MONTREAL, Feb. 18 /CNW Telbec/ -
Appointment of Jean Depatie to the Board of Directors
Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FSE: PO1)
(OTCQX: COLTF) is pleased to announce that Mr. Jean Depatie has joined its Board of
Directors. In addition to being a member of Colt's Advisory Board for
the past 3 years, Mr. Depatie has over 35 years of national and
international experience in economic geology. He has worked in over 15
countries and acted as a consultant for organizations such as the
United Nations, the World Bank, the Commonwealth Secretariat, the Asian
Development Bank, Banco Interamericano, the Canadian International
Development Agency and Quebec's Ministry of Natural Resources. Since
1981, he has been working as president or vice president or director of
several mining companies including Cambiex, Novicourt, Noranda Group,
Glamis Gold, Richmont Mines, Alexis Minerals, Louvem Mines and Sulliden
Explorations. Mr. Depatie sits on the board of directors of several
mining companies including Consolidated Thompson Iron Mines Inc. and
Trinity Mining A.G. of Switzerland. He is currently president of
Decamines Inc. of Montreal.
Vice President, Operations (Portugal) - João Carlos Gaspar de Sousa
Colt is also pleased to announce that Mr. João Carlos Gaspar de Sousa
has joined the Company as its Vice President of Operations, Portugal.
He comes to Colt from having worked as the senior project geologist of
Genius Mineira, Lda., an Angolan company. He is a Senior Exploration
Geologist with 28 years of experience including 5 years as the Country
Manager for Iberian Resources Portugal (the former owner of Colt's
Montemor project), more than 2 years with Empresa de Desenvolvimento
Mineiro, S.A. and its subsidiary, 13 years with Rio Tinto and 5 years
with Lundin Mining Corporation (EuroZinc Mining Corp.) which owns the
"Neves-Corvo" copper mine in Portugal. Mr. Gaspar de Sousa has a
Geological degree from Faculdade de Ciências de Lisboa.
Retail Investor Relations Program
Colt is pleased to announce that it has retained the services of Renmark
Financial Communications Inc. to handle its retail investor relations
"We are pleased to announce that we have selected Renmark to reinforce
Colt Resources profile in the financial community and enhance the
visibility of our project portfolio. We chose Renmark because its
standards and methodologies fit best with the message we wish to
communicate to the investing public," noted Nikolas Perrault, President and CEO of Colt Resources Inc.
In consideration of the services to be provided, the Company has an
agreement commencing in February 2011 to pay a monthly retainer of
$7,000 to Renmark Financial Communications Inc.
Renmark Financial Communications does not have any interest, directly or
indirectly, in Colt Resources Inc. or its securities, or any right or
intent to acquire such an interest.
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.
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 dated February 14, 2011 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:
|Nikolas Perrault, |
President & CEO
Colt Resources Inc.
Tel: (514) 317-6301
Fax: (514) 317-6302
Director Investor Relations
Colt Resources Inc.
Tel: (514) 317-6301
Fax: (514) 317-6302