Colt Resources Inc. Announces C$15 Million Bought Deal Public Offering

MONTREAL, April 7 /CNW/ --
Not for distribution to United States newswire services or for dissemination in the United States  

Trading Symbols:   GTP - (TSX-V)

                   P01 - (Frankfurt)

                     COLTF - (OTCQX)

MONTREAL, April 7 /CNW/ - Colt Resources Inc. ('Colt' or the 'Company')
(TSXV: GTP) (FSE: P01) (OTCQX: COLTF) is pleased to announce today that
it has entered into an agreement with Canaccord Genuity Corp.
('Canaccord') pursuant to which Canaccord has agreed to purchase, on a
bought deal basis, 21,000,000 common shares of the Company (the 'Common
Shares') at a price of C$0.72 per Common Share, for aggregate gross
proceeds of C$15,120,000.  Canaccord will act as lead underwriter in
connection with the offering of the Common Shares on behalf of a
syndicate of underwriters (collectively, the 'Underwriters').  The
Company also plans to undertake a concurrent private placement for
gross proceeds of approximately $2.5 million at a price of C$0.72 per
Common Share.

The Company has granted the Underwriters an over-allotment option to
purchase additional Common Shares to raise additional gross proceeds of
up to $2,268,000, such option to be exercisable for a period of 30 days
after and including the closing date of the offering.

Closing of the offering is anticipated to occur on or before April 27,
2011 and is subject to receipt of applicable regulatory approvals
including approval of the TSX Venture Exchange.

The net proceeds of the financing will be used to fund the exploration
and development of the Company's Montemor and Tabuaço projects and for
general corporate working capital purposes.

The offering of the Common Shares is being made pursuant to a short form
prospectus to be filed in certain provinces of Canada. The Common
Shares will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements.  The obligation of the Underwriters to purchase the
Common Shares is subject to customary termination provisions or
adjustment in certain circumstances.

This press release does not constitute an offer of securities for sale
in the United States. The securities being offered have not been, nor
will be, registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold within the United States absent
U.S. registration or an applicable exemption from U.S. registration
requirements.

About Colt Resources Inc.

Colt Resources Inc. is a Canadian junior exploration 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 the second largest
lease holder of mineral concessions.

Colt is presently 51% owner and operator of the advanced stage Montemor
gold project located in southern Portugal for which it is currently in
the process of obtaining an Experimental Mining License with the
Direcção- Geral de Energia e Geologia, a division of the Portuguese
Ministry of Economy and Innovation. Colt is on a clear path to 100%
ownership of this project (see: August 10, 2010 press release and
October 13, 2010 press release).

At the Penedono gold project, located on the Company's Penedono
concession in northern Portugal, a trench and drill program is
currently underway to test near surface gold mineralization at the
Turgueira prospect (see: October 28, 2010 press release).

The Company also holds a large base metals concession, Santa Margarida
do Sado, in southern Portugal, located in the Iberian Pyrite Belt
('IPB') a 60 km wide by 250 km long mineralized belt that extends from
the southwest coast of Portugal to Spain. This massive sulphide
environment has been explored for many years and a number of important
mines have been discovered and exploited for copper, lead, zinc,
locally including silver and gold. The IPB is host to 5 supergiant
volcanogenic massive sulphide deposits. Two of these occur in Portugal,
namely Neves Corvo and Aljustrel, and are located 75 and 35 km
southeast, respectively, of Santa Margarida. Colt filed a NI 43-101
Technical Report on the Santa Margarida do Sado property on February
14, 2011 (see: February 16, 2011 press release). The Company is
currently implementing the recommended follow-up exploration program.

Portugal, in the opinion of Colt, is a mining friendly member country of
the European Union (EU) with easy access, infrastructure and available
labour force. Colt maintains what it views to be excellent government
relationships at both state and municipal levels. The company is
currently reviewing potential EU financial incentive programs.

SRK Consulting (U.S.) Inc. has been awarded a broad mandate to provide
overall technical assistance to Colt in Portugal and will be producing
several NI 43-101 compliant reports as projects progress (see: January
18, 2011 press release).

Jeffrey Volk, MSc, CPG, FAusIMM, of SRK Consulting (U.S.) Inc., is the
independent qualified person, as defined in NI 43-101, for Colt's
projects in Portugal.

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

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 Colt
Resources Inc. (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 dated February
14, 2011 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

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