Colt Resources Provides Financial Update

MONTREAL, July 5, 2011 /CNW/ -- 

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

MONTREAL, July 5, 2011 /CNW Telbec/ - Colt Resources Inc. ('Colt' or the
'Company') (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce
that all of the remaining outstanding warrants maturing in June 2011
have been exercised.

Nikolas Perrault, President and CEO, stated 'the Company is currently in
the strongest financial position of its history with approximately
$17.5 million in cash and debt free. We anticipate that these funds
should be sufficient to advance both of our Montemor gold and Tabuaço
tungsten advanced stage exploration projects through feasibility.'

Next week, the Company will be providing a comprehensive operational
update on all of its key projects in Portugal.

In addition, the Company is also pleased to announce that it has granted
today an aggregate of 450,000 Incentive Stock Options to Consultants of
the Company which have a term of 5 years and are exercisable at
CDN$0.75 per common share. These Options have been reserved for
issuance pursuant to the Company's 2007 Stock Option Plan and are
subject to the ratification of the Stock Option Plan at the Company's
next Annual General Meeting.

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.

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 revised annual information form dated
April 20, 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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