Mr. Nikolas Perrault reports

COLT RESOURCES INC. PROPOSES TO EXTEND AND AMEND WARRANTS

Colt Resources Inc. proposes to extend 3,908,000 warrants expiring on Dec. 30, 2010, to Feb. 26, 2012, and amend the strike price to 45 cents from 30 cents. The company offers to all warrantholders 30 calendar days from today to review and accept such terms. Warrantholders who do not wish to accept the extension and amended strike price or do not accept within the 30 days will remain with the original terms and conditions of their warrants. The company advises all warrantholders to seek independent tax advice concerning the extension and amended pricing.