COLTF Colt Resources Inc (CE)

MONTREAL, Nov. 15, 2011 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that Mikhail Y. Gurfinkel has accepted to join the Colt Resources Advisory Board.

"Colt welcomes Mikhail to its Advisory Board. His outstanding initiative, legal specialization, and background in the global markets and financial services make him a great addition to our team. We are looking forward to working closely with Mikhail and to benefit from his experience and advice. I would like to take this opportunity to state that we consider ourselves quite privileged at Colt over the last few years to have been able to attract such a talented, internationally connected and wonderful group of people" expressed Nikolas Perrault, CEO of Colt. "It gives me great confidence about the future of our Company."

With 15 years of experience in international capital markets through his the legal and investment work, Mr. Gurfinkel now brings his knowledge to the Colt Advisory Board. As Chief Development Officer and Regional General Counsel for Basic Element, since 2007, he has successfully managed the New York office of Russia's largest private capital conglomerate as the sole North American representative. His mandate includes strategy and investments in energy, infrastructure, and manufacturing sectors. He specializes in negotiating and structuring investments and joint venture arrangements, as well as capital raising and portfolio management. Prior to his role at Basic Element, Mr. Gurfinkel practiced law for two of the world's largest law firms in New York City, where he specialized in mergers and acquisitions and capital markets transactions. Mr. Gurfinkel earned his juris doctor from the University of California, Boalt Hall School of Law (Berkeley) and his Bachelor of Arts in Philosophy from the University of Florida.

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 press release of January 18, 2011).

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.