Colt Resources Inc. announced the completion of the first phase of a drilling campaign initiated in November 2013, intended to support feasibility studies for its two core projects located in Portugal. Drilling has recommenced at the Boa Fé Gold project located in the south and the Tabuaço Tungsten project located in the north. During 2013, positive PEA's were reported for both projects.

The recently commenced infill drilling program is designed to improve confidence in previously reported resources and has already successfully achieved a total of 4388m, with a target of 10,000m to be completed during the first half of 2014. All cores have been logged and sampled. Preparations are underway to dispatch samples to the assay laboratory in Spain.

Colt is also announced that the work needed to complete applications for full mining permits at both projects is advancing. Environmental data collection and monitoring work in support of EIA's for both projects is ongoing. Colt is committed to mitigating the impact of mining on the environment.

The Company is studying optimal mining and processing methods that will result in enhanced recoveries of metals while ensuring that the waste products will not pose a threat in the future. Drilling has commenced at the Santo António JV property currently being managed by joint venture partner, Brazilian company Contecnica. Results of drilling and testwork being performed on the gold bearing tailings located close to the past producing Santo António mine will be published in due course.

A 2000m drilling program is being planned to commence shortly at the Borba JV property currently being managed by joint venture partner UK company Star Mining. Colt intends to pursue opportunities to negotiate additional JV agreements to develop earlier stage projects in the Portugal focused portfolio.