Objective Capital Rare Earths, Speciality and Minor Metals Investment Summit Challenges of developing a new European tungsten project 18 March 2010 by Nikolas Perrault, Colt Resources

1. Investment Conferences
RARE EARTHS, SPECIALITY
& MINOR METALS
INVESTMENT SUMMIT
3.45 – 4.10
Challenges of developing a new European
tungsten project
Nikolas Perrault – CEO, Colt Resources
THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 18 MARCH 2010
www.ObjectiveCapitalConferences.com

2. Gold, Tungsten, and Base Metal Projects
in Portugal

3. FORWARD LOOKING STATEMENTS
Except for historic information, the matters discussed in this
presentation contain forward-looking statements. These
statements involve known and unknown risks, delays,
uncertainties and other factors not under the Corporation’s
control that may cause actual results, levels of activity,
performance or achievements to be materially different from the
results, levels of activity, performance, achievements or
expectations expressed or implied by these forward-looking
statements.

4. WHO WE ARE…
A Canadian junior exploration company
With experienced dynamic management
Determined to become a producer within 24 months

5. with AN EXPERIENCED MANAGEMENT TEAM
Directors and Officers
Nikolas Perrault, CFA, President and CEO
Mario Justino, M.Sc., P. Geo., Vice-President Exploration
Aurelio Useche, CMA, Director & Chief Financial Officer
David Johnson, B.A.(Hons.),LL.B. Attorney, Director
J. Wayne Murton, P.Eng., Director
James Ladner, Director
Exploration Team
Mario Justino, M.Sc., P. Geo., Vice-President Exploration
J. Wayne Murton, P.Eng., Geologist and Mining Consultant
Filipe Faria, Geologist and Principal Consultant in Portugal
Jorge Valente, P.Eng., CEO, Eurocolt Resources Ltda.:
(the wholly owned subsidiary of COLT in Portugal)
Advisory Board
Jean Depatie, Montréal, Québec
Declan Costelloe, Lakewood, Colorado,
Kevin Ernst, New York, New York
John D. Redfern, Montréal, Québec

6. FINANCIAL PERSPECTIVES
 Shares Outstanding: 28.9 million
 Shares fully diluted: 50.5 million
 Market capitalization: $8.7 million
 Average exercise price
of warrants and options: $0.26 per share
 Significant management ownership and
Strong shareholder base As of February 12 , 2010
Listed on the Canadian National Stock Exchange under GTP
Listed on Frankfurt and Berlin Exchanges under the Symbol P01

7. Exploration Properties in Portugal
Portugal is a stable and mining friendly country of the European
Union, with exceptional geological potential that remains largely
under-explored.
EU
Portugal
Town of Penedono: Northern Portugal

8. Location of Properties
Concession Name Principal commodity
Northern Portugal
Penedono Gold
Armamar - Meda Tungsten - Gold
Moimenta - Gold –Tungsten -
Almendra Tin
Central Western Area
Massive
Santa Margarida
Sulphides (VMS):
do Sado
Cu Pb Zn (Ag, Au)

9. Properties in Portugal: total land package
Property description
Concession Name Principal commodity Area
Penedono Gold 102 km2
Armamar - Meda Tungsten - Gold 436 km2
Moimenta - Almendra Gold –Tungsten - Tin 566 km2
Santa Margarida Massive Sulphides :
360 km2
do Sado Cu Pb Zn (Ag, Au)
Total: ~ 1,464 km2
Colt has assembled a significant land package and is
currently the second largest holder of mineral exploration
rights in Portugal.

