Colt announces closing of Private Placement

Trading Symbols:

GTP - (CNSX) P01 - (FRANKFURT) COLTF -(OTCQX)

MONTREAL, Oct. 27 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") is pleased to announce that it has received all the required subscription agreements for its final closing with gross proceeds totaling an aggregate of $3,500,000 raised for 10,000,000 units in relation to the private placement the Company announced on October 25, 2010, and will now proceed with the issuance and delivery of the underlying shares and warrants.

As stated in its Oct 25, 2010 press release, the proceeds will be used to accelerate work currently underway on the company's extensive portfolio of concessions in Portugal where it is the second largest holder of mineral claims, and for general working capital purposes.

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 gold and tungsten. It is focused on advanced stage exploration projects in Portugal, where it is the second largest holder of mineral claims.

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 gold and tungsten grades (see press releases: http://www.coltresources.com/en/press_releases).

Portugal is a mining-friendly country in 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.

Colt's shares trade on the CNSX, symbol: GTP; the OTCQX symbol: COLTF; and 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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