Last updated on April 17, 2014 at 1:21 EDT

Colt Resources has discovered a significant new gold zone beneath its Chamine Deposit and has also intersected several rich areas closer to surface in the Chamine and Casas Novas deposits, in the Boa Fe Gold Project, Southern Portugal

December 20, 2012

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MONTREAL, Dec. 20, 2012 /PRNewswire/ – Colt Resources Inc. (“Colt” or
the “Company”) (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to
announce that its deep drilling campaign to test the “Chamine Deeps”
target has successfully encountered mineralization located several
hundred metres below the Chamine gold deposit. The Chamine gold
deposit is located within the Company’s 100% owned 47km(2) Boa Fe Experimental Mining License (“EML”) in southern Portugal. Colt’s
100% owned (728km(2)) Montemor Gold exploration concession completely surrounds the Boa Fe

Table 1: Initial Results from Chamine “Deeps” Drilling Program

    |           |Hole Inclination &|        |      | Grade  |             |
    |   Hole-ID |     Azimuth      |From (m)|To (m)|(g/t Au)|Interval (m)*|
    |BFCH-12-037|Vertical          |  303.00|317.85|    0.60|        14.85|
    |           |Inclined -60o to  |        |      |        |             |
    |BFCH-12-041|145o              |  434.35|456.10|    2.07|        21.75|
    |BFCH-12-041|         including|  451.17|456.10|    4.69|         4.93|

* True Width has not been determined at this time.

Nikolas Perrault, President and CEO of Colt, stated, “The Chamine deeps drilling program has been designed to test our
conceptual model of a “stacked system” of gold deposits (see figure
1). These are projected to occur beneath the previously tested and
reported Chamine deposit (see Table 1 and Table 2 and Colt’s most
recent press release August 27, 2012). These initial results from the
second hole of the program demonstrate the presence of gold
mineralization approximately 200 metres beneath the Chamine deposit.
This result is supportive of our growing conviction that the
mineralization controls at Chamine bear strong similarities with “Red
Lake” style mineralization, involving a combination of shearing and
folding. Previous operators focussed their drilling on identifying
high grade mineralization within an average of the first 100m from
surface during a period of low gold prices. The Colt deep drilling
program has commenced the process of testing this theory by drilling
the Chamine deposit deeper than ever before. Our next phase of work
will include the application of downhole geophysical techniques to
optimize targeting of deep drillholes as we move forward. This
discovery of mineralization below Chamine increases our belief that
both Boa Fe and Montemor may host significant mineralization and that
previous work has only tested a relatively minor part of a potentially
larger mineralized zone”.

Chamine Deeps Drill Program Results:

Chamine and Casas Novas Near Surface Drilling Results:

Table 2: Results from Chamine and Casas Novas Drilling Program

    |Chamine    |                                                       |
    |Deposit    |                                                       |
    |           |Hole Inclination|        |      |        |             |
    |           |       &        |        |      | Grade  |             |
    |   Hole-ID |    Azimuth     |From (m)|To (m)|(g/t Au)|Interval (m)*|
    |BFCH-12-037|      Vertical  |   24.30| 29.40|    6.91|          5.10|
    |BFCH-12-037|             and|  223.10|226.00|    1.73|          2.90|
    |BFCH-12-038|      Vertical  |  211.25|216.80|    0.68|          5.55|
    |           |Inclined -45o to|        |      |        |             |
    |BFCH-12-039|      085o      |  137.87|138.90|   25.60|         1.03|
    |BFCH-12-039|             and|  177.10|180.30|    0.93|          3.20|
    |BFCH-12-039|             and|  208.10|222.30|    1.59|         14.20|
    |BFCH-12-040|      Vertical  |   54.02| 70.00|    1.14|         15.98|
    |BFCH-12-040|             and|   72.00| 80.75|    7.13|          8.75|
    |BFCH-12-040|             and|  172.75|176.10|    5.46|          3.35|
    |           |Inclined -60o to|        |      |        |             |
    |BFCH-12-041|      145o      |   36.75| 40.50|    9.40|         3.75|
    |BFCH-12-041|             and|   72.30| 76.60|    4.33|          4.30|
    |Casas Novas|                                                       |
    |Deposit    |                                                       |
    |           |Hole Inclination|        |      |        |             |
    |           |       &        |        |      | Grade  |             |
    |   Hole-ID |    Azimuth     |From (m)|To (m)|(g/t Au)|Interval (m)*|
    |BFCN-12-027|      Vertical  |   33.65| 38.88|    2.27|          5.23|
    |BFCN-12-028|      Vertical  |   88.36| 93.75|    4.99|          5.39|
    |BFCN-12-028|             and|  120.80|125.55|    3.48|          4.75|

