Mr. Nikolas Perrault reports

SHARES FOR DEBT

Colt Resources Inc. has agreed to issue 1,069,718 shares and 179,550 share purchase warrants to settle a total of $132,543 of debt, which is owing to various arm's-length vendors and service providers pursuant to the provision of their services, at a weighted average deemed price of 12 cents.

Each share purchase warrant shall be exercisable at a price of 15 cents per share to acquire one common share of the company for a period of 36 months from the closing date. Upon completion of the transaction, Colt will have 196,240,939 common shares and 16,179,548 share purchase warrants issued and outstanding.

We seek Safe Harbor.