Mr. Nikolas Perrault reports

COLT RESOURCES ANNOUNCES $30 MILLION FINANCING COMMITMENT

Colt Resources Inc. has entered into an agreement with CITC-GEM Ltd., a natural resources fund created by Global Emerging Markets (GEM) and CITIC, whereby Colt has the option, at its sole discretion, to issue and sell, and CITIC-GEM Fund is committed to purchase, common shares of Colt for an aggregate value of up to $30-million. Funds raised through this facility will be used to assist in the implementation of Colt's growth strategy, through increased participation in Colt Resources Middle East (CRME), other potential acquisitions or otherwise, as well as for general corporate and working capital purposes.

CRME is focused on securing and developing world-class mining opportunities in the Greater Middle East and South Asia regions. CRME's primary area of interest is Greater Balochistan, known for its copper, gold and rare-earth potential.

In accordance with the terms of the agreement, Colt will have the right, from time to time during a period of up to 36 months from the execution date of the agreement, to issue and sell to CITIC-GEM Fund, and CITIC-GEM Fund undertakes to acquire from Colt, common shares for a maximum aggregate consideration of $30-million upon exercise by Colt of a drawdown.

Colt will control the timing and maximum amount of any drawdown, and has the right, not the obligation, to draw down on the commitment amount. The maximum amount of a drawdown will be the lesser of (i) 1,000 per cent of the average daily trading volume during the 15 trading days immediately preceding the date of a drawdown; or (ii) the remaining portion of the commitment amount. The common shares issued under the agreement will be subject to statutory resale restrictions, but CITIC-GEM Fund will receive freely transferable and unrestricted common shares through a share lending facility which will be provided by Colt's current shareholders.

Colt has also agreed to pay in connection with the agreement up to 2 per cent of the commitment amount in fee to CITIC-GEM Fund.

The subscription price for the common shares issued under the agreement will be equal to 90 per cent of the average closing price of the 15 trading days immediately preceding the date of a drawdown, which subscription price may not be lower than the floor price determined by Colt for such drawdown and the discounted market price (as such term is defined in the TSX Venture Exchange's Corporate Finance Manual). The agreement remains subject to the approval of the TSV Venture Exchange. A copy of the agreement will be available electronically on SEDAR.

About Global Emerging Markets

Global Emerging Markets was founded in 1991. GEM is a $3.4-billion investment group having completed 365 transactions in 65 countries. The firm is an alternative investment group that manages a diverse set of investment vehicles across the world. GEM's funds include: CITIC-GEM Fund, Kinderhook, GEM Global Yield Fund, GEM India and VC Bank/GEM Mena Fund (1).

(1) GEM exited both its limited partner and general partner stakes in first quarter 2010.

About CITIC

CITIC, otherwise known as the China International Trust and Investment Company, is China's largest native multinational company with over $125-billion of total assets, 44 subsidiaries, and true global reach and influence.

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