GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL, Sept. 4, 2012 /CNW Telbec/ - Colt Resources Inc. ("Colt" or
the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is very pleased to
announce that it has executed a joint venture agreement with privately
owned Brazilian Contécnica - Consultoria Técnica, Ltda. ("Contécnica")
whereby Colt and Contécnica will develop jointly and collaboratively
the Company's Penedono gold project located in northern Portugal. The
transaction is subject to the approval of the Portuguese Ministry of
Economy and Labour by proposal of the Direção Geral de Energia e
The joint venture agreement states that Colt and Contécnica will submit
to the DGEG a joint request for an Experimental Mining License covering the Penedono gold
The agreement between Colt and Contécnica states that upon award of the
Experimental Mining License to the Colt-Contécnica joint venture by the
DGEG, Contécnica will pay Colt €50,000 and will invest a minimum of
€2,000,000 over three years, to earn a 51% stake in the joint venture
and Colt will retain 49% ownership of the project. Contécnica's
geological and engineering consultants undertook due diligence visits
to the project and the Company's offices, at Beloura (Sintra) and
Penedono, and were given a copy of the Company's database on the
Penedono project. Colt will contribute business, strategic and legal
management and Contécnica will contribute financial, technical and
operational management of the Penedono gold project.
Nikolas Perrault, Colt's President and CEO commented, "We are very pleased with this agreement which enables the Company to
significantly advance its Penedono Gold Project. This agreement allows
Colt to maintain a substantial ownership in this project while
preserving its exposure to its potential upside. The Company will
continue to focus the bulk of its internal resources on its advanced
stage Boa Fé-Montemor and Tabuaço projects."
About Contécnica - Consultoria Técnica Ltda.
CONTÉCNICA is a consulting engineering company, founded in 1987, with
the purpose of developing projects, plans and multidisciplinary
programs integrated to engineering. The company actually works in main
infra-structure projects in Brazil, including railways, roadways,
mines, energy, water supply, environment and other areas, with offices
in all over states of the country. With more than 1,000 employees and
25 years of experience, the company has a policy aimed at meeting the
needs and expectations of its clients and partners.
Colt also wishes to announce that Mr. Donald J. P. Ziraldo is stepping
down from the Company's Board of Directors. His involvement with Colt
will continue however through his new role as Managing Director of
Colt's 100% wholly-owned subsidiary, Q.S.P.A., the Senhora do Convento
Port winery. (www.senhoradoconvento.com)
Press Release Correction - August 27th, 2012
Colt would like to make a correction to its press release dated August
27th, 2012. The headline and table, together with the plan for the
Chaminé deposit, stated that highlighted results for drillhole
BFCH-12-036 were 15.16m (from 0.00m to 15.16m) grading 2.78g/t Au,
including 4.07m (from 4.14m to 8.21m) grading 15.59g/t Au. The correct
result should have read 15.16m (from 0.00m to 15.16m) grading 2.78g/t
Au, including 6.76m (from 4.14m to 10.90m) grading 5.04g/t Au. The
error resulted from an incorrect transcription and steps have been
implemented to prevent a recurrence.
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 largest lease
holder of mineral concessions.
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.
For further information:
President & CEO
Colt Resources Inc.
Vice President, Business Development
Colt Resources Inc.
Tel: +1 (514) 843-7178
Fax: +1 (514) 843-7704
Declan Costelloe CEng,
Executive Vice President & COO
Colt Resources Inc.
Vice President, Investor Relations
Colt Resources Inc.
Tel: (917) 574-2312
Fax: (514) 843-7704
Renmark Financial Communications Inc.
Christine Stewart: firstname.lastname@example.org
John Boidman: email@example.com
Media - Marie-Pier Kerr: firstname.lastname@example.org
Tel.: (514) 939-3989 or (416) 644-2020