreed to change the
financial year end of Colt from March 31 to December 31. This will
align the financial year ends of both Colt and its subsidiaries,
including the recently acquired Q.S.P.A.- Sociedade Viticola
Unipessoal, Lda., and results in a simplification of internal
processes, with all subsidiaries and business units using the same
reporting periods. The first reporting obligation pursuant to the new
fiscal year will be the preparation and filing of Colt’s audited annual
financial statements for the nine months ended December 31, 2011
compared to the 12 months ended March 31, 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 largest lease
holder 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 revised annual information form dated
April 20, 2011 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: PR Newswire