* True Width has not been determined at this time.

Mr Perrault continued, “Colts near surface exploration program is
confirming previously identified mineralization while testing for
strike and down dip extensions. Our ongoing drilling at Chamine and
Casas Novas continues to deliver positive results as we continue to
drill these deposits in advance of an NI 43-101 compliant mineral
resource estimate scheduled to be prepared during Q1, 2013. This will
also include several other gold deposits that we have tested since our
initial NI 43-101 resource estimate was announced on July 3, 2012″ (see
press release July 3, 2012).

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 at the Chamine and Casas Novas deposits
(Figures 2 and 3) was focussed on the highest grading portions of gold
anomalies that closely follow the regional shear. Colt’s drilling has
been designed to build on previous work and to test for extensions of
mineralization along strike and down dip. Results to date indicate
that the mineralization is open both along strike and down dip.

In both the Chamine and Casas Novas deposits, the mineralisation style
interpreted in the current model is associated with shears at low-angle
to the regional shear direction (S1, S2, T and R) developed due to
contrasts in competency between granitic and silica-rich units and
pelitic schist within the main regional shear zone. Where conjugate
sets of shears occur (i.e. S1 and S2 with T) the best development of
mineralisation occurs. Conjugate sets of mineralisation may occur
anywhere within the regional shear zone and are not restricted by

Mineralisation appears to be associated with several aplite intrusions
locally up to 20m thick. The aplite units are believed to broadly dip
40(o) to the south-west, which is broadly analogous to the S(1) direction modelled at Chamine. There is also a subhorizontal component
in the morphology of the aplite as well. The significant mineralisation
appears to occur in kinks and localised fold hinges in the aplite
corresponding to pressure shadows created in ductile schist in the lee
of the more competent aplite.

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. The models incorporate
the concept of conjugate shear orientations reinforcing each other and
leading to higher grades of gold mineralization. The Company will
continue its aggressive advanced stage exploration campaign consisting
of a combination of vertical and inclined drill holes positioned to
confirm previous drilling results at Chamine, Casas Novas, Ligeiro,
Bracos and Banhos deposits and investigate the gaps between
Chamine-Casas Novas and Chamine-Ligeiro to increase resource
potential. Results currently being interpreted from geophysical
exploration will greatly assist in advancing targets in the gap areas.
High priority regional targets identified at the Montemor concession
through field prospecting combined with geochemical and geophysical
data interpretation are being tested. The results of this phase of
work on Boa Fe and Montemor will form the basis for an updated NI
43-101 compliant mineral resource estimate covering several previously
drilled gold bearing deposits within the Boa Fe EML.

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 build upon previous
work that supported several non NI 43-101 compliant resource estimates
that range from 150koz to 610koz of gold as defined over the period
1991-2008 (see press release March 7, 2011).

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 – AA24″ (Au by fire assay and AAS, 50g 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
– GRA22″ (Au by fire assay and gravimetric finish, 50g 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 holders 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.


PDF available at: http://stream1.newswire.ca/media/2012/12/20/20121220_C2600_DOC_EN_22149.pdf

PDF available at: http://stream1.newswire.ca/media/2012/12/20/20121220_C2600_DOC_EN_22148.pdf

Source: PR Newswire