Name and Location
Tubuaço tungsten project, Portugal.

Client
Colt Resources.

Project Description
A preliminary economic assessment (PEA) of Tubuaço has concluded that the project could be an “economically viable” venture and fieldwork for the project is justified.

The PEA covers the São Pedro das Águias (Tabuaço) tungsten deposit and the nearby Aveleira tungsten deposit, both located within Colt’s Tabuaço experimental mining licence.
Envisioned is a 3.55-million-tonne operation, grading 0.39% tungsten trioxide (WO3), with processing recovering 90.25% of the contained WO3. The project has a forecasted 12-year mine life.

Value
The PEA estimates capital costs at $86.8-million.

Duration
Production is expected to start in 2017.

Latest Developments
Colt intends to address several areas in the feasibility study to improve the results included in the PEA. The company will focus on upgrading inferred resources to indicated resources and on identifying additional resources in close proximity to the known deposits. Colt is confident that the potential to increase resources through regional exploration is good. Exploration work will be directed toward identifying additional resources that will benefit the future mining operation. Colt will develop an adit to the orebody to determine the geotechnical and mining conditions and to take a bulk sample for metallurgical testwork.

Ongoing testwork will be completed to finalise and optimise process flowsheets leading to final plant design. The PEA analysed several options that will be further evaluated and finalised.

Additional geotechnical investigations, designed to determine the ground support requirements, will be performed. Work will continue to minimise the impact of the future mining project. Further, capital and operating costs will be confirmed and addressed in detail to identify areas where improvements can be made to benefit the future economics of the project. The mine design will be updated, based on the updated resources.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Colt Resources VP, business development and investor relations, Christophe Romary, tel +1 514 843 7178, fax +1 514 843 7704 or email cromary@coltresources.com.