Trading Symbols:
GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)
MONTREAL,
March 6, 2013 /PRNewswire/ - Colt
Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01)
(OTCQX: COLTF) is pleased to announce the execution of a binding
letter of intent ("LOI") to purchase the property known as Passa
Frio within the Company's recently awarded Tabuaço experimental
mining license that includes the Tabuaço (São Pedro das Águias) and
Aveleira tungsten deposits in northern Portugal, for the purposes of planning the
Company's future mining operations. Passa Frio is mostly vacant
land of approximately 1,000,000 m2. The property was
carefully selected after a thorough trade-off evaluation and review
of several possible locations to establish the necessary surface
mining infrastructure, namely the processing plant, dams, dumps and
adjoining warehouses, and is zoned to permit such construction. The
property is situated away from residential areas such that it is
mostly unnoticeable from the surrounding roads and nearby
villages.
Over the next months, the Company will survey
the property in detail to verify legal title. The LOI locks up the
property while the Company completes its survey. Following the
survey, Colt has a three-year option to enter into a final purchase
and sale agreement with the owners of Passa Frio. Colt will pay
€100,000 for the three-year option and an additional €350,000 to
purchase the property by the end of the third year should the
Company decide to exercise the option to purchase Passa Frio.
About Colt Resources Inc.
Colt Resources Inc. is a is a Canadian mining
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 annual information form 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.
