Coltstar Announces Third Closing of Private Placement of 2,428,857 Units

Coltstar Ventures Inc.

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

COLTSTAR ANNOUNCES THIRD CLOSING OF PRIVATE PLACEMENT OF 2,428,857 UNITS

May 21, 2010 TSX Venture Exchange Canadian Trading Symbol: CTR

Coltstar Ventures Inc. (the "Company") announces that it has closed the third tranche of its private placement (the "Offering") of a total of 2,428,857 units (the "Units") at a price of $0.35 per Unit for gross proceeds of Cdn $850,100. Finder's fee in the aggregate amount of $54,950.50 were paid by Company in connection with the Offering. The Offering was previously announced by the Company on April 7, 2010. Each Unit consists of one common share and one quarter of one common share purchase warrant (the "Warrants"). Each Warrant entitles the holder to purchase one additional common share of the Company for one year from May 21, 2010, at a price of $0.50 per share. The common shares issued under the Offering and upon exercise of the Warrants are subject to a four-month hold period expiring on September 22, 2010.

The Company is a mineral exploration company that is currently exploring for base and precious metals in Europe and Canada.

On behalf of the Board of Directors

“Damien Reynolds”

Chairman, President and CEO of Coltstar Ventures Inc.

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.

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