Mr. Nikolas Perrault reports

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

Colt Resources Inc. is releasing further positive results from four additional holes (see the table) drilled in the Gap zone of its Tabuaco tungsten project, northern Portugal, as part of its resource expansion drilling program. This new buried mineralized zone, first discovered in July, 2014, is located between the Tabuaco (Sao Pedro das Aguias) and Aveleira resource areas.

Interpretation and follow-up

Holes DHT-118, DHT-120, DHT-122 and DHT-125 intersected the skarn tungsten mineralization both east and west of the initial drilling fence of four holes (news releases dated Aug. 1, 2014, and April 2, 2015).

All together, the results of these eight holes indicate the presence of up to three thick and well-mineralized tungsten skarn horizons, with a confirmed strike length of 210 metres and lateral extent of 80 metres.

The Gap zone tungsten mineralization now appears to hold the potential to add significantly to the total resource inventory of the Tabuaco project.

The company is awaiting analytical results for another six holes drilled in the Gap zone, which will allow completing the delineation and 3-D modelling of this new deposit in order to proceed to a resource estimation.

                                                                      
  
MAIN MINERALIZED INTERCEPTS FROM NEW DRILL HOLES IN THE GAP ZONE, TABUACO 
  
Hole No.       From (m)   To (m)         Drilled length       Grade (WO3)

DHT-118          102.25   112.55                 10.3 m             0.54%
                 125.30   132.05                  6.7 m             0.81%
                 140.35   145.35                  5.0 m             0.63%
DHT-120           75.37    77.95                  2.6 m             0.82%
                  89.05    94.05                  5.0 m             0.17%
                 120.75   124.75                  4.0 m             0.70%
DHT-122           72.60    89.20                 16.6 m             0.49%
                 100.00   107.80                  7.8 m             0.54%
                 118.40   123.70                  5.3 m             0.41%
                 142.65   144.60                  1.9 m             0.72%
DHT-125          139.00   146.60                  7.6 m             0.40%
                 156.20   158.20                  2.0 m             0.57%

Quality assurance/quality control

All drilling operations are supervised by company personnel on a continuous field presence. All drill core is immediately transported by company personnel from the drill site to a nearby secure storage facility for logging and sampling.

Sampling intervals for the tungsten mineralization are defined after core logging and qualitative determination of scheelite contents by examination under shortwave UV light. Core samples are cut with a diamond disk along the longitude of the drill core. One-half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.

Sample intervals are reported as metres downhole, whereas calculation of the respective true thickness requires further knowledge of the geometry of the mineral deposit. The apparent shallow dip (similar to the Sao Pedro das Aguias and Aveleira deposits) suggests that true thickness of each sample interval should be in the 70-per-cent to 90-per-cent range with regard to the downhole depth interval, depending on individual hole orientation.

All samples are sent by courier to ALS Laboratory Group's facility in Seville, Spain, where they undergo sample preparation. The sample pulps are then shipped to the laboratory's Irish facility, where they are analyzed for tungsten and tin using a metaborate fusion followed by X-ray fluorescence.

Assay results for tungsten are reported by the laboratory as W per cent. WO3 (tungsten trioxide) values are calculated using a conversion factor of 1.2611 per cent WO3 to 1 per cent W.

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 quality assurance/quality control standards and duplicates. Quality assurance/quality control results to date are well within the accepted norm.

J.W. Murton, PEng, is the qualified person responsible for the technical information contained in this news release. Mr. Murton is a member of the advisory board of Colt Resources. Mr. Murton has assisted in the preparation of the scientific and technical content in the news release.

We seek Safe Harbor.