Last updated on April 16, 2014 at 7:25 EDT

Colt Resources appoints Richard Quesnel to its Board of Directors

December 11, 2012

Trading Symbols:

MONTREAL, Dec. 11, 2012 /PRNewswire/ – Colt Resources Inc. (“Colt” or
the “Company”) (TSXV: GTP) (Frankfurt: P01) (OTCQX: COLTF) is pleased
to announce that Mr. Richard Quesnel has joined its Board of Directors.
Mr. Quesnel has served for over 5 years as President and Chief
Executive Officer of Consolidated Thompson Iron Mines of Montreal. He
has over 32 years of senior mine management and engineering experience
at large gold, copper, nickel and iron ore mining properties in Canada
and Western U.S.A. He has successfully developed, commissioned,
operated and expanded mining operations, both open pit and underground.
Since 1979, he has been worked as a mine manager or mining engineer of
several mining companies including Ledcor CMI Limited, JS Redpath
Limited, Les Mines McWatters, Barrick Goldstrike, Quebec Cartier Mining
and Placer-Dome. Mr. Quesnel is currently Senior Technical Advisor of
Champion Iron Mines and Head of its Advisory Board.

Mr. Quesnel will fill the vacancy created by the resignation of Mr.
Donald Ziraldo in September from the Board of Directors of the Company.

The Company is also pleased to announce the appointment of Mr. Daniel P.
Goffaux as a Technical Advisor to the Company. Mr. Goffaux has
extensive experience in the mining industry, and has held a number of
progressively senior operations and management roles, including
Vice-President, Corporate Development for Black Hawk Mining, and
Vice-President and General Manager of Black Hawk’s El Limon mine in
Nicaragua. In 2003, Mr. Goffaux joined Breakwater Resources as the
General Manager of the Bougrine mine in Tunisia, a position he held
until its closure in 2005. Upon his return to Canada, Mr. Goffaux was
engaged by Micon International, based in Montreal, and became
Vice-President, Latin America, of Breakwater Resources, from 2006 to

I am extremely pleased to welcome Mr. Quesnel to Colt’s Board of
Directors and Mr. Goffaux as a Technical Advisor to Colt. Together,
they bring a wealth of mining experience, further reinforcing the
Company as its two flagship projects
approach the feasibility stage,” noted Nikolas Perrault, President and
CEO of Colt Resources Inc.


Nikolas Perrault, CFA, President & CEO

About Colt Resources Inc.

Colt Resources Inc. is a Canadian 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 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