Colt Resources Inc.
CNQ : COLT

Colt Resources Inc.

February 19, 2008 16:08 ET

Drilling Results From Colt's 2007 Exploration Program on the Penedono Concession, Portugal

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2008) - Colt Resources Inc. (CNQ:COLT) ("Colt" or the "Company") is pleased to announce the assay results from the final 6 holes of the 12 hole diamond drill program conducted by the Company on the Santo Antonio gold target during 2007. The Santo Antonio gold 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 known veins that occur near Penedono, in northern Portugal. During the course of the diamond drilling program, a new system of veins was located adjacent to vein 4 but running at 45 degrees to vein 4. This new system was tested with two holes.

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, relatively untested 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 total diamond drilling program at Penedono consisted of 12 HQ diamond drill holes totaling 1355.04 metres.

The following intercepts from holes 07-01 to 07-09 and 07-12 are all from veins 4 and 5 and cover a strike distance of approximately 150 m and vertical distance of approximately 50 - 105 m below surface. The vein intercepts in holes 07-01 to 07-05 and 07-08 were reported previously but are listed again here for continuity of reporting. The intersections for holes 07-06, 07-07 and 07-09 to 07-12 are also reported. Holes 07-10 and 07-11 were drilled on the new vein system running at 45 degrees to vein 4.

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 07-06 was drilled from a location 85 m behind 07-02 and 07-03 to give a deeper intersection for mineralization, approximately 30 m deeper than in the upper holes. It located a well mineralized quartz vein at vein 4 location and a weak intersection in vein 5 location. On this section, vein 4 has good continuity of mineralization for +80 m below surface.

Hole 07-07 was drilled 45 m behind hole 07-08 to attempt to give a deeper intersection for mineralization in vein 5 located in hole 07-08 as well as give an intersection for vein 4. It located a well mineralized interval in vein 4 and a weakly mineralized interval in vein 5.

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.

Hole 07-09 was drilled 75 m behind 07-04 and 07-05 to give a deeper intersection on vein 5 and well as test vein 4. The hole was successful in locating a well mineralized intersection in both veins, vein 5 at 105 m below surface and vein 4 at 70 m below surface.

Hole 07-10 was the first of two holes drilled on the newly located vein system at 45 degrees to vein 4. It was located approximately 40 m south west from hole 07-06 but drilled at a different azimuth. It located a swarm of narrow, variably mineralized quartz veins at three locations in the hole at depths of 30 and 60 m below surface.

Hole 07-11 was drilled 22 m behind 07-10 to cut the vein swarms at a deeper elevation than in 07-10. It located the second set of veins from hole 07-10 at a depth of 80 m below surface but did not locate the higher or first set of veins.

Hole 07-12 was drilled 40 m to the north east from hole 07-08 to attempt to extend vein 5 to the north east. It cut a weakly mineralized section of vein 5 at a vertical depth of 75 m below surface.

The 2007 diamond drilling program has indicated good continuity of mineralization in:

Vein 4 for over 120 metres in a north east / south west direction (open at both ends) and to a depth of 80 m vertically below surface (open to depth). Intersections range from 4.78 g/t gold over 1.00 m, 1.86 g/t gold over 1.79 m and 5.90 g/t gold over 1.00 m.

Vein 5 for over 100 m in a north east / south west direction (open to the north east) and to a depth of 105 m vertically below surface (open to depth). Continuity of mineralization in vein 5 is not as consistent as in vein 4 with intersections ranging from 0.23 g/t gold over 1.14 m, 8.30 g/t gold over 0.85 m, 1.76 g/t gold over 0.58 m, 6.50 g/t gold over 0.57 m, 4.80 g/t gold over 1.53 m, 8.96 g/t gold over 0.80 m and 1.24 g/t gold over 1.10 m.

The newly located vein system oriented at 45 degrees to vein 4 has returned interesting values to a depth of 80 m below surface with intercept lengths of 5.00 m to 17.0 m core length with intersections varying from 1.14 g/ ton gold over 9.96 m including 46.00 g/t gold over 0.18 m, 1.21 g/t gold over 17.0 m including 8.40 g/t gold over 0.57 m, 11.10 g/t gold over 0.23 m, 0.89 g/t gold over 5.00m and 0.59 g/t gold over 7.48 m. More drilling and extensive surface sampling is required to evaluate this new zone of mineralization.

Colt is encouraged by the results achieved to date and plans to continue exploration drilling on veins 4 and 5 as well as drill testing veins 11 and 13 which lie parallel to and approximately 500 - 600 m to the north west from vein 5.



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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 Vein 5?
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07-02 43.32 44.46 1.14 0.23 Vein 5
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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 Vein 5
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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 Vein 5
zone
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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 Vein 5
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68.72 69.29 0.57 6.50 Vein 5
zone
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73.88 75.21 1.33 2.80 Vein 5
zone
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07-06 20.36 20.85 0.49 1.30
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102.25 103.25 1.00 4.78 Vein 4
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07-07 49.43 50.43 1.00 5.90 Vein 4
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07-08 49.80 50.80 1.00 1.29 Vein 5
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53.80 57.80 4.00 2.52 Vein 5
zone
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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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07-09 88.06 89.85 1.79 1.86 Vein 4
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incl 88.06 88.85 0.79 3.92
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136.85 138.38 1.53 4.80 Vein 5
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incl 136.85 137.38 0.53 9.60
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07-10 35.95 45.91 9.96 1.14 New vein
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incl 41.73 41.91 0.18 46.00 system
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66.00 83.00 17.00 1.21 "
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incl 71.93 72.50 0.57 8.40
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incl 76.28 76.51 0.23 11.10
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88.00 93.00 5.00 0.89 "
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07-11 105.80 113.28 7.48 0.59 New vein
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system
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07-12 19.43 20.80 1.37 8.24 Possible
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incl 19.43 19.80 0.37 30.00 new vein
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75.65 76.75 1.10 1.24 Vein 5
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Quality Control and Assurance

Drill widths presented above are drill intersection widths and may not represent the true width of mineralization.

All diamond drill core samples are split using a saw for the HQ core with 1/2 the core sample stored and marked in the core box in secure storage on site with the remaining 1/2 core sample shipped to EcoTech Laboratories Ltd. in Kamloops B.C. Canada. All gold assays are by fire assay using industry accepted standard methods.

A system of standards, blanks and duplicate samples is used at regular intervals throughout the sampling program as well as internal laboratory check analyses as quality control checks for the diamond drill results presented in this news release.

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 and CEO

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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