Colt Appoints New Director: Declan Costelloe

Trading Symbols:

GTP - (CNSX) P01 - (FRANKFURT) COLTF.PK (US OTC pink sheets)

MONTREAL, Oct 8 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is pleased to announce that Mr. Declan Costelloe has joined its Board of Directors.

Mr. Costelloe brings a wealth of mining and business experience to the Company.  Mr. Costelloe currently serves as President of Celtic Mining Ltd., an independent mining research and consulting firm.  In 2007, he served as portfolio manager of the Goldfish Fund, a Colorado-based investment fund with a diversified portfolio primarily directed at the mining and natural resource exploration and development field.  From 2003 to 2006, Mr. Costelloe served as an investment manager with Veneroso Associates Gold Advisors ("VAGA"), an investment company focused on the gold industry, prior to which he served as research director of VAGA from 2000 to 2003.  Mr. Costelloe is a chartered engineer (UK Engineering Council) and a mining geologist with over 20 years experience.  He holds a B.Sc. in geology from University College, Galway, and a B.Sc. in mining geology from the University of Wales, College Cardiff.  Mr. Costelloe currently serves as a director of Alexandria Minerals Corporation (TSXV:AZX), Bravo Gold Corp. (TSXV:BVG), U.S. Gold Corporation (TSX:UXG, NYSE.A:UXG) and VG Gold Corp (TSXV:VG). 

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 tungsten and gold. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.

Colt's most advanced projects include the Tabuaço tungsten project and the Penedono gold project, located on the company's Armamar-Meda and Penedono concessions, respectively. Both projects have seen recent drill programs with very encouraging high grade tungsten and gold grades, respectively (see press releases: http://www.coltresources.com/en/press_releases).

Portugal is a mining-friendly country of the European Union (EU) with easy access, excellent infrastructure and a hard-working 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 Canadian National Stock Exchange (CNSX), symbol: GTP; the USA OTC Pink Sheets under the symbol: COLTF.PK; and on the 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.

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