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SRK Consulting Chosen to Assess Colt Resources' Gold and Tungsten Properties in Portugal

Colt Resources Inc. has announced that SRK Consulting (U.S.) Inc. (SRK) has been contracted to design and implement a comprehensive work program to advance Colt's gold and tungsten properties located in Portugal.

Main objectives of the contract are as follows:

  • Assess mineral resources of the advanced stage Montemor gold project (MGP) located in southern Portugal (Experimental Mining License under application) and produce a NI 43-101 compliant report on exploration; assess the mineral potential of the Montemor Regional concession (pending) surrounding the MGP.
  • Assess the mineral resources and potential of the Tabuaço tungsten project and surrounding area, located in northern Portugal.
  • Define and execute regional exploration programs surrounding the Montemor gold and Tabuaço tungsten projects to add potential mineral resources to known areas of mineralization.
  • Review past and current exploration programs at Colt's mineral concessions in Portugal and make recommendations for advancing these projects.
  • Evaluate various processing facility options for future gold and tungsten production in Portugal.

SRK will use the following phased approach:

  • Phase 1: Review of all currently available geological, metallurgical and resource related data. Conduct site visits to Colt's projects in Portugal.
  • Phase 2: Design and implement regional exploration programs for both the greater Montemor Regional gold and Tabuaço tungsten projects. Initiate additional metallurgical testwork/data verification in support of advancing the Montemor and Tabuaço projects towards resource disclosure.
  • Phase 3: Carry out drilling of key target areas as identified during Phase 2.
  • Phase 4: Complete resource estimates for both the greater Montemor and Tabuaço areas and prepare technical reports in support of resource disclosure and initial project valuation.

Site visits to Portugal are planned for the end of January 2011. Timeline for Phase 1 and design portion of Phase 2 is end of March 2011.

Nikolas Perrault, CEO of Colt Resources stated, "We are very excited to be working with SRK. Over the past three and a half years, Colt has assembled an important and strategic portfolio of projects in Portugal. The Company has now reached a stage where its further advancement will benefit and be better achieved by working in close association with such a multi-skilled and well-respected engineering group."

Source: Colt Resources Inc.

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