10. Penedono Gold Concession: Location Map
Tabuaço
Tungsten
Project
Penedono
Gold Project
Penedono
Concession

11. Penedono Gold Concession: Overview
 Mineralization comprised of widespread clusters
of gold-bearing vein systems, locally containing
tungsten mineralization.
 Veins occur as clusters within a broad west-
northwest trending 16 km long belt. Penedono
 Veins consist of:
 Steeply dipping quartz-sulphide veins (e.g.
Santo Antonio area) Index
 Quartz-sulphide “greisen” veinlets and zones
 Sheeted veins and stockwork
 Potential for deposits of:
 Underground high-grade gold veins
 Open pit lower grade gold zones
 Numerous untested, large gold-in-soil anomalies
 Excellent infrastructure, road access throughout
the concession, with a supportive local population

12. Santo Antonio Gold Mine
(closed)
Penedono:
Extent of gold-
bearing vein
Vein sets over NW
sets zone
16 km long
Penedono
Concession
outline
(Modified after W. Gruenwald, 2008)
(after 50% reduction 2008)
Penedono Concession
Sept. 2009

13. Penedono Concession: Exploration History
 Explored and exploited for gold since the
Roman times.
 In the mid-1950’s, the Santo Antonio gold
mine went into production and operated
for at least 3 years.
 Tenuous records indicate perhaps
110,000 tonnes of material were
processed with perhaps 331,000
grams of gold recovered.
 Grade possibly up to 14 g/t Au (source
INETI).
 Very limited modern exploration.
San Antonio vein mined by the Romans
 Only 5 drilling campaigns completed since
1996, with a total of 5,233 meters in 46
shallow holes. More then half targeted the
Santo Antonio vein system.

14. Penedono Concession: Colt Exploration Results
 Acquired concession from Rio Narcea in June 2007.
 Comprised of several distinct clusters of auriferous quartz veins, with
seven key areas outlined to date.
 Exploration focused on the Santo Antonio vein system - 13 en-echelon,
northeast trending veins outcropping over a 1.2 by 1 km area on the
project
 Limited shallow drilling in 2008-2010 by Colt on Veins 11 and 13. These
veins, which had never been drill tested before, produced several high-
grade gold intersections*: (see following slide).
 180.57 g/t over 0.38 m
 87.04 g/t over 1.00 m included in 39.67 g/t over 2.23 m
 34.40 g/t over 0.87 m included in 24.05 g/t over 1.87 m
 26.56 g/t over 0.56 m included in 13.35 g/t over 1.41 m
 18.37 g/t over 1.54 m included in 5.89 g/t over 8.14 m
*drill hole interval widths
 NI 43-101 Technical Report completed
December 2008.

15. 39.67 g/t /
13.35 g/t /
1.41 m
2.23 m Colt 2008 – 2010 Drilling:
Significant Gold Results
Santo Antonio veins: # 11 and 13
Vein #13
Vein 11
•180.57 g/t over 0.38 m
•5.89 g/t over 8.14 m
incl. 18.37 g/t over 1.54 m
5.89 g/t /
8.14 m
8.34 g/t / • 8.34 g/t over 6.74 m
6.74 m
Vein #11
incl. 7.00 g/t over 1.39 m
incl. 24.05 g/t over 1.87 m
incl. 15.04 g/t over 1.00 m
incl. 34.40 g/t over 0.87 m
180.57 g/t /
0.38 m
Vein 13
• 39.67 g/t over 2.23 m
incl. 59.99 g/t over 1.47 m
incl. 87.04 g/t over 1.00 m
• 13.35 g/t over 1.41 m
incl. 26.56 g/t over 0.56 m

16. Penedono Concession: Outlook
 The Penedono Project has potential
for: high-grade vein gold deposits
and low grade open pit gold zones.
 Although the Santo Antonio vein
system remains a major target for
further drilling by Colt, other areas of
widespread vein clusters as well as
vast gold-in-soil anomalies remain
largely under-explored and have not
been drill tested.
 Interpretation and Conclusions: “It is
apparent that there exist
hydrothermal systems with the Penedono: Drill rig in operation
capacity and potential to host
significant gold and tungsten
deposits.” (according to NI 43-101
report)

17. Santa Margarida do Sado Concession
•Targeting Volcanogenic Massive Sulphide (VMS)
deposits: copper, lead, zinc, silver and gold.
•Located within the Iberian Pyrite Belt (IPB), a
geological environment known for world-class
VMS deposits (see following table).
•Concession adjacent to three known VMS Index
deposits:
Lagoa Salgada: 2 MT @ 0.36% Cu, 4.44% Pb, 5.03%
Zn, 1.19 g/t Au and 74 g/t Ag
Lousal (mine closed): 6 MT @ 0.7% Cu, 0.8% Pb,
1.4% Zn, 1 g/t Au and 20 g/t Ag Santa Margarida
Caveira : exploited during Roman times
•Known geophysical anomalies have not been
fully tested; very limited drilling.
•Excellent infrastructure.

