Trading
Symbols:
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL,
Sept. 4, 2012 /PRNewswire/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is very pleased to announce that it has executed a
joint venture agreement with privately owned Brazilian Contécnica -
Consultoria Técnica, Ltda. ("Contécnica") whereby Colt and
Contécnica will develop jointly and collaboratively the Company's
Penedono gold project located in northern Portugal. The transaction is subject to the
approval of the Portuguese Ministry of Economy and Labour by
proposal of the Direção Geral de Energia e Geologia (DGEG).
Transaction Summary
The joint venture agreement states that Colt and
Contécnica will submit to the DGEG a joint request for an
Experimental Mining License covering the Penedono gold project.
The agreement between Colt and Contécnica states
that upon award of the Experimental Mining License to the
Colt-Contécnica joint venture by the DGEG, Contécnica will pay Colt
€50,000 and will invest a minimum of €2,000,000 over three years,
to earn a 51% stake in the joint venture and Colt will retain 49%
ownership of the project. Contécnica's geological and engineering
consultants undertook due diligence visits to the project and the
Company's offices, at Beloura (Sintra) and Penedono, and were given
a copy of the Company's database on the Penedono project. Colt will
contribute business, strategic and legal management and Contécnica
will contribute financial, technical and operational management of
the Penedono gold project.
Nikolas Perrault,
Colt's President and CEO commented, "We are very pleased with
this agreement which enables the Company to significantly advance
its Penedono Gold Project. This agreement allows Colt to maintain a
substantial ownership in this project while preserving its exposure
to its potential upside. The Company will continue to focus
the bulk of its internal resources on its advanced stage Boa
Fé-Montemor and Tabuaço projects."
About Contécnica - Consultoria Técnica Ltda.
CONTÉCNICA is a consulting engineering company,
founded in 1987, with the purpose of developing projects, plans and
multidisciplinary programs integrated to engineering. The company
actually works in main infra-structure projects in Brazil, including railways, roadways, mines,
energy, water supply, environment and other areas, with offices in
all over states of the country. With more than 1,000 employees and
25 years of experience, the company has a policy aimed at meeting
the needs and expectations of its clients and partners.
Director Resignation
Colt also wishes to announce that Mr.
Donald J. P. Ziraldo is stepping
down from the Company's Board of Directors. His involvement
with Colt will continue however through his new role as Managing
Director of Colt's 100% wholly-owned subsidiary, Q.S.P.A., the
Senhora do Convento Port winery. (www.senhoradoconvento.com)
Press Release Correction - August 27th, 2012
Colt would like to make a correction to its
press release dated August 27th,
2012. The headline and table, together with the plan
for the Chaminé deposit, stated that highlighted results for
drillhole BFCH-12-036 were 15.16m (from 0.00m to 15.16m) grading
2.78g/t Au, including 4.07m (from 4.14m to 8.21m) grading 15.59g/t
Au. The correct result should have read 15.16m (from 0.00m to
15.16m) grading 2.78g/t Au, including 6.76m (from 4.14m to 10.90m)
grading 5.04g/t Au. The error resulted from an incorrect
transcription and steps have been implemented to prevent a
recurrence.
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.
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.