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Colorado Resources Completes Initial Phase of RC Drilling at Green Springs Property

COLORADO RESOURCES LTD. "Colorado" or the "Company") announces further to its news release of February 13, 2017 that it has completed its initial phase of RC drilling at Green Springs and continues to explore and advance the property.

Adam Travis, Colorado President and CEO states, "Our Green Springs Exploration Team and Contractors continued the Colorado tradition of highly productive exploration and planned, implemented and completed a well-executed program. So far in less than 3 months since we optioned Green Springs we will have completed the collection of 1,000 rock and soil samples, conducted both detailed pit geological mapping and surface mapping and permitted and completed 4,895 feet of RC drilling. Preparations are underway to expedite the analysis and interpretation of these results."

Colorado contracted HD Drilling LLC out of Winnemucca; who completed 12 RC drillholes totalling 4,895 feet in a total of 10 days. The drill program evaluated the following three targets:

1. RC Drillholes GSC17-01 to GSC17-04 tested the nature of gold mineralization at the lower Chainman Shale – Joana Limestone contact south of the historic mine workings ("E" Zone) and along the trend of a north-south striking mineralized structural corridor.
2. RC Drillholes GSC17-05 to GSC 17-10 tested the nature of gold mineralization associated with the lower Pilot Shale – Guilmette Limestone contact in the "A" Zone. This contact is well exposed to the north and to the east of the mine workings and is associated with well developed, thick jasperoidal bodies which have been shown to be spatially related with gold mineralization in both historic1 RC boreholes and surface rock sample.
3. RC Drillholes GSC17-11 & GSC17-12 were collared in the newly discovered "G" Zone. The G Zone lies at the crest of a regional scale antiform, is associated with a distinctive gold in soil anomaly and has never been drill tested. (See Figure 1)

The Colorado RC drill program was designed to be a very preliminary test of these permissive stratigraphic and structural contacts over a combined strike length of approximately 3.0 km. In addition, during the RC drill program weather conditions also allowed additional geological mapping which further increased our understanding of the controls to mineralization in the Green Springs area. As a result of that work, an expanded target area, which will be better defined by the collection of additional soil and rock geochemical samples and supported by other technical surveys, has been outlined.

About Green Springs

The Green Springs Property is currently under option with Ely Gold & Minerals Inc. ("ELY") to acquire a 100% interest in 193 unpatented claims (1,416.2 hectares) held or under option by ELY and is located in the eastern Great Basin approximately 50 miles south of Kinross's Bald Mountain/Alligator Ridge Mine2 and 35 miles west of Ely Nevada. It is a classic Carlin-style gold system that represents part of a growing number of Carlin-type systems and new discoveries located outside the main Carlin and Cortez camps in largely underexplored parts of Nevada.

Qualified Person

Dr. Jim Oliver, Ph.D, P. Geo., the Company's Chief Geoscientist, is the Qualified Person as defined by National Instrument 43-101 who reviewed the preparation of the technical data in this news release.


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