Mr. Nikolas Perrault reports

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

Colt Resources Inc. is releasing positive results from hole DHT-114 (see the table) drilled in the Gap zone at its Tabuaco tungsten project, located in northern Portugal, as part of its resource expansion drilling program started on June 18, 2014 (news release of June 16, 2014).

Hole DHT-114 was the third of the initial three holes of this latest phase of drilling, which included holes DHT-113 and DHT-115 (news release of Aug. 1, 2014), all focused on testing the ground close to an isolated hole completed in December, 2012 -- DHT-88 (news release of Jan. 30, 2013).

The results of hole DHT-114 confirm continuity between the skarn tungsten mineralization intersected by 2012 hole DHT-88 and 2014 holes DHT-113 and DHT-115.

  
                                                                                  
             MAIN WO3 MINERALIZED INTERVALS FROM HOLE DHT-114                              
                                          
Hole            From  (m)    To  (m)   Drilled length  (m)  Grade (% WO3)

DHT-114             84.45      91.75                  7.30           0.44
including
                    85.45      87.55                  2.10           0.72
                   105.87     116.77                 10.90           0.74
including
                   108.80     113.85                  5.05           1.03
                   125.82     132.10                  6.28           0.59
including
                   127.90     130.00                  2.10           0.74

Interpretation and follow-up

The set of four holes from DHT-88 in the southeast, through DHT-114 and DHT-113, to DHT-115 in the northwest, indicates the presence of a new, significant zone of tungsten mineralization, located approximately 300 metres northwest of the Sao Pedro das Aguias resource area and approximately 300 metres south of the Aveleira resource area.

These four holes intersected up to three main thick and well-mineralized skarn horizons, with a confirmed to-date strike length ranging from 75 metres for the upper horizon to 125 metres for the lower horizon.

This mineralized zone appears to be closed off to the southeast, but remains open to the northwest. Additional drilling has already been carried out in order to test for the continuation of this zone to the northwest, as well as across strike to the southwest and northeast, and a significant proportion of these holes encountered mineralization. Further analytical results are expected shortly and will be communicated in the near future.

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 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 short-wave 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. Calculation of the respective true thickness requires further knowledge of the geometry of the mineral deposit, but its apparent shallow dip (in parallel with the Sao Pedro das Aguias and Aveleira deposits) suggests that true thickness of each sample interval from DHT-114 should not be lesser than 90 per cent of the downhole depth interval.

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 XRF, and, in addition, for a 51-element package by aqua regia digestion and ICP-MS finish.

Assay results for tungsten are reported by the laboratory as W per cent, whereas 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.

SRK (ES) managing director Gareth O'Donovan, CEng, MSc, BA (honours), FIMMM, FGS, is an independent qualified person, as defined in National Instrument 43-101, for Colt's projects in Portugal. Mr. O'Donovan has approved the scientific and technical content in this news release.

We seek Safe Harbor.