Mr. Nikolas Perrault reports

COLT RESOURCES MIDDLE EAST ACQUIRES THE MAJORITY STAKE IN THREE SIGNIFICANT CHAGAI HILLS EXPLORATION LICENSES FORMERLY HELD BY LAKE RESOURCES LICENSES IN BALOCHISTAN, PAKISTAN

Colt Resources Inc.'s associate company, Colt Resources Middle East (CRME), has entered into a shareholder agreement further to signature of an exclusivity agreement in May, 2014, with Lake Resources NL, an Australian-based global mineral exploration company trading on the Australian Stock Exchange. This joint venture agreement sets out the terms and conditions governing the joint venture Pakistani company called Chagai Resources that CRME and Lake Resources have created. Chagai Resources has now been awarded the three licences formerly held by Lake Resources and will develop these licence areas in the Chagai Hills in Balochistan, Pakistan.

These licences cover three primary exploration areas in Chagai Hills, Balochistan, Pakistan, an area known for world-class assets such as the Reko Diq deposit. The three Chagai Resources licences are at Amalaf, Dasht-i-Gauran and Koh-i-Sultan. The Amalafarea adjoins the northern boundary of the Saindak copper-gold mine that has been operating for over 20 years. The exploration target is large-tonnage, low-grade copper amenable to low-cost open-pit mining and trucking to the adjacent Saindak mine and smelter operated by China Metallurgical Construction Corp., a private Chinese entity. The Dasht-i-Gauranarea is situated to the west of copper mineralization reported by Tethyan Copper Company from drilling at its Sor Baroot prospect at the Reko Diq project and covers a number of possible alteration zones identified from interpretation of satellite images. At Koh-i-Sultan, CRME will be exploring for gold and copper associated with an extensive system of intensely altered breccia and volcanics covering an area of more than five square kilometres on the margin of an extinct volcanic caldera.

CRME is very pleased to take these next and very important steps toward the further exploration and development of these significant properties. CRME has been selected for the award of the first new major exploration licences issued in over a decade by the government of Balochistan. CRME is looking forward to working constructively with the government of Balochistan in the coming years to bring economic and social development to the region.

Shahal Khan, chairman of CRME, stated, "By signing this agreement and securing these licences, Colt is demonstrating its commitment to investing in the natural resources of Balochistan in a fair and equitable way that could ensure significant economic and social development for its people."

Richard Quesnel, president and chief executive officer of CRME, stated, "By partnering with Lake Resources, the local community and the government of Balochistan, we believe that we can become an engine that could potentially develop what could be a world-class asset in the Chagai Hills copper/gold district."

Nikolas Perrault, president and chief executive officer of Colt, stated: "We are very pleased that our efforts which began nearly two years ago to secure a foothold in this prolific mining district are beginning to bear fruit. We will be monitoring developments at CRME very closely with the intention of increasing our exposure as the opportunity arises."

CRME is focused on securing and developing world-class mining opportunities in the Greater Middle East and South Asia regions.

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