Colt Resources A0RM93 V.GTP

that had been previously identified by RTZ during the 1990s, it is the
Company's belief that there is good potential to increase resources through
additional exploration drilling both along strike and following the known
deposits to depth.

At Tabuaço, located in Northern
Portugal, Colt is very pleased to announce the recommencement of drilling (June
18, 2014) designed to infill known resource areas and to test for deposit
extensions.

The Tabuaço drilling program will
initially be focused towards increasing the total resource base of the project,
as previously reported from the São Pedro das Águias (SPA) and Aveleira
deposits (Colt News Release of October 3, 2012). This will be accomplished
through both: 1) Drill testing for possible lateral extensions of the SPA
deposit, which remains open to the west, underneath the granite body, and 2)
Exploring for potential new ore lenses located in the gap between the SPA and
Aveleira deposits, where widely spaced exploration holes completed in 2012
indicate the presence of tungsten mineralized skarn horizons.

Once this phase of resource expansion
is completed, drilling will continue at Tabuaço with the objective of executing
further infill drilling as well as geotechnical drilling. During the last phase
which ended in January 2014, 24 infill holes were drilled for a total of 2610
metres. Samples have been collected and dispatched for assaying and results
are pending. The planned next phase of infill drilling program is intended to
improve geological confidence so as to upgrade inferred resources to indicated
resources as recommended in the PEA published for in October 2013. Results of
this program will provide key inputs necessary for the feasibility study which
is planned to commence shortly.

Quality Assurance / Quality
Control (QA/QC)

All drill core is transported by
Company personnel from drill site to a nearby secure storage facility for
logging and sampling.

Sampling intervals for gold
mineralization are defined after core logging and determination of probable
high grade zones based on visible mineralisation and favourable structure,
while the sampling intervals for the tungsten mineralization are defined after
core logging and determination of scheelite content by examination under short‐wave
UV‐light.

One half of the core is sent for analysis, while the other half is retained in the core boxes for future
reference.


All samples are sent by courier to ALS Chemex's facility in Seville, Spain, where they undergo sample preparation.

Gold analysis for all samples is done via method "Au - AA24" (Au by fire assay and AAS, 50g nominal sample
weight). The detection limit for this method is 5 ppb. For every sample
with Au values over 1 ppm, the pulp is re-analyzed by method "Au -
GRA22" (Au by fire assay and gravimetric finish, 50g nominal sample
weight). The detection range for this method is 0.05-1000 ppm.

Tungsten and tin are analyzed using a metaborate fusion followed by XRF. Assay results for tungsten are
reported by the laboratory as W%. WO3 values are calculated using a conversion factor of 1.2611.

A set of standards and blanks has been inserted by Colt into the drill sample stream on a regular basis in
addition to the laboratory's own internal QA/QC standards and duplicates.
QA/QC results to date are well within the accepted norm.

About Colt Resources Inc.
Colt Resources Inc. (www.coltresources.com)
is a Canadian mining exploration and development company engaged in acquiring,
exploring, and developing mineral properties with an emphasis on gold and
tungsten. It is currently focused on advanced stage exploration projects in
Portugal and securing advanced stage mining projects.

SRK (ES) Managing Director - Gareth
O'Donovan CEng MSc BA (Hons) FIMMM FGS, is an independent Qualified Person, as
defined in NI 43‐101, for Colt's projects in Portugal. Mr. O'Donovan has
reviewed the content of this press release, and consents to the information
provided and the form and context in which it appears.

The Company's shares trade on the TSX‐V, symbol:
GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.

FORWARD-LOOKING STATEMENTS: Certain
of the information contained in this news release may contain
"forward-looking information". Forward-looking information and
statements may include, among others, statements regarding the future plans,
costs, objectives or performance of Colt Resources Inc. (the
"Company"), or the assumptions underlying any of the foregoing. In
this news release, words such as "may", "would",
"could", "will", "likely", "believe",
"expect", "anticipate", "intend",
"plan", "estimate" and similar words and the negative form
thereof are used to identify forward-looking statements. Forward-looking
statements should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. Forward-looking statements
and information are based on information available at the time and/or
management's good-faith belief with respect to future events and are subject to
known or unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond the Company's control. These risks,
uncertainties and assumptions include, but are not limited to, those described
under "Risk Factors" in the Company's annual information form available
on SEDAR at www.sedar.com
and could cause actual events or results to differ materially from those
projected in any forward-looking statements. The Company does not intend, nor
does the Company undertake any obligation, to update or revise any
forward-looking information or statements contained in this news release to
reflect subsequent information, events or circumstances or otherwise, except if
required by applicable laws.


Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.


PDF available at: stream1.newswire.ca/media/2014/06…OC_EN_41578.pdf

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please email unsubscribe@coltresources.com

SOURCE: Colt Resources Inc.

For
further information:

Nikolas Perrault, CFA
President & CEO
Colt Resources Inc.
Tel: +351-219-119810
Fax: +1 (514) 635-6100
nperrault@coltresources.com

Declan Costelloe,CEng
Executive Vice President & COO
Colt Resources Inc.
Tel: +351-219-119810
Fax: +351-219-119820

dcostelloe@coltresources.com§

DUBAI: An Australian, US and Canadian consortium of mining and financial companies is about to renew its offer to make a bid of over $100 billion for the Reko Diq gold mines, to be paid in 30 years, through an international transparent global tender as promised by Dr Arsalan Iftikhar before he resigned.



The US mining company has already been working in the sectors close to Reko Diq while the Australian banks are ready to invest $4 billion in five years to extract gold and copper from Reko Diq.



The Canadian-Chilean joint venture, which was ousted from Reko Diq by the Supreme Court of Pakistan, had offered only $56 billion in more than 50 years once the mine started pouring out the precious minerals.



This joint venture also wanted to take the raw material out of Pakistan for refining.The ousted companies have gone to international courts of arbitration after Pakistan cancelled their contracts but they have lost two cases against Pakistan.



But the new consortium, which says it will not come to Pakistan unless there was a free and globally accepted tender, has assured that smeltering of the gold will be done inside Pakistan and no raw material will be taken out, as was envisaged in the previous deal with the Canadian-Chilean companies.



Smelters will employ thousands of Pakistani labourers and Balochistan will be the biggest beneficiary in addition to the over $3 billion every year that Pakistan will receive from the mines.The formal announcement by the consortium is expected in a day or two but an informed source said Dr Arsalan, who had submitted his resignation, has laid the basis of a transparent solution to the Reko Diq issue, which was only an international tender as per the world standards with sovereign guarantees of the state.The consortium says it will make a serious bid and if any other world mining company offered a better price, it should be given the project.