Mr. Nikolas Perrault reports

COLT RESOURCES REPORTS ENCOURAGING RESULTS FROM THE GAP ZONE AT ITS TABUACO TUNGSTEN PROJECT, NORTHERN PORTUGAL

Colt Resources Inc. has released positive results from intercepts from two of the first three holes recently drilled in the Gap zone at its Tabuaco tungsten project, located in northern Portugal, as part of its resource expansion drilling program started on June 18, 2014 (see press release of June 16, 2014).

The initial three holes of this latest phase of drilling, DHT-113, DHT-114 and DHT-115, have focused on testing the ground close to an isolated hole completed in December, 2012, DHT-88, which intersected rich tungsten mineralization separate from the Sao Pedro das Aguias and Aveleira deposits (see press release of Jan. 30, 2013). This isolated hole was not included with those used to estimate resources that formed the basis for the preliminary economic assessment published in the third quarter of 2013 (see press release of Sept. 4, 2013).

Initial visual inspection of the mineralized skarns intersected by all three holes, both under natural light and short-wave ultraviolet light, indicated that in general they compared very well, both in terms of mineralogy and texture, with hole DHT-88. Given the very promising visual results, sampling and assaying of the mineralized drill core of holes DHT-113 and DHT-115 were fast-tracked, and assay results are presented in the attached table. The results for DHT-114 are pending.

The rock mechanics conditions of the entire sequence intersected by these holes (both the mineralized zones and the hangingwall rocks) are very good and appear to be superior to those encountered elsewhere on the project.

The three initial holes of this latest program are located within 100 metres of DHT-88 and strongly suggest the presence of a previously undetected zone of mineralization unrelated to either the Sao Pedro das Aguias or Aveleira deposits.

Main tungsten-trioxide-mineralized intervals of hole DHT-88 (assays previously reported), and assay results from holes DHT-113, DHT-114 and DHT-115 are shown in the attached table.

   
                           Drilled              True               
Hole        From     To     length         thickness         Grade
              (m)    (m)        (m)               (m)        % WO3   

DHT-88    100.80 104.80       4.00              3.94          0.45
          116.60 122.60       6.00              5.91          0.58
DHT-113     97.5  108.5      11.00              9.38          0.34
           114.5  118.5       4.00              3.41          0.36
          123.57 138.52      14.95             12.75          0.72
          144.54 151.54       7.00              5.97          0.49
DHT-114    84.45  88.80       4.35              4.10       Pending
           89.25  91.22       1.97              1.86
          105.87 116.77      10.90             10.27
          121.38 121.98       0.60              0.57
          123.93 124.30       0.37              0.35
          125.82 133.16       7.34              6.91
DHT-115   113.40 133.00      19.60             13.65          0.49
          139.60 140.85       1.25              0.87          0.35
          148.75 168.65      19.90             13.86          0.28
          178.85 182.65       3.80              2.65          0.54

Interpretation and follow-up

Holes DHT-114, DHT-113 and DHT-115 (from southeast to northwest) appear to have intersected mineralized skarns similar to that intersected by DHT-88 over a total strike length of greater than 100 metres, located approximately 300 m northwest of the Sao Pedro das Aguias resource area, and approximately 300 m south of the Aveleira resource area.

This mineralization is interpreted to represent a previously unrecognized deposit at Tabuaco, physically separated from either Sao Pedro das Aguias or Aveleira deposits. It is suspected that the separation between these three deposits could be the result of a combination of Variscan folding with late faulting, but this remains to be confirmed.

It is hypothesized that the new deposit may extend further along strike to the northwest, as well as downdip to the southwest underneath the granite body. The program is continuing, and a series of follow-up drill holes are being drilled close by so as to develop a better understanding of the 3-D geometry of this new zone.

"We are very pleased with these results from Tabuaco and look forward to updating our shareholders in the very near future with further developments on this ongoing resource expansion program, which is off to an excellent start," stated Nikolas Perrault, Colt president and chief executive officer.

Quality assurance/quality control (QA/QC)

All drill core is transported by company personnel from drill site to a nearby secure storage facility for logging and sampling.

Sampling intervals for gold mineralization are defined after core logging and determination of probable high-grade zones based on visible mineralization and favourable structure, while the sampling intervals for the tungsten mineralization 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.

All samples are sent by courier to ALS Chemex's facility in Seville, Spain, where they undergo sample preparation.

Gold analysis for all samples is done via method Au-AA24 (Au by fire assay and AAS, 50-gram nominal sample weight). The detection limit for this method is five parts per billion. For every sample with Au values over one part per million, the pulp is reanalyzed by method Au-GRA22 (Au by fire assay and gravimetric finish, 50 g nominal sample weight). The detection range for this method is 0.05 ppm to 1,000 ppm.

Tungsten and tin are analyzed using a metaborate fusion followed by XRF. Assay results for tungsten are reported by the laboratory as W per cent. WO3 values are calculated using a conversion factor of 1.2611.

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.