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Colt Resources Signs Agreement to Acquire 51% of Montemor Goldproject in Southern Portugal

Colt Resources Inc. has announced that the Direcção-Geral de Energia e Geologia, a division of the Portuguese Ministry of Economy and Innovation, has given the Company until January 31, 2011 to file an experimental mining license application for the Montemor gold concession located in southern Portugal. 

Colt is currently under an agreement with privately owned Iberian Resources Portugal Recursos Minerais Unipessoal Lda (Iberian Resources Portugal), a Portuguese subsidiary of Australian Iron Ore PLC (AIOC). Under conditions of this agreement, Colt will become the operator of and acquire, in two stages, 100% ownership of the Montemor gold project.

With the official granting by DGEG of the above mentioned filing date, Colt under the terms of its agreement with Iberian, has now become operator and 51% owner of all the mining rights and claims to the property and is now on a clear path for 100% ownership of this project.

Extension and Amendment of Warrants
Further to its September 10, 2010 press release, Colt has sought and received unanimous consent from its December 30th class of warrant holders. All 3,908,000 warrants set to expire on December 30, 2010 have now been amended and extended until February 26, 2012. The new strike price is $0.45.

Source: Colt Resources Inc.

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