Colt Appoints Declan Costelloe as Executive Vice President and Chief Operating Officer

MONTREAL, Feb. 28 /CNW/ -- 

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

MONTREAL, Feb. 28 /CNW Telbec/ - Colt Resources Inc. ('Colt' or the
'Company') (TSXV: GTP) (FSE: PO1) (OTCQX: COLTF) is pleased to announce that Mr. Declan Costelloe has accepted the
position of Executive Vice President and Chief Operating Officer
effective immediately. Mr. Costelloe has served on the Company's Board
of Directors since 2010 and will remain on the Board. He brings a
wealth of global mining and business experience to the Company.

'I am personally very pleased to welcome Mr. Costelloe in this key role
as we are further strengthening Colt's management team,' noted Nikolas Perrault, President and CEO of Colt Resources Inc.

About Colt Resources Inc.

Colt Resources Inc. is a Canadian junior exploration 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 the second largest
lease holder of mineral concessions.

Colt is presently 51% owner and operator of the advanced stage Montemor
gold project located in southern Portugal for which it is currently in
the process of obtaining an Experimental Mining License with the
Direcção-Geral de Energia e Geologia, a division of the Portuguese
Ministry of Economy and Innovation. Colt is on a clear path to 100%
ownership of this project (see August 10 and October 13, 2010 press
releases: http://www.coltresources.com/sites/default/files/news_releases_en/colt-08102010-en.pdf and http://www.coltresources.com/sites/default/files/news_releases_en/colt-10132010-en.pdf).

In late 2010, Colt initiated a definition drilling campaign on the
Tabuaço tungsten project located on the Company's 100% owned
Armamar-Meda concession in northern Portugal. A total of 1530 m of
drilling is planned and this will lead to an initial resources estimate
by Q3 2011 (see November 29, 2010 press release: http://www.coltresources.com/sites/default/files/news_releases_en/colt-11292010-en.pdf).

At the Penedono gold project, located on the Company's Penedono
concession in northern Portugal, a trench and drill program is
currently underway to test near surface gold mineralization at the
Turgueira prospect (see October 28, 2010 press release: http://www.coltresources.com/sites/default/files/news_releases_en/colt-10282010-en.pdf).

The Company also holds a large base metals concession, Santa Margarida
do Sado, in southern Portugal, located in the Iberian Pyrite Belt
('IPB') a 60 km wide by 250 km long mineralized belt that extends from
the SW coast of Portugal to Spain. This world class massive sulphide
environment has been explored for many years and a number of important
mines have been discovered and exploited for copper, lead, zinc,
locally including silver and gold. The IPB is host to 5 giant sulphide
(VMS) deposits. Two of these occur in Portugal, namely Neves Corvo and
Aljustrel, and are located 75 and 35 km SE, respectively, of Santa
Margarida. Colt filed a NI 43-101 technical report on the Santa
Margarida do Sado property on February 14, 2011 (see February 16, 2011
press release: http://www.coltresources.com/sites/default/files/news_releases_en/colt-02162011-en.pdf.)

Portugal is a mining friendly member country of the European Union (EU)
with easy access, excellent infrastructure and available labour force.
Colt maintains excellent government relationships at both state and
municipal levels. The company is currently reviewing potential EU
financial incentive programs.

SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide
overall technical assistance to Colt in Portugal and will be producing
several NI 43-101 compliant reports as projects progress (see January
18, 2011 press release: http://www.coltresources.com/sites/default/files/news_releases_en/colt-01182011-en.pdf).

Jeffrey Volk, Msc, CPG, FAusIMM, SRK Consulting (U.S.) Inc., is the
independent qualified person as defined by National Instrument 43-101
for Colt's Portuguese projects.

The Company's shares trade on the TSX-V, symbol: GTP; the OTCQX, symbol:
COLTF; and 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 dated February 14, 2011 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.

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