Colt Resources appoints Ernst & Young Llp as its auditor

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

MONTREAL, Dec. 3, 2012 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") announces that the board of directors has appointed Ernst & Young LLP (the "Successor Auditor") as auditor for the Company. At the request of the Company, Schwartz Levitsky Feldman LLP (the "Former Auditor") have resigned as auditor of the Company effective November 23, 2012.

The decision to change auditors is the result of the Company's increase in its exploration and evaluation activities in Portugal. Ernst & Young LLP expertise in mining and its international infrastructure were the main criteria for the appointment.

There were no reservations in the Former Auditor's reports for the two most recently-completed fiscal years or for any period subsequent to the most recently-completed period for which an audit report was issued and preceding the date of the Former Auditor's resignation. There are no reportable events between the Company and the Former Auditor. The resignation of the Former Auditor as auditor of the Company has been approved by the Company's audit committee and its board of directors. The Notice of Change of Auditor, together with the letter from the Former Auditor and the letter from the Successor Auditor, has been reviewed by the Company's audit committee and its board of directors.

ON BEHALF OF THE BOARD OF DIRECTORS OF COLT RESOURCES INC.

Nikolas Perrault, CFA, President & CEO

About Colt Resources Inc.

Colt Resources Inc. is a Canadian exploration and development 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 one of the largest lease holders 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.

SOURCE COLT RESOURCES INC.