Colt Provides Update on Private Placement

Trading Symbols: 
GTP - (TSX-V)
COLTF - (OTCQX)
P01 - (FRANKFURT)

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

MONTREAL, March 27, 2013 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (OTCQX: COLTF) (FRA: P01) announces today that it expects the final portion of the private placement with the previously-announced, by way of a press release on February 6, 2013, Asian-based strategic investor to be concluded on or about April 18th, 2013. The Company has received an executed subscription agreement for $5 Million CAD from an investor which is a newly constituted Hong Kong-based resource investment fund, along with written confirmation this week that funds are expected shortly with an explanation that the delay has simply been administrative in nature and as a result of the Chinese New Year Holidays and by the recent major elections in China. This final tranche of the private placement will be under the same terms as the previously-announced private placement, that is a price of $0.45 per share.

The common shares issued by the Company will be subject to a four-month hold period in accordance with applicable Canadian securities laws. Completion of the final tranche of the private placement is subject to the receipt of all necessary regulatory, including the TSX Venture Exchange.

The Company is also pleased to announce that it plans to release a Preliminary Economic Analysis (PEA) for its Boa Fé gold mining project towards the end of April, followed by a PEA on its Tabuaço tungsten project in May.

This press release does not constitute an offer or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.

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

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

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 annual information form 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.