COLTF Colt Resources Inc (CE)

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

MONTREAL, Dec. 17, 2012 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results for 27 diamond drillholes from its ongoing drilling campaign on the Banhos gold deposit, located within the Company's 100% owned 47Km² Boa Fé Experimental Mining License (EML) in southern Portugal. Colt's 100% owned (728Km²) Montemor Gold exploration concession completely surrounds the Boa Fé EML.

Table 1: Results from Banhos Drilling Program

* True Width has not been determined at this time.

Nikolas Perrault, President and CEO of Colt, stated, "The Banhos gold deposit is located just 4km North West of Casas Novas and 5km from Chaminé.  The drilling program at Banhos has significantly increased our confidence and understanding of this zone that was only partially tested before Colt's involvement and despite our extensive drilling campaign the deposit remains open down dip and along strike.  The deposits currently being drill tested will form the basis of our next NI 43-101 compliant mineral resource estimate scheduled to be prepared during Q1, 2013.  As our understanding of the gold mineralization mechanism has improved, we are anticipating developing greater efficiencies in exploration as we work to grow this deposit. Our broader exploration efforts are designed to identify additional mineralized zones both in the Boa Fé EML concession and importantly in the much larger Montemor exploration concession that completely surrounds Boa Fé."

Program Strategy

Gold mineralization has been identified in several deposits along a shear zone that extends over some 30 kilometres along strike (Figure 1).  Previous shallow drilling at Banhos deposits (Figures 2 and 3) was focussed on the highest grading portions of gold anomalies that closely follow the regional shear. Colt's drilling has been designed to build on previous work and to test for extensions of mineralization along strike and down dip.  Results to date indicate that the mineralization is open both along strike and down dip.

At Banhos, an aggressive 50m x 50m based drill program was commenced in August 2012.  The program, consisting of both vertical and inclined holes, has been drilled to develop a better understanding of several shallow structures known historically to host gold mineralization.  Unlike the Chaminé and Casas Novas deposits, historical drilling at Banhos was primarily confined to the upper 30m and consisted mostly of non-cored holes, with only 25 irregularly spaced diamond drillholes drilled deeper to an average depth of 100m.  Colt's results to date indicate that (similar to Casas Novas and Chaminé), mineralization appears to be associated with several shallow dipping aplite and mafic intrusive units within the broader shear corridor.

Colt will continue to test its current ideas on structural interpretation against previous models as part of its ongoing strategy to prepare working 3D models of mineralization.  The models incorporate the concept of conjugate shear orientations reinforcing each other and leading to higher grades of gold mineralization. The Company will continue its aggressive advanced stage exploration campaign consisting of a combination of vertical and inclined drill holes positioned to confirm previous drilling results at Chaminé, Casas Novas, Ligeiro, Braços and Banhos deposits and investigate the gaps between Chaminé-Casas Novas and Chaminé-Ligeiro to increase resource potential.  Results currently being interpreted from geophysical exploration will greatly assist in advancing targets in the gap areas. High priority regional targets identified at the Montemor concession through field prospecting combined with geochemical and geophysical data interpretation are being tested.  The results of this phase of work on Boa Fé and Montemor will form the basis for an updated NI 43-101 compliant mineral resource estimate covering several previously drilled gold bearing deposits within the Boa Fé EML.

Minimal drilling has been performed to test depth extensions below an average of 100 metres or along strike between known mineralized deposits.  Given the shear zone style of mineralization and extensive gold anomalies in soils, there is good potential to build upon previous work that supported several non NI43-101 compliant resource estimates that range from 150koz to 610koz of gold as defined over the period 1991-2008 (see press release March 7, 2011).

Quality Assurance / Quality Control (QA/QC)

Drill sample intervals are reported as metres (m) down hole and as such do not represent true widths of mineralized intersections. 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.

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 - AA24" (Au by fire assay and AAS, 50g 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 - GRA22" (Au by fire assay and gravimetric finish, 50g 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.

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 one of the largest lease holders of mineral concessions.

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 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.

PDF available at: http://stream1.newswire.ca/media/2012/12/17/20121217_C9575_DOC_EN_22008.pdf