Colt Resources completes $3.8 million Private Placement

Montreal, Quebec, Canada / TheNewswire / July 13, 2015 - Colt Resources Inc.. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTC Pink: COLTF) announces that it has completed a second and final closing of $1,340,923 on its previously announced private placement on June 3, 2015. 7,662,422 additional units of securities ("Units") have been issued by Colt on a private placement basis at $0.175 per Unit. Each Unit is comprised of one common share of Colt and one common share purchase warrant (a "Warrant"). Each Warrant shall entitle unitholders to acquire one common share of Colt (a "Warrant Share") at an exercise price of $0.25 for a period of three years following the closing date. The common shares and Warrants comprising the Units and the Warrant Shares will be subject to a four-month and one day hold period in accordance with Canadian securities laws.

With this second and final closing, the Company has raised in this offering a gross total amount of $3,822,549 for which a total of 21,843,137 Units have been issued. The Company has paid finders' fee of $257,774 in cash equal to 8% on a portion of the gross proceeds raised from applicable subscriptions in the private placement. In addition, the Company will grant finders' warrants equal to 8% of the number of units issued and sold on this same portion of the applicable subscriptions.

CEO, Nikolas Perrault commented "We are very pleased to have been able to complete this important financing despite challenging market conditions. It allows us to resume project development work in Portugal as well as support our ongoing initiatives aimed at broadening our asset portfolio for maximum shareholder benefit".

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of securities in the United States. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About Colt Resources Inc.

Colt Resources Inc. (www.coltresources.com) is a Canadian mining exploration and development company engaged in acquiring, exploring, and developing mineral properties with an emphasis on 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.

The Company's shares trade on the TSX-V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTC Pink, symbol: COLTF.

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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 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 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 www.sedar.com 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.

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