Colibri Announces Non-Brokered Private Placement

VANCOUVER, March 4 /CNW/ - Colibri Resource Corporation ("Colibri" or the "Company") (TSXV: CBI) is pleased to announce that it intends to carry out, subject to approval from the TSX Venture Exchange (the "TSX-V"), a non-brokered private placement (the "Private Placement") of up to 12,000,000 units at a price of $0.20 per unit for gross proceeds of up to $2,400,000.

Each unit sold in the Private Placement will consist of one common share of the Company and one share purchase warrant, providing the holder with the right to purchase one additional Colibri common share for $0.35 per share for a period of 24 months from the closing of the Private Placement. The warrants are subject to an early acceleration provision which provides for the mandatory exercise or expiry of the warrants in the event Colibri's shares close at $0.60 or higher for a period of 20 consecutive trading days. In such event, the warrants will accelerate and expire 30 days from the issuance by the Company of a news release announcing the trigger of the acceleration right. All of the securities issued pursuant to the Private Placement will be subject to a four month hold period from the date of issue.

The gross proceeds from the Private Placement will be used for general working capital for Colibri's operations in Sonora, Mexico including the previously announced (February 17, 2011) 2000 meter drill program at the Ramard Silver project near the municipality of Carbo, Sonora.

If any insiders of the Company participate in the Private Placement, any such subscription (the "Insider Participation") will be considered to be a related party transaction within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). Colibri intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61- 101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any Insider Participation.

In connection with the Private Placement and subject to Exchange approval, Colibri may pay finder's fees in cash or securities to eligible finders in accordance with the policies of the TSX-V.

<< Ramard Silver Project --------------------- >>

Previous drill programs at the La Bronca and Verde Zones intercepted concentrations of up to 1235 grams per metric tonne (gpt) silver (Ag) and greater than 20% combined lead/zinc (Zn/Pb) and 1% copper (Cu) (see http://www.colibriresource.com/s/Ramard.asp) over widths of 1.5 meters, all at less than 40 meters depth from the surface. Nine of the 95 total borings contained a silver intercept greater than 310 gpt (10 troy ounces). Mineralization in the Bronca Zone (81 holes) occurs over at least 1 kilometer length, 300 meters width. All eight drill holes at the Verde Zone cut zinc mineralization within skarned calcareous shale and limestone. RPD83 cut 10.5 metres averaging 7.25% zinc between the surface and 10.5 metres depth.

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forwardlooking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the drill program at the Ramard Silver project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally,

(2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labor problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

Neither 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.

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For further information: Please Contact: Lance Geselbracht, P.E., President and Chief Executive Officer, Tel: (250) 755- 7871, Website: www.colibriresourcecorp.com

CO: Colibri Resource Corporation

CNW 08:00e 04-MAR-11