Mr. Nikolas Perrault reports

COLT RESOURCES INTERSECTS 5.28G/T AU OVER 15.39M, INCLUDING 9.99G/T AU OVER 3.43M AT ITS BOA FE GOLD PROJECT, SOUTHERN PORTUGAL.

Colt Resources Inc. has received final analytical results for five holes and one trench from the continuing drilling and trenching campaign on its Boa Fe gold project, located within the company's 100-per-cent-owned, 47-square-kilometre Boa Fe experimental mining licence (EML) in southern Portugal. The Boa Fe EML is completely surrounded by the company's 100-per-cent-owned, 732-square-kilometre Montemor exploration concession.

The results from the Chamine and Ligeiro deposits are highlighted in the attached table.

                                                                                                               
Chamine deposit                                  From        To   Au grade     Interval*  
                                                   (m)       (m)      (g/t)          (m)
 
Drill hole BFCH-12-004 -- 254.15 m deep        106.45    120.40       1.90        13.95      
Including                                      114.00    118.00       3.76         4.00      
Drill hole BFCH-12-008 
(vertical) -- 64.40 m deep                     No significant mineralization  
Drill hole BFCH-12-009 -- 90.34 m deep          38.84     54.23       5.28        15.39
Including                                       43.08     46.59       9.71         3.51      
Including                                       50.80     54.23       9.99         3.43      
And                                             63.50     69.84       1.64         6.34      
Drill hole BFCH-12-011 
(vertical) -- 58.80 m deep                      41.95     46.30       1.77         4.35                    
                      
Ligeiro deposit                                  From        To   Au grade     Interval*  
                                                   (m)       (m)      (g/t)          (m)                
Drill hole BFLG-12-001 
(vertical) -- 65.10 m deep                        8.59    11.24       1.98         2.65                  
Trench BFLGT-12-001 -- 271.40 m long            194.00   196.00       1.05         2.00
                        
* True width has not been determined at this time.

Nikolas Perrault, president and chief executive officer of Colt, stated: "As promised, we are providing regular updates from our Boa Fe gold project. We have broadened our drilling and trenching efforts to include the Ligeiro deposit, and we are pleased to see continued positive near-surface results. In the weeks ahead, we also expect to begin to report results from the nearby Casas Novas deposit as we further expand the campaign currently under way which is designed to confirm and increase the potential of this very exciting gold project."

Program strategy

Gold mineralization has been identified in several deposits along a shear zone that extends over approximately 30 kilometres along strike. Previous shallow drilling was focused on the highest-grading portions of gold anomalies that closely follow the regional shear. The mineralization style interpreted in the current model is associated with shears at low angle to the regional shear direction (S1, S2, T and R) developed due to contrasts in competency between granitic and silica-rich units and pelitic schist within the main regional shear zone. Where conjugate sets of shears occur (which are S1 and S2 with T), the best development of mineralization occurs. Conjugate sets of mineralization may occur anywhere within the regional shear zone and are not restricted by depth.

Hole BFCH-12-009 is the last hole in a fence line drilled along section line 6400N at Chamine and was drilled in the reverse direction to previous drill campaigns to get better definition of the high-grade zone with respect to the low-angle shear model (see press release dated Feb. 28, 2012) and fill in a gap interval in a neighbouring previous hole which was not sampled. The results correlate with the current model for this section within a plus-or-minus-three-metre tolerance.

Colt will continue to test its current ideas on structural interpretation against previous models and aim to finalize a 3-D model that incorporates the concept of conjugate shear orientations reinforcing each other and leading to higher grades of gold mineralization. The company will continue its aggressive advanced-stage exploration campaign consisting of a combination of vertical and inclined drill holes positioned to confirm previous drilling results at Casas Novas, Ligeiro, Bracos and Banhos deposits, and investigate the gaps between Chamine-Casas Novas and Chamine-Ligeiro to increase resource potential. Results currently being interpreted from geophysical exploration (resistivity and seismic orientation surveys across Chamine) will greatly assist in advancing targets in the gap areas. High-priority regional targets identified through field prospecting will also be tested. The results of this phase of work will form the basis for an initial NI 43-101-compliant resource estimate to be prepared later in 2012, covering several previously drilled gold-bearing deposits within the Boa Fe EML.

Minimal drilling has been performed to test depth extensions below an average of 100 metres or along strike between known mineralized deposits. Given the shear-zone style of mineralization and extensive gold anomalies in soils, there is good potential to build upon previous work that supported several non-NI 43-101-compliant resource estimates that range from 150,000 ounces to 550,000 ounces of gold as defined over the period from 1991 to 2008 (see press release March 7, 2011).

Quality assurance/quality control

Drill sample intervals are reported as metres downhole and, as such, do not represent true widths of mineralized intersections. All drill core is transported by company personnel from drill site to a nearby secure storage facility for logging and sampling. Sampling intervals are defined after core logging and determination of probable high-grade zones based on visible mineralization and favourable structure. One-half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.

Trench samples are collected from bedrock exposed at the base of a trench excavated by a backhoe, and cleaned and mapped prior to sample collection. Trench channel samples are collected using hammer and chisel, and are generally two metres long with an average width of 10 centimetres. Channel samples are bagged on site and sent for analysis.

All samples are sent by courier to ALS Chemex's facility in Seville, Spain, where they undergo sample preparation. The resulting pulps are shipped by ALS to its laboratory in Romania for gold assay and routine ICP multielement analysis. Gold analysis for all samples is done via method Au-AA23 (gold by fire assay and AAS, 30-gram nominal sample weight). The detection limit for this method is five parts per billion. For every sample with gold values over three parts per million, the pulp is reanalyzed by method Au-GRA21 (gold by fire assay and gravimetric finish, 30-gram nominal sample weight). The detection range for this method is 0.05 to 1,000 parts per million.

A set of standards and blanks has been inserted by Colt into the drill 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 director Gareth O'Donovan, CEng, MSc, BA (honours), FIMMM, FGS, is the independent qualified person, as defined in NI 43-101, for Colt's projects in Portugal. Mr. O'Donovan has reviewed the content of this press release, and consents to the information provided in the form and context in which it appears.

We seek Safe Harbor.