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Colt Resources to Purchase Passa Frio Property, Portugal

Colt Resources Inc. (GTP.V) announced the execution of a binding letter of intent to purchase the property known as Passa Frio within the company's recently awarded Tabuaco experimental mining license that includes the Tabuaco (Sao Pedro das Aguias) and Aveleira tungsten deposits in northern Portugal, for the purposes of planning the company's future mining operations.

Passa Frio is mostly vacant land; Colt says the property was carefully selected after a thorough trade-off evaluation and review of several possible locations to establish the necessary surface mining infrastructure, namely the processing plant, dams, dumps and adjoining warehouses, and is zoned to permit such construction.

Over the next months, the company will survey the property in detail to verify legal title. The LOI locks up the property while the company completes its survey. Following the survey, Colt has a three-year option to enter into a final purchase and sale agreement with the owners of Passa Frio. Colt will pay 100,000 euros for the three-year option and an additional 350,000 euros to purchase the property by the end of the third year should the company decide to exercise the option to purchase Passa Frio.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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