Colt Resources Inc. announced that it has received positive metallurgical results from testwork performed on representative samples taken from the Tabuaço Tungsten Project (São Pedro das Águias), as well as results for eleven holes from its exploration drilling campaign at the nearby Tabuaço-Aveleira gap, Aveleira and Quinta targets, all located in the ArmamarMeda concession in northern Portugal. Colt is awaiting final approval for the "Tabuaço" Trial Mining License, expected to be granted later in first quarter of 2013, which will include the deposits reported to date together with the
surrounding area believed to host the most significant upside potential. As part of its ongoing efforts to advance the Tabuaço deposit towards production, the Company had previously submitted a 522 kilogram representative sample of metallurgical drill core to a Chinese metallurgical services provider for process testing. A final report of this investigation has been issued by the Chinese metallurgical services provider, demonstrating a process flowsheet that includes flotation followed by acid leaching achieved 87.2% overall tungsten recovery into a final concentrate containing 70.65% WO3 from an ore sample containing 0.64% WO3. The Company is very pleased with the results of this test work as it demonstrates a high tungsten recovery, by world standards, into a premium grade scheelite concentrate. The Company plans to conduct pilot mill testing on approximately 20 metric tons of ore from Tabuaço later this year. The Company also intends to investigate further the potential production of fluorite concentrate as a possible by-product from the deposit.