Colt to proceed with a Non-Brokered Private Placement

    
    Trading Symbols: GTP - (CNSX)
                     P01 - (FRANKFURT)
    

MONTREAL , Jan. 15 /CNW Telbec/ - Colt Resources Inc. ("Colt" or the "Company") wishes to announce that it intends to proceed with a non-brokered private placement consisting of up to 800,000 shares at a price of $0.21 per share to raise net proceeds of $168,000 .

The Company intends to use the proceeds for exploration expenditures on the Company's mineral properties in Portugal and for general working capital expenditures.

The securities issued pursuant to the non-brokered private placement will be subject to a four month hold period and the offering will be subject to normal regulatory approvals.

The Company will not be paying finder's fees for this private placement.

Colt is a Canadian based junior mining exploration company with properties in Canada and Portugal . The Company's shares trade on the Canadian National Stock Exchange (CNSX) Symbol: GTP 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.

%SEDAR: 00015107E

For further information: Nikolas Perrault, President & CEO, Colt Resources Inc., [phone], Fax: [phone], [email protected]; Aurelio Useche, CFO, Colt Resources Inc., [phone], Fax: [phone], [email protected]