Colt files amended consolidated interim financial statements

MONTREAL, April 20 /CNW/ -- 

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

MONTREAL, April 20 /CNW Telbec/ - Colt Resources Inc. ('Colt' or the
'Company') (TSXV: GTP) (FSE: PO1) (OTCQX: COLTF) announces today that it has filed on SEDAR amended consolidated interim
financial statements for the three and nine-month periods ended on
December 31, 2010 (the 'Interim Financial Statements'). The nature of
the amendment to the Interim Financial Statements consisted in errors
in the calculation of the stock-based compensation. The corrected
calculation appears now on pages 3 and 26, where the value for the
stock-based compensation as of December 31, 2010 was changed from
$545,958 to $1,123,125. The Company also took the opportunity to revise
its note on the International Financial Reporting Standards (IFRS) to
update its situation regarding its conversion to IFRS.

In addition, in connection with its review of the management information
circular of the Company dated August 10, 2010 (the 'Circular') in the
context of its review of the preliminary short form prospectus of the
Company dated April 13, 2011, the Autorité des marchés financiers (the
'Autorité') has identified deficiencies in the disclosure of the
Company's compensation therein. As requested by the Autorité, the
Company also filed on the date hereof a revised compensation section in
the Circular.

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.

In addition to the Tabuaço tungsten project located on the Company's
100% owned Armamar-Meda concession in northern Portugal, Colt holds
gold and base metal properties in Portugal.

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, 2010 press release and October 13, 2010 press release).

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).

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 southwest 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
supergiant volcanogenic massive sulphide deposits. Two of these occur
in Portugal, namely Neves Corvo and Aljustrel, and are located 75 and
35 km southeast, 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). The Company is currently implementing the recommended follow-up
exploration program.

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.

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

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.

To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/April2011/20/c5900.html

Renmark Financial Communications Inc.
Florence Liberski: fliberski@renmarkfinancial.com
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com