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Colt Resources Announces NI 43-101 Technical Report for Santa Margarida Do Sado Concession

Colt Resources Inc. has announced that it has received an independent NI 43-101 compliant technical report on its large base metals concession, Santa Margarida do Sado, located within the prolific Iberian Pyrite Belt in southern Portugal.

Following the processing and re-interpretation of available historical gravity data, thirteen high priority gravity anomalies have been selected for follow-up geophysical work leading to definition of targets for drilling.

The Iberian Pyrite Belt ("IPB") is a 60 km wide by 250 km long mineralized belt that extends from the southwest coast of Portugal to Spain. This world class massive sulphide environment has been explored for many years and a number of important mines have been discovered and exploited for copper, lead, zinc, locally including silver and gold. The IPB is host to 5 supergiant volcanogenic massive sulphide (VMS) deposits. Two of these occur in Portugal, namely Neves Corvo and Aljustrel, which are located 75 and 35 km southeast, respectively, of the Santa Margarida concession.

The wholly-owned Santa Margarida do Sado concession (360 km2) is located some 110 km southeast of Lisbon, at the northwestern extension of the Iberian Pyrite Belt. Within the concession area, exposure of prospective Paleozoic age rocks of the Iberian Pyrite Belt is very limited. Most of the concession area is overlain by up to 320 metres of Tertiary age rocks of the Baixo Sado Basin. As a result of such limited exposure, exploration for volcanogenic massive sulphide deposits is largely dependent on gravity and EM geophysical methods.

In late 2010, Colt commissioned an independent NI 43-101 compliant technical report to document previous mineral exploration work in and around the concession; to compile, process, and re-interpret extensive historical gravity data and define gravity anomalies; and, to recommend additional follow-up work leading to drilling of selected targets.

Re-interpretation of available historical gravity data outlined twenty-three gravity anomalies: seven are previously known anomalies that have had some historical exploration work; sixteen are newly defined anomalies that have never been worked. Thirteen higher priority gravity anomalies have been selected for follow-up ground geophysical surveys and anomaly modelling work, which includes shallow seismic reflection work, more detailed gravity work, anomaly gravity inversion modelling, and time domain electromagnetic (TDEM) surveying using SQUID sensors.

The report titled "NI 43-101 Technical Report on the Santa Margarida do Sado Concession, Iberian Pyrite Belt, Southern Portugal," is dated February 9, 2011 and was prepared by Jim Cuttle, P.Geo., an independent "Qualified Person" as defined in NI 43-101.

Source: Colt Resources Inc.

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