Colt provides Operational Update on Portuguese projects

Trading Symbols:        
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)

MONTREAL, Feb. 20, 2014 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce the completion of the first phase of a drilling campaign initiated in November 2013, intended to support feasibility studies for its two core projects located in Portugal.

Drilling has recommenced at the Boa Fé Gold project located in the south and the Tabuaço Tungsten project located in the north.  During 2013, positive PEA's were reported for both projects.  These include "A Preliminary Economic Assessment of the Boa Fé Gold Project, Portugal" dated May 7, 2013 and "A Preliminary Economic Assessment on the Tabuaço Tungsten Project, Portugal" dated October 1, 2013. These results support the Company's decision to advance the projects towards feasibility study and mine development.

The recently commenced infill drilling program is designed to improve confidence in previously reported resources and has already successfully achieved a total of 4388m, with a target of 10,000m to be completed during the first half of 2014.  All cores have been logged and sampled.  Preparations are underway to dispatch samples to the assay laboratory in Spain.

Project Holes Completed Total Metres
Boa Fé Gold Project 32 1813m
Tabuaço Tungsten Project 22 2575m
Total 54 4388m

Colt is also pleased to announce that the work needed to complete applications for full mining permits at both projects is advancing.  Environmental data collection and monitoring work in support of EIA's for both projects is ongoing.  Colt is committed to mitigating the impact of mining on the environment.  The Company is studying optimal mining and processing methods that will result in enhanced recoveries of metals while ensuring that the waste products will not pose a threat in the future.

Colt JV Projects

Drilling has commenced at the Santo António JV property currently being managed by our joint venture partner, Brazilian company Contecnica (see press release September 4, 2012).  Results of drilling and testwork being performed on the gold bearing tailings located close to the past producing Santo António mine will be published in due course.

A 2000m drilling program is being planned to commence shortly at the Borba JV property currently being managed by our joint venture partner UK company Star Mining (see press release February 25, 2013).

Colt intends to pursue opportunities to negotiate additional JV agreements to develop earlier stage projects in the Portugal focused portfolio.

About Colt Resources Inc.
Colt Resources Inc. (www.coltresources.com) is a Canadian mining exploration and development 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 and securing advanced stage mining projects.

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 annual information form 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.

For further information:

Richard Quesnel
Executive Chairman
Colt Resources Inc. 
Tel: +1 (514) 249-6320
Fax: +1 (514) 843-7704
rquesnel@coltresources.com

Nikolas Perrault, CFA 
President & CEO
Colt Resources Inc. 
Tel: +351-219-119810
Fax: +1 (514) 635-6100
nperrault@coltresources.com

Declan Costelloe, CEng
Executive Vice President & COO
Colt Resources Inc. 
Tel: +351-219-119810
Fax: +351-219-119820
dcostelloe@coltresources.com