18. Santa Margarida do Sado: Location Map
LAGOA SALGADA
DEPOSIT
Tonnage ~ 2 MT @
Santa Margarida 0.36% Cu, 4.44% Pb,
do Sado 5.03% Zn, 1.19 g/t Au
and 74 g/t Ag
inferred mineral resource 2007
LOUSAL MINE
(closed in 1988)
Produced ~ 6 MT @
0.7% Cu, 0.8% Pb,
1.4% Zn, 1 g/t Au and
20 g/t Ag
historical resource

19. Santa Margarida do Sado Concession
Importance of the Iberian Pyrite Belt (IPB)
Table - Comparison of ore Tonnage (Ore Mined plus Resources and Reserves)
From Massive Sulphide Deposits of Canada, Australia and IPB
Country Num. Tonnage Cu Pb Zn Ag Au
dep (Mt) (Mt) (Mt) (Mt) (t) (t)
Australia (Archean to Permian) 30 318 4.1 4.1 12.8 13345 486
Mount Read belt - Tasmania (Cambrian) 6 149 1.5 2.5 6.1 7423 156
Canada (Superior Province - Archean) 87 696 12.4 0.9 26.6 30621 669
Abitibi (Archean) 40 476 9.5 0.3 17.3 17284 575
Rouyn - Noranda + Val d'Or (Archean) 20 233 5.1 0.0 4.3 3995 528
Iberian Peninsula IPB (Dev. to Carbon.) 88 1 725 21.5 12.1 34.1 44707 898
Neves Corvo (by itself) 1 270 4.3 0.4 3.8 2 664 ?
Mt - Million metric tonnes; t - metric tonnes
(Adapted and modified after Leistel et al., 1998)
(source INETI - Portugal)

20. Santa Margarida do Sado Concession
Importance of the Iberian Pyrite Belt (IPB)
Examples of large-tonnage volcanogenic massive sulphide (VMS) deposits of the World.
Canadian deposits in red: IPB deposits outlined in yellow.
(Source: Galley, A.G., Hannington, M.D., and Jonasson, I.R., 2007: GSC)
Note: 5 of 11 Supergiant VMS deposits in the world are located in the
Iberian Pyrite Belt, in Spain and Portugal.

21. Armamar – Meda Concession: Tabuaço Tungsten Project
 In the 1970’s, tungsten bearing skarns were
discovered by government geologists south of the
Tabuaço area.
Mineralization at Tabuaço consists of gently dipping,
well-developed skarn horizons, up to 19 m thick, with
significant scheelite (CaWO4). Armamar -
Meda
 In 1981-1982, a SPE/BRGM consortium drilled 6
holes leading to a historical resource at Tabuaço of : Index
 ~1million tons grading 0.87% WO3
(not NI 43-101 compliant).
 Best intersection includes:
19.35 m @ 1.18% WO3
 Virtually no exploration since 1982: Colt acquired
concession in Dec. 2007.
 NI 43-101 Technical Report, completed in Jan. 2009,
indicated there was “ample justification to recommend
continued exploration on the concession.”

