COLTF Colt Resources Inc (CE)

MONTREAL, Oct. 3, 2011 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is very pleased to announce that it has received final analytical results for nine holes from its ongoing drilling campaign at its Tabuaço (São Pedro das Águias) tungsten project, located in the Company's wholly owned Armamar‐Meda concession in northern Portugal.

These results are part of an ongoing drilling program designed to provide data on the internal grade and structural consistency of the deposit and to test for lateral extensions of several richly mineralized skarn horizons.

Colt's current drilling program is designed to confirm and expand the historical, non NI 43‐101 compliant resource estimate of 1 million tonnes grading 0.87% WO₃ (SPE‐BRGM JV, early 1980's). These, and previously reported, results indicate that the deposit is open in all directions and that grades and thicknesses are increasing as one steps away from the historical resource zone.

Nikolas Perrault, President and CEO of Colt, says, "Results of these holes continue to confirm that the deposit model is robust and that the predicted grades and thicknesses are being achieved."

Four diamond drill rigs are currently in operation on the deposit so as to increase data flow as the company moves towards the preparation and delivery of an initial NI 43-101 resource estimate later this year.

The results are summarized as follows:

* True Width was determined assuming the mineralization has an average strike of 135⁰ and an average dip of -20^o.

Our geological team has reported that drillholes DHT-21 and DHT-27 were drilled close to a fault zone and did not intersect significant mineralization.

Quality Assurance / Quality Control (QA/QC)

Sample intervals are reported as both metres (m) downhole and as true thickness, which have been calculated using cross sectional interpretation of the mineralized intercepts in three dimensions. The actual dip of the skarn controlled mineralization is generally shallow.

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 scheelite content by examination under short‐wave UV‐light.  One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.

Samples are sent by courier to OMAC Laboratories Ltd, Galway, Ireland or to ALS Laboratory Group, Seville, Spain. Samples are analyzed for W and Sn using a metaborate fusion followed by XRF. Assay results for tungsten are reported by the laboratory as W%. WO₃ values are calculated using a conversion factor of 1.2611.

A set of standards, duplicates and blanks is inserted by Colt into the 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.

Link to map: http://files.newswire.ca/357/colt.doc

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 second largest lease holder of mineral concessions.

SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide overall technical assistance to Colt in Portugal and will be producing several NI 43‐101 compliant reports as projects progress (see: January 18, 2011 press release).

Jeffrey Volk, MSc, CPG, FAusIMM, of SRK Consulting (U.S.) Inc., is the independent qualified person, as defined in NI 43‐101, for Colt's projects in Portugal.  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 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.