Colt to proceed with its third closing MONTREAL, Aug.

20 - Colt Resources Inc.

("Colt" or the "Company") is pleased to announce that it has received all the required subscription agreements for its third closing with gross proceeds totaling another $1,225,000 for 4,900,000 Units in relation to the private placement the Company announced on February 9, 2010, which brings the cumulative total to $3,395,000 in gross proceeds raised.

The Company is now working on its final closing which is anticipated by the end of August 2010.

This current funding will not be extended beyond August 31st as the Company will be reassessing its long term financing strategy once currently ongoing additional stock exchange listing initiatives are finalized.


About Colt Resources Inc:
Colt Resources Inc.

is a Canadian based junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on tungsten and gold.

It is currently focused on advanced stage exploration projects in Portugal, where it is the second largest lease holder of mineral concessions.

Colts most advanced projects include the Tabuaço Tungsten Project and the Penedono Gold Project, located on the companys Armamar-Meda and Penedono concessions, respectively.

Portugal is a mining-friendly country of the EU with easy access, excellent infrastructure and a hard-working available labour force.

Colt maintains excellent government relationships at both state and municipal levels.

Colt is particularly encouraged by recent meetings and the rapport established with the mayors of municipalities in the vicinity of its major projects in northern Portugal.

The company is currently reviewing potential EU financial incentive programs.

The Companys shares trade on the Canadian National Stock Exchange (CNSX) Symbol: GTP, the USA OTC Pink Sheets under the symbol: OLTF.PK and on the Frankfurt Stock Exchange, Symbol: P01.


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


For further information: Nikolas Perrault President & CEO Colt Resources Inc. Tel: (514) 394-0009 Ext: 1 Fax: (514) 635-6100
Aurelio Useche Director & CFO Colt Resources Inc. Tel: (514) 394-0009 Ext: 2 Fax: (514) 635-6100
Helen Bilhete Director Investor Relations Colt Resources Inc. Tel: (514) 394-0009 Ext: 5 Fax: (514) 635-6100
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