Colt Resources Inc.
CNQ : COLT

Colt Resources Inc.

November 16, 2007 09:00 ET

Colt Resources Inc.: Diamond Drilling Program Has Commenced on the Extra High Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2007) - Further to its News Release dated November 13, 2007, Colt Resources Inc. ("Colt" or the "Company") (CNQ:COLT) is pleased to announce that Colt has been informed by its joint venture partner, namely Zab Resources Inc. (formerly Bronx Ventures Inc.) ("Zab"), a company which is related to Colt by certain common directors and officers, that the diamond drilling program on the Extra High Property has commenced.

Zab owns 66% right, title and interest in the Extra High Property and Colt owns the remaining 34% right, title and interest in the Extra High Property. The Extra High Property is subject to a 1 1/2% Net Smelter Returns Royalty, which is payable to an arm's length party. Zab is the operator of the Extra High Property. Both Zab and Colt have formed a joint venture, and as a result, each party is responsible to, and shall fund, its proportionate share of all the expenditures on the Extra High Property. If any party's right, title and interest in the Extra High Property is diluted to less than 10%, then such party's interest shall forever be converted to a 0.5% (one half of one percent) Net Smelter Returns Royalty.

The Extra High property is located on Samatosum Mountain, immediately south of the Rea Deposit and the formerly producing Samatosum Mine, 60 kilometres north east of Kamloops, British Columbia. Previous drill programs by others in the 1980's and by Zab in 2005 revealed important concentrations of gold, silver, copper, lead and zinc in a zone of massive sulphide mineralization named the K7 zone, lying immediately south of the Rea deposit and the formerly producing Samatosum Mine.

The purpose of this year's drill program is to attempt to expand the K7 zone of mineralization outlined during the previous work programs. Diamond drilling completed during 2005 by Zab on the Extra High property totaled 1,874.3 metres in 18 holes. This drilling outlined a well mineralized massive sulphide zone extending over a strike length of greater than 180 metres and extending to greater than 150 metres below surface. Average thickness of the zone from 18 diamond drill holes is approximately 6 metres. The zone remains open in all directions.

The diamond drilling program will be under the supervision of J.W. Murton, P. Eng., a qualified person as defined by National Instrument 43-101. Mr. J.W. Murton is a director of both Colt and Zab and is also responsible for the technical information presented in this news release.

Colt Resources Inc.

Bedo H. Kalpakian, President, CEO and CFO

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 CNQ has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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