Initial NI 43-101 Resource Estimate for the Chaminé and Casas Novas deposits within its 100% Boa Fé Gold Project, Southern Portugal

    Trading Symbols:
    GTP - (TSX-V)
    P01 - (FRANKFURT)

MONTREAL, July 3 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce details of an initial resource estimate for the Chaminé and Casas Novas deposits within its 100% owned Boa Fé Gold Project, located in the Company's wholly owned Boa Fé Experimental Mining License ("EML"), 95km east of Lisbon, Portugal. The Boa Fé EML is completely surrounded by the Company's 100% owned (732km2) Montemor exploration concession. The initial resource estimate has been prepared by SRK Consulting (U.S.) Inc. ("SRK"). This has been reported in accordance with the guidelines set out by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and detailed in the National Instrument 43-101. The effective date of the mineral resource estimate is July 1, 2012.

Resource Estimate Summary

The mineral resources for Chaminé and Casas Novas have been independently estimated by SRK at 4,233,000 tonnes grading an average of 1.57 g/t gold classified as Indicated Mineral Resources, with an additional 209,000 tonnes grading an average of 2.36 g/t gold classified as Inferred Mineral Resources. The resource is stated above a 0.40 g/t gold cut-off grade and contained within potentially economically mineable pit shells.

"We are very pleased with this initial estimate that reflects the work performed on the first two targets where we have concentrated our efforts since commencing field work on the project in late November 2011. Our initial strategy has been to focus on previously explored areas where gold resources had been identified historically. During this short period of time, we have concentrated on building a better understanding of the mechanisms of mineralization. During this initial phase, we have assembled a strong professional team of geologists and mining engineers and put in place the systems necessary to explore and define resources efficiently along the mineralized belt that is known to extend over 30km. As we move ahead with our next phase of resource expansion combined with regional exploration, we feel confident that we will be doing so from a solid foundation and that Boa Fé / Montemor will develop into a world class mining district.", said Nikolas Perrault, Colt Resources' President and CEO.

Mr. Perrault added that, "We have achieved three significant objectives during this initial phase of work on our 100% owned Boa Fé property, 1) we have validated an extensive historical database; 2) we have produced an initial NI 43-101 resource estimate with a focus on near surface ounces which could be quickly put into production; and 3) we have identified numerous areas for rapid resource expansion both in the Boa Fé license as well as the surrounding Montemor concession (Figure 1). Our team has already begun the work designed to demonstrate depth and strike extensions of the resources being reported and has identified numerous additional zones of mineralization within our 100% controlled gold properties. Our recent press releases have highlighted positive results from several of these zones, which will provide the basis for future resource estimates."

Mr. Perrault concluded by saying, "When we commenced our work at Boa Fé in November, 2011, we promised our shareholders that we would publish an initial NI 43-101 compliant resource estimate by mid-year, 2012. As with our Tabuaço Tungsten Project, we decided initially to focus on a relatively small (but reasonably well-drilled) part of this large mineralized system so as to deliver on our promise within that limited time frame. We have already expanded our work to include other nearby deposits including the Banhos, Braços, Covas and Ligeiro deposits and will report resources when the work has been completed. We will continue to increase the number of deposits under evaluation and will aggressively search for new deposits as we progress with this very exciting district scale gold system."

Boa Fé Resource Estimate

SRK were supplied with a comprehensive drilling and trenching database together with 3D solids interpreted for both the Chaminé and Casas Novas gold deposits completed by Colt Resources and predecessor companies. This database and 3D solids has formed the basis of the resource estimates presented here. All geological modeling was undertaken in Gemcom(TM) mining software ("GEMS"). In addition, SRK have undertaken grade modeling and estimation and subsequent pit optimization using Maptek Vulcan(TM) ("Vulcan") and Gemcom(TM) Whittle ("Whittle") software packages.

The following table (Table 1) summarises the in situ Mineral Resource, stated at a 0.40g/t Au cut-off grade and contained within potentially mineable open pits, within the defined mineralisation models for both deposits. Classification of the Mineral Resource is based on quality control data, geological continuity and borehole spacing. The estimate is considered to have reasonable prospects for eventual economic extraction, as it is constrained by a cut-off grade derived from reasonable surface mining and processing costs.

      Table 1: Resource Statement for the Chaminé and Casas Novas deposits
      within the Boa Fé Project, Alentejo Region, Portugal: SRK Consulting
                            (U.S.) Inc., July 1, 2012*
    Deposit Area   Resource     Quantity     Average Grade  Contained Metal
                   Category  ------------------------------------------------
                                 Tonnes         Au (g/t)         Au Oz
    Chamine        Indicated  1,207,000            2.00         77,000
    Casas Novas               3,026,000            1.40        137,000
    Total Indicated           4,233,000            1.57        214,000
    Chamine        Inferred       4,000            3.14            400
    Casas Novas                 205,000            2.34         15,000
    Total Inferred              209,000            2.36         15,400
    (1) Mineral Resources are not Mineral Reserves and do not have
    demonstrated economic viability.  There is no certainty that all or any
    part of the Mineral Resources estimated will be converted into Mineral
    (2) Resources stated as contained within a potentially economically
    mineable open pit above a 0.40 g/t Au cut-off.  A constant specific
    gravity of 2.70 was assumed for all model blocks.
    (3) Pit optimization is based on an assumed gold price of US$1,560/oz ,
    metallurgical recovery of 90%, mining cost of US$2.00/t and  processing
    and G&A cost of US$18.00/t.
    (4) Mineral resource tonnage and contained metal have been rounded to
    reflect the accuracy of the estimate, and numbers may not add due to
    (5) Mineral resource tonnage and grade are reported as undiluted and
    reflect a potentially mineable bench height of 2.0m
    (6) Contained Au ounces are in situ, and do not include metallurgical
    recovery losses.

