This is just out on Colt Resources from Zacks SmallCap Research:

Colt Resources expected to File PEA on Tabuaço Tungsten Project

By Steven Ralston, CFA

HIGHLIGHT FROM THE RELEASE:

“We reaffirm our Outperform rating. Our price target is $1.95”

Colt Resources (GTP.V) is a junior gold exploration company with two advanced stage projects in Portugal: the Boa Fé gold project and the Tabuaço tungsten project. A Preliminary Economic Assessment (PEA) was completed on Boa Fé in May and a PEA is expected on Tabuaço this month. The company continues to be successful in obtaining capital to finance the exploration and development of its gold and tungsten projects. Gold production at Boa Fé is on track to commence in 2015.

Management continues to fast track the Boa Fé gold project towards production. Thus far in 2013, an updated NI 43-101-compliant mineral resource estimate for Boa Fé and Monfurado was completed during the first quarter of 2013, and a Preliminary Economic Analysis (PEA) was filed in the second quarter. Also during 2013, exploration at Boa Fé will continue in order to update and upgrade the resource estimate. Management plans to continue drilling with both infill drilling and deep drilling. The next phase will utilize downhole geophysical techniques to better target further deep exploratory drilling. In addition, geophysical test work will aid in identifying step-out targets adjacent to the known gold deposits. Management anticipates the completion of an updated NI 43-101-compliant mineral resource estimate for Boa Fé and Monfurado during the first quarter of 2014. The company is expected to complete detailed engineering work and further metallurgical test-work for Boa Fé in preparation for full feasibility study also due out in the first quarter of 2014.

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