Mr. Nikolas Perrault reports

COLT RESOURCES CLOSES A $2.205M PRIVATE PLACEMENT

Spektra Drilling Canada Inc. has acquired 10.5 million units of securities from Colt Resources Inc. on a private placement basis at 21 cents per unit for aggregate consideration of $2,205,000. Each unit is composed of one common share of Colt and one common share purchase warrant. Each warrant shall entitle Spektra Canada to acquire one common share of Colt at an exercise price of 26 cents for a period of two years following the closing date. The common shares and warrants comprising the units and the warrant shares will be subject to a four-month-and-one-day hold period in accordance with Canadian securities laws.

"In a challenging industry environment, we are very pleased to receive such vote of confidence from a key industry player with whom we look forward to developing a long-term relationship. This latest investment supports the aggressive drilling program currently under way at our Tabuaco tungsten project," stated Nikolas Perrault, Colt president and chief executive officer.

After completion of the private placement, Spektra Canada owns 16.75 million common shares of Colt, representing approximately 9.7 per cent of the issued and outstanding common shares of Colt (before the exercise of the warrants). Assuming the exercise of all of the warrants, Spektra Canada will own a total of 27.25 million common shares of Colt, representing approximately 15 per cent of the issued and outstanding common shares of Colt.

Spektra Canada is a wholly owned subsidiary of Spektra Jeotek A.S., a Turkish company. Spektra Jeotek is controlled by Levent Okay. Neither Spektra Jeotek nor Mr. Okay owns any common shares of Colt, nor do they exercise control or direction over any common shares of Colt other than those owned by Spektra Canada.

The units were acquired by Spektra Canada for investment purposes. Spektra Canada may from time to time acquire additional units or other securities of Colt, dispose of some or all of the existing or additional common shares or other securities of Colt, or continue to hold same in the normal course of its investment activities.

In connection with the purchase of units by Spektra, a letter agreement was entered into between Spektra's parent company, Spektra Jeotek, and Colt on Aug. 5, 2014. The letter agreement provides that Colt will, out of the proceeds for the units, pay to Spektra Jeotek for past drilling services and for future drilling services pursuant to a drilling contract between Colt and Spektra Jeotek. Additionally, Colt has agreed to appoint a nominee of Spektra to the board of directors of Colt, subject to regulatory approval.

Also, in connection with the purchase of units by Spektra, a voting trust agreement was entered into between Colt, Spektra and a voting trustee. Pursuant to the voting trust agreement, the voting trustee has been granted the authority to vote the common shares of Colt owned by Spektra, subject to certain exceptions. The voting trust agreement shall terminate upon Spektra Canada owning 5 per cent or less of the issued and outstanding common shares of Colt.

We seek Safe Harbor.