The mineral resources are reported in accordance with Canadian Securities Administrators ("CSA") NI 43-101 and have been classified in accordance with standards as defined by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "CIM Definition Standards - For Mineral Resources and Mineral Reserves".

This initial mineral resource estimate has been completed by Jeffrey Volk, M.Sc. C.P.G., FAusIMM, Principal Resource Geologist with SRK, who has reviewed pertinent geological information in sufficient detail to support the data incorporated in the mineral resource estimate. Mr. Volk is an Independent Qualified Person as defined under NI 43-101 and is responsible for the mineral resource estimate presented in this release.

Block models were constructed for each of the two deposit areas in Vulcan using a block size of 10m (X) x 10m (Y) x 2m (Z). Block grades were estimated using 2m downhole composites using Inverse Distance Weighting (IDW). Grade estimation was constrained by nominal 0.20 g/t Au grade solids. The resultant block models were then imported into Whittle for resource pit optimization.

Quality Assurance / Quality Control (QA/QC)

All drill core is transported by Company personnel from drill site to a nearby secure storage facility for logging and sampling. Sampling intervals are defined after core logging and determination of probable high grade zones based on visible mineralisation and favourable structure. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.

Trench samples are collected from bedrock exposed at the base of a trench excavated by a backhoe and cleaned and mapped prior to sample collection. Trench channel samples are collected using hammer and chisel and are generally two metres (m) long with an average width of 10 centimetres (cm). Channel samples are bagged on site and sent for analysis.

All samples are sent by courier to ALS Chemex's facility in Seville, Spain, where they undergo sample preparation. The resulting pulps are shipped by ALS to their laboratory in Romania for gold assay and routine ICP multi-element analysis. Gold analysis for all samples is done via method "Au - AA23" (Au by fire assay and AAS, 30g nominal sample weight). The detection limit for this method is 5 ppb. For every sample with Au values over 3 ppm, the pulp is re-analyzed by method "Au - GRA21" (Au by fire assay and gravimetric finish, 30g nominal sample weight). The detection range for this method is 0.05-1000 ppm.

A set of standards and blanks has been inserted by Colt into the drill sample stream on a regular basis in addition to the laboratory's own internal QA/QC standards and duplicates. QA/QC results to date are well within the accepted norm.

Boa Fé Next Steps

    - Drilling is planned to be accelerated with the rig count increasing
      during the summer. We will be focusing on extending known
      mineralization at Chaminé and Casas Novas and testing several known
      deposits previously identified within Boa Fé as well as evaluating
      other deposits in the region within Colts 100% controlled and the much
      larger Montemor exploration concession.
    - Environmental impact studies will continue so as to optimize the mining
      and processing facilities and minimize their environmental impact.
    - Geotechnical drilling will be performed to test ground conditions and
      to determine optimum slope angles.
    - Bulk samples will be collected so as to allow more detailed
      metallurgical testwork to improve recoveries and assist in designing
      optimal processing methods.
    - An updated resource estimate for Boa Fé is scheduled to be prepared
      during the first quarter of 2013.

SRK, with inputs from Colt on specific sections, will be the author of an NI 43-101 compliant Technical Report on the Mineral Resource Estimate for the Boa Fé Gold Project, to be filed within 45 days of this news release.

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.

Jeffrey Volk, M.Sc. C.P.G., FAusIMM, Principal Resource Geologist with SRK, is the independent qualified person, as defined in NI 43-101, for Chaminé and Casas Novas Resource estimates. Mr. Volk has reviewed the content of this press release and consents to the information provided in 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 revised annual information form dated April 20, 2011 available on SEDAR at 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.

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For further information: Nikolas Perrault, CFA, President & CEO, Colt Resources Inc., Tel: +351-219-119813, Fax: (514) 843-7704,; Renmark Financial Communications Inc.: Florence Liberski:; Robert Thaemlitz:; Media - Marie-Pier Kerr:; Tel.: (514) 939-3989 or (416) 644-2020,; Declan Costelloe CEng, Executive Vice President & COO, Colt Resources Inc., Tel: +351-219-119813, Fax: (514) 843-7704,; Natalia Sokolova, Vice President, Investor Relations, Colt Resources Inc., Tel: (917) 574-2312, Fax: (514) 843-7704,

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