Middle East Initiatives Underway

MONTREAL, Oct. 28, 2013 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) announces today that it is in the process of establishing new subsidiaries in Dubai and in the Greater Middle East as its efforts for securing advanced stage mining projects in multiple jurisdictions in the area are progressing.

Messrs. Shahal Khan and Haji Malik Shah, who are business and political experts in the region, have joined the Colt team as Strategic Advisors.

Mr. Shahal Khan is a globalist, economist with over 18 years of experience in private equity, venture capital and mergers and acquisitions. He has completed transactions in oil & gas, energy, software and telecom, closing over $5 billion in funding.

Mr. Malik Shah Baluch was born in Chahar Borjak, Nimruz, in Afghanistan's Balochistan, to a prominent Baloch tribal family. His grandfather, Dost Mohammad Baloch, was a leader of Baloch tribes in Afghanistan and Iran and was the elected representative of the Baloch people in Afghan National Assembly for forty years during the reign of Zahir Shah and later Davood Khan. After his death and that of his father, Malik Shah succeeded Dost Mohammad as a leader of the Baloch tribes in the region, and following his grandfather's path he devoted his life to the wellbeing of Baloch people and the development of Balochistan in Afghanistan, Iran and Pakistan.

Richard Quesnel, Colt's Executive Chairman stated, "With Mr. Khan and Mr. Shah's track records, skill sets and experiences, we are pleased and honored to have them join the team while Colt is focusing on acquiring potentially near term production assets in the region".

About Colt Resources Inc.

Colt Resources Inc. (www.coltresources.com) is a Canadian mining exploration and 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 projects in Portugal, where it is one of the largest lease holders of mineral concessions.

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 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.