Mr. Nikolas Perrault reports

COLT RESOURCES HITS 7.85M (6.80M TRUE WIDTH) WITH 1.73% CU, 4.11G/T AU AND 26.21G/T AG AT SALGADINHO COPPER-GOLD PROJECT AT ITS CERCAL EXPLORATION CONCESSION IN THE IBERIAN PYRITE BELT

Colt Resources Inc. has provided an update on drilling results obtained from the Salgadinho copper-gold project at its 100-per-cent-owned Cercal exploration concession in southern Portugal.

The Cercal concession is located in the prolific Iberian pyrite belt, approximately 25 kilometres southwest of Colt's 60-per-cent-owned Alvalade project. The Cercal concession was recently reduced in area to 222.5 square kilometres.

The main focus of attention in the concession is the Salgadinho copper-gold-silver (Cu-Au-Ag) stockwork mineralization hosted by gently dipping felsic volcanic tuffs with intensive sericitic alteration.

Colt's drill hole CESA-15-001 intersected the Salgadinho stockwork mineralization at a depth interval of 110.50 to 118.35 metres, equating to a true width of approximately seven metres.

Analytical results were recently received for CESA-15-001, which are summarized in the attached table.

                                                                           
               MINERALIZED RESULTS FROM HOLE CESA-15-001 (VERTICAL, 180.59 M DEEP) 
                   
Depth from       Depth to      Drilled length     Calc. true width      Cu      Au      Ag 
(m)                    (m)                 (m)                  (m)     (%)   (g/t)   (g/t)

110.50             118.35                7.85                 6.80     1.73    4.11   26.21   
including:                                                                            
110.50             112.53                2.03                 1.76     1.68   14.01   37.76   
115.15             118.35                3.20                 2.77     2.86    0.78   34.95   

Discovered by the Portuguese government exploration department SFM in 1973, the Salgadinho prospect was never mined. Historic drilling intersected disseminated sulphide mineralization over a total strike length of 1.3 kilometres, greater than 350 metres down-dip and locally exceeding 30 metres in true thickness.

After a detailed examination of historic data, Colt concluded that the deposit has been poorly investigated to date, as a consequence of too widely spaced drilling, significant core loss and inadequate sampling.

In addition, other thicker horizons of felsic volcanics occur at depth which remain essentially untested, as most historic drilling was shallow and focused on the upper horizon. A few historic holes have hit mineralization in these deeper horizons but were not followed up.

Nikolas Perrault, president and chief executive officer of Colt, stated: "We are extremely encouraged by these results which significantly raise the profile of the Cercal concession, which we now consider both a gold and copper play. Management is reviewing next steps for Salgadinho, as previous drilling was mostly shallow, widely spaced and inadequately sampled."

Quality assurance/quality control (QA/QC)

Sample intervals are reported as both metres downhole and as true thickness, which was calculated by Colt Resources using cross-sectional interpretation of the mineralized intercepts. The average dip of the mineralized horizon is generally of 30 degrees with the horizontal plane, which leads to a 60-degree angle of intersection by a vertical hole, such as CESA-15-001.

All drill core is transported by company personnel from the drill site to a secure storage facility for logging and sampling. Sampling intervals are defined after core logging and qualitative determination of mineralized contents by visual inspection. The core samples are then cut longitudinally with a diamond saw, one-half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.

The samples were sent by courier to ALS geochemistry laboratory in Seville, Spain. After adequate sample preparation all samples were analyzed for multielement ICP by method ME-MS41 (51-element package by aqua regia and ICP-AES/ICP-MS), and for Au by method Au-AA23 (Au by fire assay and AAS). All samples with ICP results for Cu over 5,000 parts per million or for Ag over one part per million were assayed by method OG46 (Aqua regia digestion with ICP-AES or AAS finish). All samples for Au over 0.5 part per million were assayed by method Au-GRA21 (Au by fire assay and gravimetric finish).

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.

We seek Safe Harbor.