Colt Resources Provides Corporate Update

MONTREAL, QUEBEC--(Marketwired - Dec 28, 2017) - Colt Resources Inc. ("Colt" or the "Company") (TSX VENTURE:GTP)(FRANKFURT:P01)(OTC PINK:COLTF) announces that Mr. Stefan Müller, the CEO of DGWA Deutsche Gesellschaft für Wertpapieranalyse GmbH ("DGWA"), has advised the Company that he has issued a press release in relation to the Company. Mr. Müller also sent a letter to the board of directors of the Company (the "Board"). Mr. Müller claims that he represents the interests of shareholders of Colt holding a minimum number of common shares representing no less than 10% of the issued and outstanding common shares of Colt. Mr. Müller is requesting that the Company reorganize and readjust the composition of the current Board. If and when the Company receives a specific proposal from Mr. Müller or DGWA, the Board will consider such proposal and determine the appropriate response of the Company.

About Colt Resources Inc.

Colt Resources Inc. (www.coltresources.com) is a Canadian mining exploration and development company engaged in acquiring, exploring, and developing mineral properties with an emphasis on copper and gold.

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.

The Company's shares trade on the TSX‐V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTC Pink, 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 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.