colorado and centerra partner to advance the heart peaks

Colorado Resources Ltd.

#110 - 2300 Carrington Road www.coloradoresources.com Tel: (250) 768-1511

West Kelowna, British Columbia Fax: (250) 768-0849

V4T 2N6 Canada Toll Free: 1 (855) 768-1511

News Release

Colorado and Centerra Partner to Advance the Heart Peaks (HP) Gold

Project September 14, 2015 TSX-V: CXO

COLORADO RESOURCES LTD. (TSX-V: CXO) ("Colorado" or the "Company") announces

that it has entered into an option agreement (“the Agreement”) with Centerra Gold Inc.

(“Centerra”) whereby Centerra can earn a 70 % interest in the Heart Peaks (HP) Gold

Project through making exploration expenditures totalling CAD$8.0 million by December 31,

2019.

Adam Travis, President and C.E.O of Colorado states, “We are very pleased to welcome

Centerra to B.C and to have the opportunity to partner with a strong mid- tier gold producer

who not only shares our enthusiasm for the exploration opportunities at HP but also our

commitment to responsible mineral exploration and respectful, mutually beneficial

discussions and opportunities for local communities and First Nations.”

The Agreement

Under the terms of the Agreement Centerra can earn a 70% interest by funding a total of

CAD$8.0 million in exploration expenditures on the HP Project before December 31, 2019.

Colorado will be the project manager on the HP Project for a minimum of two years and will

receive a management fee. Once Centerra earns its 70% interest, a joint venture will be

formed for the HP Project between Colorado and Centerra, and parties will be responsible

for further contributions towards exploration expenditures on a pro rata basis, or be diluted

accordingly. Should either party dilute to a 10% interest or less, their joint venture interest

will be converted to a 2% Net Smelter Royalty of which one half can be purchased by the

non-diluting party for CAD$2.0 million.

The HP Project

The HP Project is located approximately 45 kilometres northeast of the previously producing

Golden Bear Mine in northwestern British Columbia. The HP Project covers one of B.C’s

largest felsic volcanic centers and shares many geological similarities with young volcanic

centres in Nevada and globally which host multi-million ounce low sulphidation epithermal

gold deposits.

At HP felsic volcanic rocks have been highly altered over a large 20 km square area within

which at least 7 surface gold showings (see Figure 1) have been found to date. Gold

mineralization is focused along two lithologically and structurally defined corridors: the east-

west trending 2 km long Top Zone to Midas Zone corridor and the north trending 3 km long

corridor bounded by the Mogul East and Mogul West fault systems.

Gold values in surface grab samples as high as 126 g/t gold indicate there is very good

potential to find high grade mineralization at shallow to moderate depths at Heart Peaks. In

addition, historical drill testing, which returned intersections of up to 0.51 g/t gold over 115

metres in drillhole 84-4 (Daley, 1985), also demonstrates that the Heart Peaks





hydrothermal system is robust enough to generate broad zones of lithologically controlled

bulk tonnage style gold mineralization.

Previous work by Colorado in 2011 and 2012 included detailed geological mapping, soil and

rock sampling, alteration and Terraspec mapping along with 12 km of I.P geophysics. This

work suggests that some of the best targets have not yet been drill tested.

Exploration fieldwork on the HP Project is scheduled to commence shortly and is expected to

include expansions of the soil geochemical and I.P geophysical surveys to cover open ended

targets along with detailed geological and alteration mapping in preparation for finalizing

proposed drill sites.

The rock and soil samples reported by Colorado in 2012 were analyzed by Agate

Laboratories Ltd of Mississauga, Ontario. Samples were analyzed for 46 elements using an

Aqua Regia Digest with an ICP‐OES finish (AGAT Analysis Code 201073) and for gold by fire

assay fusion with an AAS finish (AGAT Analysis code 202051).

For more information on the Heart Peaks (HP) Project the reader is directed to the

company’s website at www.coloradoresources.com.

Qualified Person Greg Dawson, P.Geo is the Qualified Person as defined by National Instrument 43-101 who

supervised the preparation of the technical data discussed in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.

“Adam Travis”

Adam Travis

President and Chief Executive Officer

For more information, please contact:

Colorado Resources Ltd. Adam Travis, President and Chief Executive Officer or

Terese Gieselman, Chief Financial Officer T: (250) 768-1511

F: (250) 768-0849 TF (855) 768-1511

W: www.coloradoresources.com

NR 15-04 Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this news release, constitute "forward-looking information" as such term is used in

applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of

management at the date the information is provided and is subject to certain factors and assumptions, including:

that the Company's financial condition and development plans do not change as a result of unforeseen events, that

the Company obtains required regulatory approvals, that the Company continues to maintain a good relationship

with the local project communities.. Forward-looking information is subject to a variety of risks and uncertainties

and other factors that could cause plans, estimates and actual results to vary materially from those projected in





such forward-looking information. Factors that could cause the forward-looking information in this news release to

change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove

not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company's financial

condition and development plans change, delays in regulatory approval, risks associated with the interpretation of

data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with

the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and

development activities and to the Company as set forth in the Company's Management’s Discussion and Analysis

reports filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking

information will prove to be accurate, as actual results and future events could differ materially from those

anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking

information or statements. The Company undertakes no obligation to update forward-looking information or

statements, other than as required by applicable law.

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.

http://www.sedar.com/

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TOP ZONE

END ZONE

MIDAS ZONE

STEEP ZONE

MOGUL ZONE

BOTTOM ZONE

QUARTZ HILL DDH96-2

DDH96-1

DDH87-M

DDH84-8

DDH84-7

DDH84-6

DDH8

4-5DD

H84-4

DDH84-3DDH84-2DDH84-1

669500

669500

670000

670000

670500

670500

671000

671000

671500

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672500

672500

6496

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500³Heart Peaks Project

NewRelease 15-040 400200

Meters

Geophycial Survey Extent

ID Au g/t Ag g/t6652 5.10 6.006651 3.60 32.006648 1.80 25.006550 1.21 100.00

END ZONE ID Au g/t Ag g/t25780 9.00 16.0027714 6.50 33.0025789 0.40 109.00

1282182 0.20 80.00

MOGUL ZONE

ID Au g/t Ag g/t67777 4.50 26.00

5533166 2.00 25.8067776 0.30 76.00

STEEP ZONE

ID Au g/t Ag g/t116180 1.00 2.70

1282181 0.20 27.00

QUARTZ HILL

ID Au g/t Ag g/t5546911 126.00 158.005546910 8.40 20.401282358 10.40 32.001282357 8.50 60.005547004 3.90 338.00

MIDAS ZONE

ID Au g/t Ag g/t1282031 31.60 783.001282032 7.00 1732.001282035 0.07 42820.00

TOP ZONE

ID Au g/t Ag g/t84156 28.60 155.0084119 4.80 100.0084135 2.50 1219.0084132 2.40 100.00

BOTTOM ZONE

Heart Peaks GroupTakwahoni-Inklin GroupLevel Mountain Group

Mafic Dyke IntrusiveQuartz Feldspar IntrusiveRock Debris

"/

"/

"/

#*

_̂Golden Bear

Atlin

Dease Lake

Telegraph Creek

HEART PEAKS

Yukon

BC

Alaska

Quaternary Cover/Till

Gold in Soils: 90th Percentile >39ppbSilver in Soils: 90th Percentile >2.0ppm

! Historic Drill HolesChargeability HighResistive High

OPEN

OPEN

OPEN

OPEN

colorado and centerra partner to advance the heart peaks

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