Mr. Nikolas Perrault reports

COLT RESOURCES INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND GRANTING OF INCENTIVE STOCK OPTIONS

Colt Resources Inc. has received all the required subscription agreements for its final closing, with gross proceeds totalling another $180,000 for 720,000 units, in relation to the private placement the company announced in Stockwatch on Feb. 9, 2010, which brings the cumulative total to $3,575,000 in gross proceeds raised.

The proceeds will be used for general working capital purposes and to finance continuing exploration activities at the company's Portuguese concessions.

Colt also wishes to announce that it has granted an aggregate of 3.37 million incentive stock options to directors, officers and consultants of the company, which have a term of five years and are exercisable at 27 cents per common share. These options have been reserved for issuance pursuant to the company's 2007 stock option plan.