Issuance of shares for Senior Note interest and departure settlement with previous CFO

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MONTREAL, March 17, 2014 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) announces that it has arranged to settle some of its existing debt via the issuance of shares.

Shares for interest payment on Senior Note
Colt has settled the interest of the Senior Note owed as of December 31, 2013. See Press Release from November 4^th, 2013. The Company has issued an aggregate of 130,660 common shares at a deemed price of $0.2988 per common share. The amount of indebtedness to be settled by this arrangement totals CDN$39,041. The Senior Note agreement provides for automatic settlement of interest payment by way of share issuance. Note holders wishing to receive their interest payment in cash must notify the Company 30 days prior to each coupon date. This share issuance has been conditionally approved by the TSX Venture Exchange.

Shares for Debt Owed to Former CFO
Colt announces that it has arranged to settle part of the outstanding debt owed to its former CFO, Mr. Aurelio Useche, by issuing an aggregate of 368,193 common shares at a deemed price of $0.3011 per common share. The amount of indebtedness to be settled by this arrangement totals CDN$110,863.60 Mr. Aurelio Useche resigned as the Company's CFO on December 4^th, 2013.

The common shares issued in connection with this debt settlement will be subject to a hold period of four months from issuance. The arrangement is subject to approval of the TSX Venture Exchange.

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 focused on advanced stage development projects in Portugal as well as securing additional advanced stage mining projects.

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.