Colt Resources Inc.
CNQ : COLT

Colt Resources Inc.

November 23, 2007 09:00 ET

Colt Resources Inc.: Initial Results from the Penedono Diamond Drilling Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2007) - Colt Resources Inc. ("Colt" or the "Company") (CNQ:COLT) is pleased to announce the assay results from the first 6 holes of a 12 hole diamond drill program conducted this year by the Company on the Santo Antonio target. The Santo Antonio target is located in the Company's Penedono Exploration License which was granted to the Company during the summer of 2007 by the Portuguese Government.

The diamond drilling program was designed to test a portion of veins 4 and 5, part of a system of 13 veins that occur near Penedono, in northern Portugal.

The Penedono vein system has seen commercial mining operations in the past by an unrelated party on veins 2, 3 and 6 with partial development occurring on vein 1. Veins 4 and 5 represent a potential new, untested and readily available source of mineralization for future development. Additional veins on the property remain to be tested, as little to no exploration has been conducted for over 50 years.

The veins intersected by Colt's 2007 diamond drilling program exhibit typical quartz vein characteristics, in that they pinch and swell along strike as well as up and down dip and show erratic distribution of gold values. Gold values are directly related to arsenopyrite / pyrite content.

The following intercepts are all from vein 5 and cover a strike distance of approximately 150 m and vertical distance of approximately 50 - 80 m below surface.

Hole 07-01 failed to intercept vein 5 where it was projected and there appears to be a fault offset.

Hole 07-02 drilled 47 m north east from hole 07-01 cut a strong quartz vein from 43.32 - 45.48 with minor sulphide mineralization.

Hole 07-03 drilled 30 m below hole 07-02 cut a well mineralized quartz vein over 0.85 m from 67.89 - 68.74 with mineralization also occurring in adjacent greisen zones.

Hole 07-04 drilled 40 m north east from 07-02 cut vein 5 from 43.70 - 44.13 with weak mineralization at this location within the vein but with mineralization also occurring in adjacent greisen zones.

Hole 07-05 drilled 33 m below hole 07-04 cut several quartz veins in vein 5 area, 62.53 - 64.24, 68.72 - 69.29 and 73.88 - 75.21, one weakly mineralized and two well mineralized with adjacent mineralization in greisen zones.

Hole 07-08 drilled 30 m north east from 07-04 cut several quartz veins in vein 5 area and as in hole 07-05, some were weakly mineralized and some well mineralized with adjacent mineralization in greisen zones.



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FROM TO INTERVAL
HOLE # metres metres metres Au G/T
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07-01 72.43 72.58 0.15 0.10
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07-02 43.32 44.46 1.14 0.23
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49.20 50.20 1.00 0.72
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07-03 66.89 68.74 1.85 3.90
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incl 67.89 68.74 0.85 8.30
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07-04 43.70 44.13 0.43 0.16
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46.33 47.48 1.15 1.32
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incl 46.90 47.48 0.58 1.76
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07-05 62.53 64.24 1.71 0.18
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68.72 69.29 0.57 6.50
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73.88 75.21 1.33 2.80
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07-08 49.80 50.80 1.00 1.29
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53.80 57.80 4.00 2.52
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incl 53.80 55.60 1.80 4.62
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incl 54.80 55.60 0.80 8.96
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Additional assays will be released when they are received and will include data for vein 4 as well as additional information on vein 5.

The Company's diamond drilling program was 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 Colt 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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