Colt Resources Inc. becomes 51% owner and operator of the Montemor Gold
Project in Southern Portugal

MONTREAL, Oct. 13 /CNW Telbec/ - Trading Symbols: GTP - (CNSX), P01 - (FRANKFURT), COLTF.PK - (USA OTC Pink Sheets) - Further to its press release of August 10, 2010, Colt Resources Inc. ("Colt" or the "Company") is very pleased to announce that the Direcção-Geral de Energia e Geologia (DGEG), 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 30^th 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.

About Colt Resources Inc.

Colt Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on tungsten and gold. It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.

Colt's most advanced projects besides Montemor, also include the Tabuaço tungsten project and the Penedono gold project, located on the company's Armamar-Meda and Penedono concessions, respectively. Both projects have seen recent drill programs with very encouraging high grade tungsten and gold grades, respectively (see press releases: http://www.coltresources.com/en/press_releases).

Portugal is a mining-friendly country of the European Union (EU) with easy access, excellent infrastructure and a hard-working available labour force. Colt maintains excellent government relationships at both state and municipal levels. The company is currently reviewing potential EU financial incentive programs.

The Company's shares trade on the Canadian National Stock Exchange (CNSX), symbol: GTP; the USA OTC Pink Sheets under the symbol: COLTF.PK; and on the Frankfurt Stock Exchange, symbol: P01.

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "anticipates", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in those forward-looking statements.  The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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