Colt Announces that Richard Quesnel is stepping down from the Board of Directors

Trading Symbols:     GTP - (TSXV)
P01 - (FRANKFURT)
COLTF - (OTCQX)

MONTREAL, April 19 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FSE: PO1) (OTCQX: COLTF) announces today that Mr. Richard Quesnel has resigned from its Board of Directors and as an advisor to the Company effective immediately at the request of the TSX-Venture Exchange.

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.

In addition to the Tabuaço tungsten project located on the Company's 100% owned Armamar-Meda concession in northern Portugal, Colt holds gold and base metal properties in Portugal.

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, 2010 press release and October 13, 2010 press release).

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).

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 southwest 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 supergiant volcanogenic massive sulphide deposits. Two of these occur in Portugal, namely Neves Corvo and Aljustrel, and are located 75 and 35 km southeast, 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). The Company is currently implementing the recommended follow-up exploration program.

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.

The Company's shares trade on the TSX-V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.

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:

Nikolas Perrault,  
President & CEO
Colt Resources Inc.
Tel:  (514) 317-6301
Fax: (514) 317-6302
info@coltresources.com 
        Helen Bilhete, 
Director Investor Relations
Colt Resources Inc.
Tel:  (514) 317-6301
Fax: (514) 317-6302
info@coltresources.com

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COLT RESOURCES INC.

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