Tuesday, June 9, 2009

Colt Resources Inc. reports significant Gold, Tungsten and Tin values from multiple zones of mineralization on its Portuguese properties

Colt Resources Inc. ("Colt" or the
"Company") is pleased to provide an update on property work completed during
the first 4 months of 2009 on their Penedono and Armamar Meda Concessions
located in northern Portugal.
The Penedono Concession consists of 51.231km2 which represents a
reduction from the original concession area as an annual requirement under
Portuguese mining law. Colt has subsequently been successful in negotiating an
extension of the concession for an additional 3 years and has increased the
size of the concession to 102.471 km2. The Penedono Concession is partially
surrounded by the Armamar Meda Concession consisting of 436.81 km2 which in
turn is partially surrounded by the Moimenta-Almendra concession consisting of
566.58 km2.
The combination of these three (3) concessions makes Colt the second
largest mining land owner in Portugal after Lundin Mining.
The concessions which surround the town of Penedono are located
approximately 100 air km east from the coastal city of Porto.


On the Penedono Concession at the Santo Antonio vein system, a number of
new discoveries have been reported covering vein clusters and sheeted vein
systems near the previously reported and partially explored NE / SW trending
veins 1-13. The new N/S to NNE/SSW veins are typically narrow (0.5 - 20 cm
thick) and steeply dipping. Their intensity and continuity is being
investigated for the potential of hosting several small open pits.
One area lying between Veins 3 and 4 and located near the NE end of Vein
3 returned the following chip samples from the poorly exposed veins. This
cluster of samples was taken over an area of approximately 100 m x 200 m and
extensions to this vein swarm are being investigated.

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