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Colt Resources: Positive Resource Upgrade at Tabuago Tungsten

Contributed by Fox-Davies Capital

Colt has released an updated resource estimate for its Tabuago tungsten project located in the Company's wholly owned Armamar-Meda concession in northern Portugal. The new figures are an Indicated Resource estimate of 1,494Mt grading 0.55% WO, and containing 34Mlbs of contained metal. The Inferred Resource is 1,23Mt grading 0.59% WO, and containing 16M lbs of contained metal.

This is a very good result for Colt Resources. The indicated resource figure has increased by 95% since the last estimate was released in November 2011 and there has been little movement in the Inferred resource figure. Also importantly, there is no change to the overall grade at 0.57% W03 and Tabuago remains open.

These results are a function of the infill drilling which has raised confidence levels, whilst the overall resource size has benefitted from the inclusion of the recently discovered Aveleira zone, just 700m away from Tabuago. This work was based on a cut-off grade of 0.3% WO, and a WO, price of $300/mtu.

Whilst Colt remains committed to identifying an industry partner to jointly develop this project and discussions are currently underway to accomplish this objective, the next steps forward have already been planned. Drilling will continue through 2012 and into 2013 to test the area between Aveleira and Tabuaco and other prospects that Colt has within its 100% owned exploration concession. Some of this drilling will be geotechnical to test ground conditions along potential underground access routes. Environmental impact studies will continue and bulk samples will be collected to allow for detailed metallurgical test work to improve recoveries and assist in designing optimal processing methods.

A Preliminary Economic Assessment on the Tabuago/Aveleira tungsten prospect is scheduled to be prepared during the first quarter of 2013.