Colt Resources Inc. (COLTF)

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Colt Resources Strengthens its Operations Team in Portugal

Montréal, Québec, Colt Resources Inc. (“Colt” or the “Company”) (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is very pleased to announce that it continues to strengthen its operations team in Portugal. Seasoned geologist, Steve McRobbie, B.Sc., M.Sc., has accepted to lead the Company’s mine geology efforts. Mr. McRobbie’s diversified international experience with advanced stage projects is key to us as we rapidly move our two main assets from exploration towards production.
Mr. McRobbie is a mining and exploration geologist with nearly 20 years of extensive international experience. He has served as the Vice President of Exploration for Global Cobalt Corp., Director of Exploration of Kazakhmys Plc. and General Manager of Europe and the CIS for Monaro Mining Plc. He holds a B.Sc. in Geology from the University of St. Andrews and a M.Sc. in Mining Geology from the University of Exeter. Mr. McRobbie is a Member of The Australasian Institute of Mining and Metallurgy and an Associate of Camborne School of Mines.
Under the supervision and direction of Mr. Declan Costelloe, Mr. McRobbie will be working closely with Mr. Jorge Valente, mining eng. (IST), whose extensive mine engineering and development experience worldwide was gained with his involvement in studies, engineering projects, mine planning and commissioning over 50 mining operations, in Europe, Africa and South America. Mr. Valente has over forty’ years experience, including creating and managing his own consulting firm for over twenty years, specialized in ore resources and reserve estimation and mine planning (open pit, underground and underwater). Mr. Valente is a published author (nine books and more than 100 technical papers), Member and/or Fellow of various international mining societies, namely of the SME of AIME (USA) and CREA-MG (Brasil), Director of APROMIN (Brasil) and professor (now retired) of the UFOP’ School of Mines (Brasil).
In addition, Mr. Filipe Faria, B.Sc., B.Sc. (Hon.), who has been consulting almost exclusively for Colt for the past few years, has agreed to join the Company full-time to become its VP of Exploration. He has over thirty years’ experience in mineral exploration and evaluation projects, including creating and managing his own consulting firm for over twelve years and as an exploration geologist with RioTinto Finance and Exploration for twelve years. He holds a B.Sc. in Geology from the University of Lourenço Marques (Mozambique) and a B.Sc. (Hon.) in Geology from the University of Lisbon (Portugal). Mr. Faria’s main focus will be to pursue the multiple regional exploration targets Colt has identified near both its Boa Fé gold and Tabuaço tungsten development projects to the point where, when successful, they can be transitioned over to an advanced projects team.
Finally, the Board of Directors of Colt has agreed to change the financial year-end of Colt from March 31 to December 31. This will align the financial year-ends of both Colt and its subsidiaries, including the recently acquired Q.S.P.A.- Sociedade Viticola Unipessoal, Lda., and results in a simplification of internal processes, with all subsidiaries and business units using the same reporting periods. The first reporting obligation pursuant to the new fiscal year will be the preparation and filing of Colt's audited annual financial statements for the nine months ended December 31, 2011 compared to the 12 months ended March 31, 2011.