Colt Resources Contracts SRK Consulting (U.S.) Inc. to Advance its Gold and Tungsten Assets in Portugal

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MONTREAL, Jan. 18 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is pleased to announce that SRK Consulting (U.S.) Inc. (SRK) has been contracted to design and implement a comprehensive work program to advance Colt's gold and tungsten properties located in Portugal.

Main objectives of the contract are as follows:

  • Assess mineral resources of the advanced stage Montemor gold project (MGP) located in southern Portugal (Experimental Mining License under application) and produce a NI 43-101 compliant report on exploration; assess the mineral potential of the Montemor Regional concession (pending) surrounding the MGP.
  • Assess the mineral resources and potential of the Tabuaço tungsten project and surrounding area, located in northern Portugal.
  • Define and execute regional exploration programs surrounding the Montemor gold and Tabuaço tungsten projects to add potential mineral resources to known areas of mineralization.
  • Review past and current exploration programs at Colt's mineral concessions in Portugal and make recommendations for advancing these projects.
  • Evaluate various processing facility options for future gold and tungsten production in Portugal.

SRK will use the following phased approach:

  • Phase 1: Review of all currently available geological, metallurgical and resource related data. Conduct site visits to Colt's projects in Portugal.
  • Phase 2: Design and implement regional exploration programs for both the greater Montemor Regional gold and Tabuaço tungsten projects. Initiate additional metallurgical testwork/data verification in support of advancing the Montemor and Tabuaço projects towards resource disclosure.
  • Phase 3: Carry out drilling of key target areas as identified during Phase 2.
  • Phase 4: Complete resource estimates for both the greater Montemor and Tabuaço areas and prepare technical reports in support of resource disclosure and initial project valuation.

Site visits to Portugal are planned for the end of January 2011. Timeline for Phase 1 and design portion of Phase 2 is end of March 2011.

Nikolas Perrault, CEO of Colt Resources stated, "We are very excited to be working with SRK. Over the past three and a half years, Colt has assembled an important and strategic portfolio of projects in Portugal. The Company has now reached a stage where its further advancement will benefit and be better achieved by working in close association with such a multi-skilled and well-respected engineering group."

About the SRK Group

The SRK Group employs over 1,000 professional staff providing expertise in a wide range of exploration, mining and engineering disciplines.

Consultants include specialists in the fields of exploration, geology, mineral resource / ore reserve estimation and classification, open-pit and underground mining, geotechnical engineering, metallurgical processing, hydrogeology and hydrology, tailings management, infrastructure, environmental management and mining economics.

About Colt Resources Inc.

Colt Resources Inc. is a Canadian based 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 filing for 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:

Colt recently 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. Drilling is expected to be completed by mid-March 2011.

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 the prolific Iberian Pyrite Belt, in southern Portugal.

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 CNSX, symbol: GTP; the OTCQX, symbol: COLTF; and Frankfurt Stock Exchange, symbol: P01.

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "anticipates", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in those forward-looking statements.  The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.


For further information:

Nikolas Perrault, 
President & CEO
Colt Resources Inc.
Tel:  (514) 394-0009  Ext: 1      
Fax: (514) 635-6100 
  Aurelio Useche,
Director & CFO
Colt Resources Inc.
Tel:  (514) 394-0009  Ext: 2  
Fax: (514) 635-6100
      Helen Bilhete,
Director Investor Relations
Colt Resources Inc.
Tel:  (514) 394-0009  Ext: 5
Fax: (514) 635-6100

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