GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Nov. 3, 2011 /CNW Telbec/ - 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
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).
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.
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 press
release of January 18, 2011).
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 revised annual information form dated
April 20, 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.
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