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.
Boa Fé Gold Project
Tabuaço Tungsten Project
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
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
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:
Colt Resources Inc.
Tel: +1 (514) 249-6320
Fax: +1 (514) 843-7704
Nikolas Perrault, CFA
President & CEO
Colt Resources Inc.
Fax: +1 (514) 635-6100
Declan Costelloe, CEng
Executive Vice President & COO
Colt Resources Inc.