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Colt Resources: Update Ore Resources at Boa Fe

Contributed by Fox-Davies Capital

Colt has announced an updated ore resource at the Chamine and Casas Novas gold deposits and initial mineral resource estimates for the Banhos, Bracos and Ligeiro gold deposits located within the Company's 100% owned (47km2) Boa Fe Experimental Mining License (“EML"). Colt is also pleased to announce details of an initial resource estimate for the Monfurado gold deposit located within the Company's 100% owned (728km2) Montemor exploration license that completely surrounds the Boa Fe EML.

This is excellent news for Colt. The initial 43-101 compliant ore resource was released on the 3rd July 2012 and was an Indicated resource of 4.23Mt grading 1.57g/t contains 214koz of gold. There was also a small Inferred Resource of 209kt grading 2.36g/t and containing 15.4koz of gold.

The new Total Indicated Resource is 6.07Mt grading 1.74g/t contains 340.3koz of gold with a further Inferred Resource of 1.554Mt grading 1.69g/t gold containing 84.2koz of gold. These figures were calculated using a 0.44g/t cut-off. The Indicated Resource gold content has increased by 59% but more importantly the grade has increased by 11% to 1.69g/t from 1.57g/t. (See overleaf for details).

Colt has also taken the decision to move towards production. The plan is to commence a feasibility study on the Boa Fe/ Montemor projects during Q2 2013 and have it completed by the end of 2013. In parallel, Colt has completed the majority of the anticipated work required for the Environmental Impact Assessment. In April, a scheduled public review period will take place, paving the way for final approval. By moving to production as early as possible, Colt has decided to finance future regional exploration from revenue. However, the Company remains committed to demonstrating the long term potential of the area which is believed to extend for more than 30km and have considerable potential at depth.