Coltstar Amends Terms of Convertible Debenture Financing

Coltstar Ventures Inc.

Suite 1680, 200 Burrard Street Vancouver, BC Canada V6C 3L6

COLTSTAR AMENDS TERMS OF CONVERTIBLE DEBENTURE FINANCING

May 3, 2010 TSX Venture Exchange Canadian Trading Symbol: CTR

Coltstar Ventures Inc. (the "Company") announces that it has amended the conversion price of the convertible debentures to be issued in its non-brokered private placement of convertible debentures announced March 17, 2010, and has amended the exercise price of the warrants comprising the units issuable upon the conversion of the debentures. The debentures will be convertible at the option of the holder, into units of the Company at a price of $0.30 per unit, each unit consisting of one common share and one common share purchase warrant. Each warrant is exercisable for one common share of the Company at a price of $0.30 for five years from the closing date. The other terms of the debentures are as described in the Company’s March 17, 2010 release.

The proposed private placement is subject to the approval of the TSX Venture Exchange and all securities issued will be subject to a standard four-month hold period.

On behalf of the Board of Directors

"Damien Reynolds"

Chairman and President

For further information please contact:

Garry Stock Telephone: (604) 683-8236

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.