Colt Resources Provides Operational Update

MONTREAL, July 14, 2011 /CNW/ --

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

MONTREAL, July 14, 2011 /CNW Telbec/ - Colt Resources Inc. ('Colt' or
the 'Company') (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to
provide an operational update for its projects in Portugal.

Nikolas Perrault, President and CEO, stated 'Colt is focused on rapidly
advancing its gold, tungsten and base metal projects.  We have a highly
experienced and dedicated team in place in Portugal and we have great
confidence in their abilities to deliver positive results through
aggressive exploration at our advanced stage assets.  We have
commissioned SRK to provide project management and consulting services
so as to provide our team with access to a world class source of
knowledge and experience.  By acting as QP, Jeffrey Volk of Consulting
(U.S.) Inc., provides Colt with an exceptionally high level of quality
assurance and control'.

Tungsten - Tabuaço

At Tabuaço, Colt's exploration team has identified a tabular, gently
dipping, skarn hosted tungsten deposit within its Armamar Meda
Concession in Northern Portugal.  The tungsten (W) occurs in the
mineral, Scheelite (CaWO(4)) which can be recovered and concentrated using conventional processing
methods.  Preliminary test work has indicated that there are no
significant concentrations of deleterious elements present.  Colt
currently has three drill rigs operating on the project and a fourth
rig is anticipated to be mobilized in the very near future.  Work to
date has identified several thick, high grade zones of mineralization
whose size and shape could potentially support bulk underground mining
in the future.  The on-going program is designed to systematically
measure the tonnage and in-situ grade of the deposit using a close
spaced drilling grid so as to provide the basis for an initial NI
43-101 compliant resource estimate to be delivered later in 2011.

Colt has reported the results of 14 holes drilled on the project to date
and will continue to report results regularly during the weeks and
months ahead.

Regionally, several similar tungsten occurrences have been identified
through field work and occur within Colt's properties.  We have
commenced outcrop sampling at Freixo de Numão and next week will be
initiating a trenching program at the Muchões prospect where, during
2010, we identified high grade tungsten outcrops. These targets are in
our Moimenta Concession and are located approximately 35kms from our
advanced Tabuaço project (refer to June 2010 press release). Depending on the results, this will be immediately followed up with a
drilling program.

Gold - Montemor 

The Montemor gold project, located in southern Portugal, has been
demonstrated to host a gold bearing shear zone that has been mapped to
extend for approximately 30km.  Prior to Colt acquiring the project,
previous exploration companies focused the majority of their activities
on near surface, high grade outcropping zones of mineralization within
an approximately 10km south eastern portion of the shear.  We refer to
this portion as Boa Fé.  This earlier phase of work generated a
significant database consisting of over 1000 drillholes and hundreds of
trenches.  Since acquiring the project (refer to August 2010 press release), Colt has submitted an experimental mining license application for Boa
Fé and an exploration concession application for Montemor, which
completely surrounds Boa Fé and includes the remainder of the gold
bearing shear zone. The Montemor exploration concession contract has
been formally executed as of July 1, 2011 between Colt and Portugal's
DGEG (Direcção-Geral de Energia e Geologia) and is now awaiting final
government ratification.

Work commenced with the preparation of an exploration NI43-101 report
authored by SRK Consulting and published in March of this year.
Together with SRK Consulting, Colt's team is preparing to commence an
aggressive exploration campaign which is planned to start later in 2011
and by which time Colt is expecting to have received authorization to
proceed from the government of Portugal.  In the meantime, SRK is
assisting our team by identifying controls behind gold mineralization,
developing 3D solid models and preparing predictive models so as to
provide guidance for our next phase of work.  The initial campaign will
include some 20,000 meters of drilling, trenching, surface mapping and
geophysical test work designed to confirm and increase historical
resources identified by previous exploration companies.

Gold - San Antonio

Colt has recently commenced a limited exploration campaign focused on
testing known gold bearing veins at San Antonio, located within the
Penedono concession in Northern Portugal.  Previous drilling by Colt
has demonstrated the presence of high grade gold bearing structures and
this campaign has been designed to provide further 3D structural and
continuity information.

Base Metals - Santa Margarida do Sado

The Santa Margarida do Sado (SMS) project is located in Southern
Portugal within the western portion of the Iberian Pyrite Belt (IPB). 
The IPB is known to host several world class Volcanic Massive Sulphide
deposits including Neves Corvo, one of the world's largest Copper and
Zinc mines, which is located some 80 Km's to the South-East of SMS. 
The IPB extends for several hundreds of Km's across southern Spain and
Portugal.  We are currently performing geophysical test work designed
to identify conductive structures that may be buried under
approximately 300m of tertiary sediments. This work follows gravity
studies that suggest the potential presence of dense metal rich zones
at depth.  On completion of this phase of geophysical test work
expected by mid August, Colt plans to follow-up immediately with a
focused deep drilling campaign to begin testing these anomalies.

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.

Jeffrey Volk, MSc, CPG, FAusIMM, of SRK Consulting (U.S.) Inc., is the
independent qualified person, as defined in NI 43-101, for Colt's
projects in Portugal.

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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