Colt Resources Inc. announced the appointment of Mr. John Gravelle as its Interim President and CEO by its Board of Directors as the Company reviews its strategic options. Mr. Gravelle was elected to the Company's Board of Directors at its last AGM as an independent director. He is currently the Chair of Colt's Audit Committee.

Mr. Gravelle has extensive experience working with mining companies in a professional services capacity. As a result of this he has built a strong network of relationships with senior executives and board members of public and private mining companies. The Company intends to work closely with its former President, CEO and Company co-founder, Mr. Nikolas Perrault, in some form of executive or consulting capacity during this transitional time.