Colt Resources Inc. (COLTF)

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Colt Appoints Declan Costelloe as Executive Vice President and Chief Operating Officer

Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FSE: PO1) (OTCQX: COLTF) is pleased to announce that Mr. Declan Costelloe has accepted the position of Executive Vice President and Chief Operating Officer effective immediately. Mr. Costelloe has served on the Company’s Board of Directors since 2010 and will remain on the Board. He brings a wealth of global mining and business experience to the Company.

“I am personally very pleased to welcome Mr. Costelloe in this key role as we are further strengthening Colt’s management team,” noted Nikolas Perrault, President and CEO of Colt Resources Inc.

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 second largest lease holder of mineral concessions.

Colt is presently 51% owner and operator of the advanced stage Montemor gold project located in southern Portugal for which it is currently in the process of obtaining an Experimental Mining License with the Direcção- Geral de Energia e Geologia, a division of the Portuguese Ministry of Economy and Innovation. Colt is on a clear path to 100% ownership of this project (see August 10 and October 13, 2010 press releases:

http://www.coltresources.com/sites/default/files/news_releases_en/colt-08102010-en.pdf and http://www.coltresources.com/sites/default/files/news_releases_en/colt-10132010-en.pdf).

In late 2010, Colt initiated a definition drilling campaign on the Tabuaço tungsten project located on the Company’s 100% owned Armamar-Meda concession in northern Portugal. A total of 1530 m of drilling is planned and this will lead to an initial resources estimate by Q3 2011 (see November 29, 2010 press release: http://www.coltresources.com/sites/default/files/news_releases_en/colt-11292010-en.pdf).

At the Penedono gold project, located on the Company’s Penedono concession in northern Portugal, a trench and drill program is currently underway to test near surface gold mineralization at the Turgueira prospect (see October 28, 2010 press release:

http://www.coltresources.com/sites/default/files/news_releases_en/colt- 10282010-en.pdf).
The Company also holds a large base metals concession, Santa Margarida do Sado, in southern Portugal, located in the Iberian Pyrite Belt (“IPB”) a 60 km wide by 250 km long mineralized belt that extends from the SW coast of Portugal to Spain. This world class massive sulphide environment has been explored for many years and a number of important mines have been discovered and exploited for copper, lead, zinc, locally including silver and gold. The IPB is host to 5 giant sulphide (VMS) deposits. Two of these occur in Portugal, namely Neves Corvo and Aljustrel, and are located 75 and 35 km SE, respectively, of Santa Margarida. Colt
filed a NI 43-101 technical report on the Santa Margarida do Sado property on February 14, 2011 (see February 16, 2011 press release:

http://www.coltresources.com/sites/default/files/news_releases_en/colt- 02162011-en.pdf.)

Portugal is a mining friendly member country of the European Union (EU) with easy access, excellent infrastructure and available labour force. Colt maintains excellent government relationships at both state and municipal levels. The company is currently reviewing potential EU financial incentive programs.

SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide overall technical assistance to Colt in Portugal and will be producing several NI 43-101 compliant reports as projects progress (see January 18, 2011 press release:

http://www.coltresources.com/sites/default/files/news_releases_en/colt-01182011- en.pdf).

Jeffrey Volk, Msc, CPG, FAusIMM, SRK Consulting (U.S.) Inc., is the independent qualified person as defined by National Instrument 43-101 for Colt’s Portuguese projects.
The Company’s shares trade on the TSX-V, symbol: GTP; the OTCQX, symbol: COLTF; and Frankfurt Stock Exchange, symbol: P01.
For more information contact:
Nikolas Perrault, President & CEO Colt Resources Inc. Tel: [phone] Fax: [phone] [e-mail]
Helen Bilhete, Director Investor Relations Colt Resources Inc. Tel: [phone] Fax: [phone] [e-mail]