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.