Last updated on April 23, 2014 at 12:08 EDT

Colt Resources intersects 0.79% WO3 over 13.05m including 1.45% WO3 over 3.29m at its new Aveleira deposit, Tabuaco Tungsten Project, Northern Portugal

September 5, 2012

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

MONTREAL, Sept. 5, 2012 /PRNewswire/ – Colt Resources Inc. (“Colt” or
the “Company”) (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to
announce that it has received final analytical results for two diamond
drill holes from its ongoing drilling campaign aimed at discovering and
delineating satellite tungsten resources near its Tabuaco tungsten
project (Sao Pedro das Aguias), located in the Company’s wholly owned
Armamar Meda concession in northern Portugal.

These drill holes include hole DHT-71 at the northern zone of the
recently discovered Aveleira tungsten deposit, which is located
approximately 700m north of the delineated resource at Tabuaco (Figure
1) and hole DHT-72, the first exploration hole to be drilled to test
the soil geochemical anomalies detected in the gap between the Tabuaco
(Sao Pedro das Aguias) tungsten resource and the Aveleira discovery
(Figure 1).

The results for these drill holes are highlighted as follows:

    |   Zone  |From (m)|To (m)|Grade % WO3|Interval (m)|True Width (m)*|
    |Drill hole DHT-71 (Vertical) - 85.50m long (Aveleira deposit)     |
    |Main     |   29.00| 44.00|      0.20%|       15.00|          14.10|
    |including|   40.00| 43.00|      0.43%|        3.00|           2.82|
    |Lower    |   52.27| 66.15|      0.79%|       13.88|          13.05|
    |including|   57.40| 60.90|      1.45%|        3.50|            3.29|
    |Drill hole DHT-72 (Vertical) - 67.00m long (Tabuaco-Aveleira Gap) |
    |Lower (?)|   18.30| 24.50|      0.43%|        6.20|           5.83|
    |including|   20.30| 23.30|      0.52%|        3.00|           2.82|

* True Width was determined assuming the mineralization has an average
strike of 315 and an average dip of -20

At Aveleira the results of hole DHT-71 confirm the extension of the
skarn tungsten deposit for a strike length of at least 200 metres in
the NW-SE direction (Figures 1 and 2). Step-out drilling has already
been initiated across strike, to determine the lateral extent of the
deposit, which is thought to dip gently into the mountain and
underneath the granite outcrop, in a similar style to Tabuaco (Sao
Pedro das Aguias).

Drilling progress at Aveleira has been slow to date due to the small
conventional drill rig. In order to boost the evaluation drilling of
the Aveleira discovery, Colt has signed a contract with Portuguese
drilling contractor Geocontrole, who has already brought one additional
rig to the Aveleira program, and will bring another in early September.

The newly discovered, non-outcropping skarn tungsten horizon evidenced
by hole DHT-72 in the gap between the Tabuaco resource and the Aveleira
discovery is another exploration success for Colt at the Tabuaco
tungsten project. It indicates that additional, hidden tungsten
deposits can be found in the Tabuaco project area, and demonstrates
that modern exploration based on soil geochemistry, followed by
drilling, can be successful in locating additional mineralization.

The skarn discovered by hole DHT-72 is located 150 metres North of the
Tabuaco (Sao Pedro das Aguias) resource area. Follow-up drilling to
DHT-72 has already been initiated in order to outline the extent of
this skarn horizon.

Additionally, in the Tabuaco-Aveleira gap, there are several other soil
geochemical anomalies which will be drill tested by Colt in the near

Nikolas Perrault, President and CEO of Colt, stated, “Continued successful drilling at our Aveleira discovery reinforces our
belief that this location may host a hidden deposit similar to Tabuaco.
With hole DHT-71, we have confirmed a significant strike length. Our
Aveleira drill program will now concentrate on drilling up-slope so as
to test lateral extent into the mountain as occurs at Tabuaco. Our new
discovery of hidden mineralization in the Tabuaco-Aveleira gap
strengthens our conviction that tungsten mineralization is hosted in
skarn horizons along the mountain side that have been offset locally by
post mineral faults.”

Quality Assurance / Quality Control (QA/QC)

Sample intervals are reported as both metres (m) downhole and as true
thickness, which have been calculated by Colt Resources using
cross-sectional interpretation of the mineralized intercepts in three
dimensions. The actual dip of the skarn controlled mineralization is
generally shallow.

All drill core is transported by Company personnel from drill site to a
nearby secure storage facility for logging and sampling. Sampling
intervals are defined after core logging and determination of scheelite
content by examination under short wave UV light. One half of the core
is sent for analysis, while the other half is retained in the core
boxes for future reference.

Samples are sent by courier to ALS Laboratory Group, Seville, Spain.
Samples are analyzed for W and Sn using a metaborate fusion followed by
XRF. Assay results for tungsten are reported by the laboratory as W%.
WO(3) values are calculated using a conversion factor of 1.2611.

A set of standards, duplicates and blanks is inserted by Colt into the
sample stream on a regular basis in addition to the laboratory’s own
internal QA/QC standards and duplicates. QA/QC results to date are well
within the accepted norm.

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.

SRK ES Managing Director – Gareth O’Donovan CEng MSc BA (Hons) FIMMM
FGS, is the independent qualified person, as defined in NI 43 101, for
Colt’s projects in Portugal. Mr. O’Donovan has reviewed the content of
this press release, and consents to the information provided in the
form and context in which it appears.

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.


PDF available at: http://stream1.newswire.ca/media/2012/09/05/20120905_C3812_DOC_EN_17479.pdf

Source: PR Newswire