Colt Resources Inc. (COLTF)

[gsfl]

Colt Earns 100% of the Mining License for the Boa Fé Shear Zone Gold Project in Portugal

Montréal, Québec, Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that the Colt-AIOC Joint Venture application for an Experimental Mining License on its 47 Km2 Boa Fé gold project from the Direcção-Geral de Energia e Geologia, a division of the Portuguese Ministry of Economy and Innovation, has been formerly ratified in an official signing ceremony held in Lisbon at the Ministry of Economy and Innovation on November 2, 2011. In the same ceremony, Colt was also formally awarded the larger Montemor Gold Exploration License.
As a result, the Company has proceeded yesterday with the final payment of €125,000 and the issuance of 3 million restricted shares, thus satisfying the requirements of the August 10, 2010 transaction (see press release of August 10, 2010). This has now increased ownership and control of the Boa Fé gold project from 51% to 100%.
Colt anticipates initially having two drill rigs in operation on the Boa Fé concession by mid- November (see press release of October 24, 2011).