Colt Appoints Richard Quesnel to the Board of Directors
(firmenpresse) - Colt Appoints Richard Quesnel to the Board of Directors
MONTREAL, Mar 25, 2011 -- Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FSE: PO1) (OTCQX: COLTF) is pleased to announce that Mr. Richard Quesnel has joined its Board of Directors and has been appointed the Company's Senior Technical Advisor. Mr. Quesnel has served for over 5 years as President and Chief Executive Officer of Consolidated Thompson Iron Mines of Montreal. He has over 32 years of senior mine management and engineering experience at large gold, copper, nickel and iron ore mining properties in Canada and Western U.S.A. He has successfully developed, commissioned, operated and expended mining operations, both open pit and underground. Since 1986, he has been working as a mine manager or mining engineer of several mining companies including Ledcor CMI Limited, JS Redpath Limited, Les Mines McWatters, Barrick Goldstrike, Quebec Cartier Mining and Placer-Dome. Mr. Quesnel is currently Senior Technical Advisor of Consolidated Thompson Iron Mines.
Mr. Quesnel will fill the vacancy created by today's resignation of Mr. J. Wayne Murton from the Board of Directors of the Company.
"I am extremely pleased to welcome Mr. Quesnel to Colt's Board of Directors. He brings a wealth of mining experience to the Company. I also wish to take this opportunity to thank Mr. Murton for his years of service, long standing commitment and dedication to the Company," noted Nikolas Perrault, President and CEO of Colt Resources Inc.
Colt also wishes to announce that it has granted today an aggregate of 750,000 Incentive Stock Options to Directors of the Company which have a term of 5 years and are exercisable at CAD$0.91 per common share. These Options have been reserved for issuance pursuant to the Company's 2007 Stock Option Plan.
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.
In addition to the Tabuaco tungsten project located on the Company's 100% owned Armamar-Meda concession in northern Portugal, Colt holds gold and base metal properties in Portugal.
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 Direccão-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 world class 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 is a mining friendly member country of the European Union (EU) with easy access, excellent infrastructure and available labour force. Colt maintains 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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