Colt to Sign Contracts to Explore for Tungsten, Gold in Portugal

Colt Resources Inc., a mining company, will sign two contracts with the Portuguese government today to look for tungsten and gold in the north of the country, the company said.

Colt, based in Montreal, expects to invest about 97 million euros ($129 million) in its search for tungsten and gold deposits in the towns of Tabuaco and Penedono, it said in an e-mailed statement today.

The company signed a three-year exploration deal with the government in 2011 to look for gold at Boa Fe, near the town of Montemor, and plans to start production in early 2014, Chief Executive Officer Nikolas Perrault said last year.

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