Correction from the Source: Colt Resources has discovered a significant new gold zone beneath its Chaminé Deposit and has also intersected several rich areas closer to surface in the Chaminé and Casas Novas deposits, in the Boa Fé Gold Project, Southern Portugal

MONTREAL, Dec. 20, 2012 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that its deep drilling campaign to test the "Chaminé Deeps" target has successfully encountered mineralization located several hundred metres below the Chaminé gold deposit.  The Chaminé gold deposit is located within the Company's 100% owned 47km² Boa Fé Experimental Mining License ("EML") in southern Portugal. Colt's 100% owned (728km²) Montemor Gold exploration concession completely surrounds the Boa Fé EML.

Table 1: Initial Results from Chaminé "Deeps" Drilling Program

* True Width has not been determined at this time.

Nikolas Perrault, President and CEO of Colt, stated, "The Chaminé deeps drilling program has been designed to test our conceptual model of a "stacked system" of gold deposits (see figure 1).  These are projected to occur beneath the previously tested and reported Chaminé deposit (see Table 1 and Table 2 and Colt's most recent press release August 27, 2012).  These initial results from the second hole of the program demonstrate the presence of gold mineralization approximately 200 metres beneath the Chaminé deposit.  This result is supportive of our growing conviction that the mineralization controls at Chaminé bear strong similarities with "Red Lake" style mineralization, involving a combination of shearing and folding.  Previous operators focussed their drilling on identifying high grade mineralization within an average of the first 100m from surface during a period of low gold prices.  The Colt deep drilling program has commenced the process of testing this theory by drilling the Chaminé deposit deeper than ever before. Our next phase of work will include the application of downhole geophysical techniques to optimize targeting of deep drillholes as we move forward.  This discovery of mineralization below Chaminé increases our belief that both Boa Fé and Montemor may host significant mineralization and that previous work has only tested a relatively minor part of a potentially larger mineralized zone".

Chamine Deeps Drill Program Results:

http://files.newswire.ca/357/GTP.pdf

Chaminé and Casas Novas Near Surface Drilling Results:

Table 2: Results from Chaminé and Casas Novas Drilling Program

* True Width has not been determined at this time.

Mr Perrault continued, "Colts near surface exploration program is confirming previously identified mineralization while testing for strike and down dip extensions.  Our ongoing drilling at Chaminé and Casas Novas continues to deliver positive results as we continue to drill these deposits in advance of an NI 43-101 compliant mineral resource estimate scheduled to be prepared during Q1, 2013.  This will also include several other gold deposits that we have tested since our initial NI 43-101 resource estimate was announced on July 3, 2012" (see press release July 3, 2012).

Program Strategy

Gold mineralization has been identified in several deposits along a shear zone that extends over some 30 kilometres along strike (Figure 1).  Previous shallow drilling at the Chaminé and Casas Novas deposits (Figures 2 and 3) was focussed on the highest grading portions of gold anomalies that closely follow the regional shear. Colt's drilling has been designed to build on previous work and to test for extensions of mineralization along strike and down dip.  Results to date indicate that the mineralization is open both along strike and down dip.

In both the Chaminé and Casas Novas deposits, the mineralisation 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 (i.e. S1 and S2 with T) the best development of mineralisation occurs.  Conjugate sets of mineralisation may occur anywhere within the regional shear zone and are not restricted by depth.

Mineralisation appears to be associated with several aplite intrusions locally up to 20m thick.  The aplite units are believed to broadly dip 40^o to the south-west, which is broadly analogous to the S₁ direction modelled at Chaminé.  There is also a subhorizontal component in the morphology of the aplite as well. The significant mineralisation appears to occur in kinks and localised fold hinges in the aplite corresponding to pressure shadows created in ductile schist in the lee of the more competent aplite.

Colt will continue to test its current ideas on structural interpretation against previous models as part of its ongoing strategy to prepare working 3D models of mineralization.  The models incorporate 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 Chaminé, Casas Novas, Ligeiro, Braços and Banhos deposits and investigate the gaps between Chaminé-Casas Novas and Chaminé-Ligeiro to increase resource potential.  Results currently being interpreted from geophysical exploration will greatly assist in advancing targets in the gap areas. High priority regional targets identified at the Montemor concession through field prospecting combined with geochemical and geophysical data interpretation are being tested.  The results of this phase of work will form the basis for an updated NI 43-101 compliant mineral resource estimate covering several previously drilled gold bearing deposits within the Boa Fé EML and the Montemor Exploration Concession.

Quality Assurance / Quality Control (QA/QC)

Drill sample intervals are reported as metres (m) down hole 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 mineralisation 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.

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 their laboratory in Romania for gold assay and routine ICP multi-element analysis. Gold analysis for all samples is done via method "Au - AA24" (Au by fire assay and AAS, 50g nominal sample weight). The detection limit for this method is 5 ppb. For every sample with Au values over 3 ppm, the pulp is re-analyzed by method "Au - GRA22" (Au by fire assay and gravimetric finish, 50g nominal sample weight). The detection range for this method is 0.05-1000 ppm.

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 QA/QC standards and duplicates. QA/QC results to date are well within the accepted norm.

About Colt Resources Inc.

Colt Resources Inc. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten.  It is currently focused on advanced stage exploration projects in Portugal, where it is one of the largest lease holders of mineral concessions.

SRK (ES) Managing Director - Gareth O'Donovan CEng MSc BA (Hons) FIMMM FGS, is an 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 and the form and context in which it appears.

The Company's shares trade on the TSX‐V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.


FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Colt Resources Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's revised annual information form dated April 20, 2011 available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE COLT RESOURCES INC.

PDF available at: http://stream1.newswire.ca/media/2012/12/20/20121220_C2688_DOC_EN_22151.pdf

PDF available at: http://stream1.newswire.ca/media/2012/12/20/20121220_C2688_DOC_EN_22152.pdf