Colt Resources intersects 17.4% Cu over 0.42 metres (0.32 m true width) at Miguel Vacas Copper Project in its Borba exploration concession in Portugal

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1 NEWS RELEASE April 21 st, 2016 Trading Symbols: GTP (TSX-V) P01 (FRANKFURT) COLTF (OTC Pink) Colt Resources intersects 17.4% Cu over 0.42 metres (0.32 m true width) at Miguel Vacas Copper Project in its Borba exploration concession in Portugal Montreal, Quebec, Canada Colt Resources Inc. ( Colt or the Company ) (TSXV: GTP) (FRA: P01) (OTC Pink: COLTF) is pleased to provide an update on drilling results obtained from an additional hole drilled at its 100% owned Borba exploration concession in southern Portugal, 160km east of Lisbon (Figure 1). The Borba concession, recently reduced to km 2, is located in the Ossa-Morena zone of the Hercynian basement. The main focus of exploration in the concession is the Miguel Vacas copper deposit, which was mined to a limited extent by open-pit methods in the 1980 s. Copper mineralization at Miguel Vacas is structurally controlled, hosted by late tectonic breccias related to a north-northwest trending shear zone that cuts through lower-palaeozoic formations. During historical mining two types of mineralized breccias were distinguished; namely siliceous breccias and schist breccias (Figure 2), with the former being generally higher in copper content. The deposit dips steeply, around 70 east-northeast and is zoned vertically, comprising (1) an upper zone of oxide copper mineralization which can exceed a depth of 70 metres, (2) an intermediate transitional zone and (3) a lower zone of sulphide copper mineralization. Most historical exploration as well as the historical mining was concentrated in the main breccia structure, which can be up to more than 15 metres in true width. Colt has located old historical records referring to other, parallel mineralized breccia structures (Figure 2). Analytical results were recently received for the second inclined diamond drill hole completed by COLT in 2015, BOMV , collared approximately 150 meters south-southeast of the old mining pit (Figure 2). This hole intersected the main copper mineralized structure at a vertical depth of approximately 150 metres within the sulphide zone. In addition, it also intersected other parallel breccia structures, which locate to the East of the main structure (Figure 3). Table 1 summarizes the best analytical results obtained from hole BOMV

2 depth from (m) Mineralized results from hole BOMV (inclined -60 at N250, m deep) depth to (m) drilled length (m) calc. true width (m) Cu (%) main structure: including: The first three intervals, including the narrow but high grade sample from m, originate from parallel mineralized structures intersected to the East of the main structure (Figure 3). Nikolas Perrault, President and CEO of Colt, stated: While the intersection of the main structure by this hole revealed low copper grades, we are encouraged by the fact that once more we are confirming the presence of parallel mineralized structures which, as illustrated by the results of this hole, can yield significant copper values, thus increasing the overall potential of the Borba concession. Quality Assurance / Quality Control (QA/QC) Sample intervals are reported as both metres (m) downhole and as true thickness, which was calculated by Colt Resources using cross-section interpretation of the mineralized intercepts. The average dip of the mineralized structures is generally 70 ENE with the horizontal plane, which leads to a 50 angle of intersection by a 60 WSW inclined hole such as BOVM All drill core is transported by Company personnel from the drill site to a secure storage facility for logging and sampling. Sampling intervals are defined after core logging and qualitative determination of mineralized contents by visual inspection. The core samples are then cut longitudinally with a diamond saw, one half of the core is sent for analysis, while the other half is retained in the core boxes for future reference. The samples were sent by courier to ALS Geochemistry laboratory in Seville, Spain. After adequate sample preparation all samples were assayed for Cu by method OG46 (Aqua Regia Digestion with ICP- AES or AAS Finish) and analyzed for Au by method Au-AA23 (Au by fire assay and AAS).

3 A set of standards, duplicates and blanks is inserted by Colt into the 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. ( is a Canadian mining exploration and development company engaged in acquiring, exploring, and developing mineral properties with an emphasis on copper, gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is one of the largest lease holders of mineral concessions. Mr. J.W. Murton, P. Eng. is the qualified person responsible for the technical information contained in this news release. Mr. Murton is a member of the advisory board of Colt Resources Inc. Mr. Murton has supervised the preparation and approved the scientific and technical disclosure in the news release. 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. The Company s shares trade on the TSX-V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTC Pink, symbol: COLTF. For more information contact: Nikolas Perrault, CFA President & CEO Colt Resources Inc. Tel: Fax: nperrault@coltresources.com Shahab Jaffrey, CPA CA Chief Financial Officer Colt Resources Inc. Tel: Fax: sjaffrey@coltresources.com 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

4 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 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.

5 Figure 1 Location of Colt s Base-Metal Exploration Concessions in Southern Portugal

6 Figure 2 Drill location map at Miguel Vacas copper deposit, Borba concession

7 Figure 3 Interpretative drill section through hole BOMV at Miguel Vacas copper deposit, Borba concession (all intervals are reported to actual core length) Note: the intervals reported for the historic holes are reproduced from historical sources and can only be taken as indicative; Colt cannot attest to the veracity of these results