22. Armamar – Meda Concession:
Tabuaço Tungsten Project - Location Map
Tabuaço Armamar –
Tungsten
Project
Meda
Concession
Penedono
Gold Project

23. Tabuaço Tungsten Project : Property View
Terrain photo looking northwest

24. NW trending
longitudinal trace
Geology Map - Tabuaço
2.1 km long Tungsten Project
Quinta Zone
Exposed skarn
horizon
Metasediments
S. Pedro das Águias Zone
Historical resource of 1.0 M
Granite
tonnes @ 0.87% WO3
Upper skarn horizon
Lower skarn horizons

25. Tabuaço Tungsten Project: longitudinal section
NW trending longitudinal section: some 2.1 km long
S. Pedro das Águias Zone Quinta Zone
Historical resource of 1.0 M
Exposed skarn
tonnes @ 0.87% WO3
horizon
Upper skarn horizon
Lower skarn horizons

26. Tabuaço Tungsten Project
S. Pedro das Águias Zone – Plan Map
Approximate surface outline of
SPE-BRGM, 1982 Resource Estimate of
~1 Million tonnes @ 0.87 % WO3
(not NI 43-101 compliant)
B
N

27. Cross-section A – B: S. Pedro das Águias Zone
Upper and lower horizon results

28. Tabuaço Tungsten Project: High-Grade Tungsten
 Surface mapping, prospecting, channel and rock sampling completed on
skarn horizons by Colt since 2008.
 Selected surface and channel results from sampling: include:
 São Pedro das Águias Zone – main skarn horizon: surface avg. grade
of 0.673% WO3; average from 23 channel samples taken across the
width of the horizon, but over a total outcrop extension of 260 m.
 São Pedro das Águias Zone - main skarn horizon: 0.45% WO3 over
23.3 m: average from 6 samples collected over continuous width of
23.3 m;
 including 0.78 % WO3 over 12.45 m.
 Several samples from areas along strike returned values above 0.5 % WO3
 Many samples also displayed elevated tin assay values
Note: Panasqueira tungsten mine, located some 100 km
south of Tabuaço, hosts P&P Reserves of 2.43 MT @
0.243% WO3 . (Source : Primary Metals, 2007)

29. Tabuaço Tungsten Project: Recent Drill Results
 Drilling recently initialed by Colt on the São Pedro das Águias Zone to
confirm and expand on historical resource of ~1.0 million tonnes grading
0.87% WO3 (non NI 43-101 compliant) has returned following results to
date:
 Hole DHT-01B: (press release January 20, 2010 )
 4.75 m grading 0.52% WO3;
 18.80 m grading 0.73% WO3;
 includes 2.10 m grading 1.01% WO3
 includes 13.77 m grading 0.84% WO3, which includes
 3.00 m grading 1.14% WO3 and 6.32 m grading 0.99% WO3.
 Hole DHT-02: (press release February 3, 2010)
 13.60 m grading 0.93% WO3
 includes 10.35 m grading 1.17% WO3, which includes
5.0 m grading 1.44% WO3

30. Hole DHT-01B: 18.80 m grading 0.73% WO3

31. Hole DHT-02: 13.60 m grading 0.93% WO3

32. Tabuaço Tungsten Project: Outlook
Drilling:
São Pedro das Águias Area:
 ~4,200 m drill program to confirm and expand on the historical
resource of ~1.0 million tonnes grading 0.87% WO3 (not NI 43-101
compliant) .
Quintã – Távora Area:
 ~1,000 m drill program to test NW extensions of the main skarn
horizon
Metallurgical testwork:
 Bulk sampling of skarn mineralization for metallurgical testing
Evaluation & pre-feasibility work
Regional Exploration:
 Continued follow-up geological mapping, sampling, trenching and
scout drilling of regional targets

33. IN CONCLUSION
Colt Resources Inc. is well poised to take advantage of the strong
anticipated movement is junior gold and mineral exploration stock
prices with :
• A solid and experienced management team,
• Large land package of very promising primarily gold and
tungsten properties that remain largely unexplored or under-
explored,
• Large concession within the prolific Iberian Pyrite Belt, a
geological environment with potential for world-class base
metal deposits,
• Properties are located in a stable and mining-friendly country,
have easy access and excellent infrastructure.
Please visit us at www.coltresources.com
Thank you