Colt Resources reports positive results of drilling at its Montemor Gold Project, Southern Portugal

Trading Symbols:

GTP – (TSX-V)

P01 – (FRANKFURT)

COLTF – (OTCQX)

MONTREAL, Dec. 13, 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 6 diamond
drillholes from its recently completed 12 hole drilling campaign on the
Monfurado gold deposit, located within the Company’s 100% owned (728Km(2)) Montemor Gold exploration concession in southern Portugal. Colt’s 100%
owned 47Km(2) Boa Fe Experimental Mining License (“EML”) is completely surrounded by
the Montemor Exploration concession.

The results from Monfurado are highlighted as follows:

                     Hole
                  Inclination
                      and                           Grade g/t
       Hole-ID      Azimuth     From (m)   To (m)          Au   Width (m)

    MOMF-12-007     Vertical      106.35   116.50        1.46       10.15

    MOMF-12-007     Vertical      120.73   122.98        1.16        2.25

    MOMF-12-008     Vertical       35.50    41.50        0.39        6.00

    MOMF-12-008     Vertical       51.75    53.69        0.52        1.94

    MOMF-12-009     Vertical       42.37    44.28        0.16        1.91

    MOMF-12-010    Inclined:
                  -60 to 225       68.38    70.90        0.53        2.52

    MOMF-12-011     Vertical       55.17    56.71        0.36        1.54

    MOMF-12-011     Vertical       83.45    88.31        1.59        4.86

    MOMF-12-012     Vertical      137.20   139.60        0.46        2.40

* True Width has not been determined at this time.

Nikolas Perrault, President and CEO of Colt, stated, “The 12 hole drilling program at Monfurado has been designed to increase
our understanding of this near surface deposit within the Montemor
exploration concession. We have now completed the program and are
pleased to see that every drillhole hit the mineralized zone that had
been intersected in trenches and projected to extend to depth. We have
now commenced data review in anticipation of an expanded drilling
campaign to test for depth and strike extensions of this mineralized
zone. Monfurado is located just 4.5Km west of the Banhos deposit
(located in our 100% owned Boa Fe EML). We anticipate that the results
of this program will form part of an NI 43-101 compliant mineral
resource estimate to be published in Q1, 2013. We continue to explore
the large Montemor exploration concession, that surrounds Boa Fe, where
we have identified several gold mineralized zones most of which remain
untested by drilling.”

Program Strategy

Gold mineralization has been identified in several deposits along a
shear zone that extends over some 30 kilometres along strike (Figure
1). Previous shallow drilling was generally focussed on the highest
grading portions of gold anomalies that closely follow the regional
shear.

At Monfurado, a total of 12 diamond drillholes (Figure 2) have been
completed by Colt, for a total length of 1305.8 metres. All holes were
drilled vertically (as the Monfurado structure and mineralization was
projected to be gently dipping) except for one hole (MOMF-12-010),
which was drilled inclined at -60(o) and 225 azimuth. The holes were drilled as part of an (incomplete)
100m x 50m spaced drilling grid, with a view to develop a better
understanding of the controls for mineralization and to support future
resource estimation. The drilled portion of this grid extends over a
NW-SE strike length of 300m, for up to 200m down-dip/across-strike (on
the longest drill traverse).

All drill holes have intersected gold-bearing rocks, varying in
lithology from felsic metavolcanics to carbonate and calcsilicate
rocks.

Drilling has revealed that the Monfurado gold mineralization is
primarily focussed at the contact zone between the felsic metavolcanic
unit (above) and the lower unit of carbonate+calcsilicate rocks, with
gold mineralization present on either side of this contact. The
controls of mineralization are therefore believed to be tectonic
(structural) rather than lithologic, as the contact zone between these
two units of the Monfurado Cambrian Formation is believed to be a
favourable plane for thrusting/shearing.

As a consequence of this structural control associated with a bedding
plane, the mineralization appears stratabound in character and as such
it strikes NW-SE, and dips ~30(o) to NE (Figure 3) coincident with stratigraphy.

The Monfurado mineralization is open both down dip and along strike,
particularly to the southeast, where additional positive trench results
indicate good potential for continuation of the mineralized horizon in
this direction.

Exploration Strategy

Colt will continue to test its current ideas on structural
interpretation against previous models as part of its ongoing strategy
to prepare working 3D models of mineralization. Results currently
being interpreted from geophysical exploration will greatly assist in
advancing targets in the greater Montemor area. High priority regional
targets identified through field prospecting are also being tested.

Minimal drilling has been performed to test depth extensions below an
average of 100 metres or along strike between known mineralized
deposits. Given the shear zone style of mineralization and extensive
gold anomalies in soils, there is good potential to identify the
presence of mineralization hosted in deposits similar to those found in
the Boa Fe EML.

The style of mineralization found at Monfurado differs from that found
nearby in the Boa Fe EML opening up the possibility of a new
exploration target that will be aggressively pursued as part of Colts
ongoing regional exploration program.

Quality Assurance / Quality Control (QA/QC)

Drill sample intervals are reported as metres (m) down hole and as such
do not represent true widths of mineralized intersections. 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 probable high grade
zones based on visible mineralisation and favourable structure. One
half of the core is sent for analysis, while the other half is retained
in the core boxes for future reference.

All samples are sent by courier to ALS Chemex’s facility in Seville,
Spain, where they undergo sample preparation. The resulting pulps are
shipped by ALS to their laboratory in Romania for gold assay and
routine ICP multi-element analysis. Gold analysis for all samples is
done via method “Au – AA23″ (Au by fire assay and AAS, 30g nominal
sample weight). The detection limit for this method is 5 ppb. For every
sample with Au values over 3 ppm, the pulp is re-analyzed by method “Au
– GRA21″ (Au by fire assay and gravimetric finish, 30g nominal sample
weight). The detection range for this method is 0.05-1000 ppm.

A set of standards and blanks has been inserted by Colt into the drill
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 one of the largest
lease holder of mineral concessions.

SRK (ES) Managing Director – Gareth O’Donovan CEng MSc BA (Hons) FIMMM
FGS, is an 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 and 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.

SOURCE COLT RESOURCES INC.

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