Colt Resources, Inc. (COLTF) Executive Chairman to Purchase Colt Resources Middle East Shares and Be Appointed Advisory Board Chairman

Today before the opening bell, Colt Resources announced its executive chairman, Richard Quesnel would be purchasing up to 4,444,444 shares of Colt Resources Middle East for $1 million CAD. This offer represents a 50 percent premium to the Colt Resources Middle East financing, which was completed in March 2014. The transaction will encompass $0.225 per share. It is expected to bolster Colt Resources’ balance sheet and enable it to meet short-term capital requirements for making further progress.

Because of this transaction and for avoiding any future conflicts of interest, Mr. Quesnel will be stepping down from Colt Resources’ board of directors as executive chairman. However, he will continue working with the company management and board of directors in a strong advisory role. Mr. Quesnel has accepted the company’s offer for him to be Chairman of the company board of advisors.

Mr. Quesnel’s upcoming share purchase has been approved by Colt Resources’ board of directors and obtained conditional approval from TSX Venture Exchange. These developments have initiated a right of first refusal for remaining Colt Resources Middle East shareholders, in which they have 30 days to exercise their pro rata right for matching Mr. Quesnel’s offer. Colt Resources will retain a significant stake of 12,222,223 shares in Colt Resources Middle East, which represents 27.9 percent of the outstanding shares.

This upcoming transaction, combined with foreseen aggressive cost-cutting, will do the following for Colt Resources:

•           Gives it greater financial flexibility

•           Empowers the company to bankroll the completion of bankable feasibility studies at both of its flagship Portugal projects, via parallel funding initiatives

More information about Colt Resources and its projects, the Boa Fé-Montemor Gold Project and the Tabuaço Tungsten Project, can be found at www.coltresources.com

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