A 2,000 meter minimum diamond core drill program started at the Ramard Project in early March. To date, over 1500 meters of HQ core have been drilled at the La Bronca and El Gato locations.  Drill core is being processed in the nearby town of Carbo and is being assayed at Inspectorate Exploration and Mining Services, Ltd. lab in Richmond, British Columbia. This work follows extensive geological mapping, soil grid sampling and an Induced Polarization study completed on the property that begun in the fall of 2011. Additional information about the Ramard project can be found at http://www.colibriresource.com/projects/ramard/.

Agnico-Eagle Mines Ltd. (AEM), through one of its subsidiaries, has begun drilling on the former Colibri project, now known as “Pitaya”. This work is being completed pursuant to the Earn-In and Shareholders Agreement completed February 28, 2011 with AEM. A diamond core drill rig is currently being used at the site.  AdditionalInformation about the Agreement with AEM and the location of the Pitaya project can be found at http://www.colibriresource.com/projects/colibri/.

The Company also announces that a total of 1,950,000 options to purchase common shares of the Company have been granted to directors and officers at an exercise price of $0.14 per share, expiring on April 17, 2017. Any shares issued on the exercise of these stock options will be subject to a four-month hold period from date of grant. The grant is subject to regulatory approval.
 

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

Investor Relations are provided by Longwave Group. Please contact Jay Rogers at (778) 294 4287.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation.  All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties.  There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.  Important factors that could cause actual results to differ materially from the Corporation’s expectations are disclosed in the Corporation’s documents filed from time to time with the TSX Venture Exchange and, among others, the British Columbia Securities Commission as well as under the heading “Risk Factors” in the Company’s annual and interim Management Discussion and Analysis.

The geophysical survey identified several Induced Polarization (I.P.) chargeability and resistivity anomalies which correspond to surface geochemical anomalies of silver, zinc, lead and copper. One such anomaly underlies the La Bronca zone, the location for a planned 2,000 meter diamond drilling program that is now scheduled to start March 5^th. The start date was delayed to allow complete interpretation of work conducted during the past months and to focus detailed mapping and sampling in areas with surface geochemical anomalies.  In addition to the La Bronca Zone, several additional surface anomalies were found to contain strongly anomalous values of the metals noted over the 2,000 hectare study area within the Ramard claim.

The 3D Induced Polarization geophysical survey revealed a large I.P. chargeability  anomaly which coincides with the surface expression of the alteration and mineralization at the La Bronca Zone. The chargeability high is approximately 400 meters wide by 600 meters long, and persists to a depth of at least 300 meters, which is the effective depth limit of the I.P. survey. Surface sampling and percussion drilling programs carried out in 2006, 2007, and 2011 have indicated the presence of significant silver-lead-zinc skarn-type mineralization in what is a historic small-scale silver producing area. The Company is very pleased with the results of the surface exploration program and looks forward to initiating the drill program.

The foregoing technical disclosure has also been reviewed and verified by Colibri’s CEO, Lance Geselbracht, P.E. (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).

Further Information, Please Contact:
Lance Geselbracht, P.E., President and Chief Executive Officer
Tel: (250) 755-7871

Investor Relations are provided by Longwave Group. Please contact Jay Rogers at (778) 294 4287.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation.  All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties.  There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.  Important factors that could cause actual results to differ materially from the Corporation’s expectations are disclosed in the Corporation’s documents filed from time to time with the TSX Venture Exchange and, among others, the British Columbia Securities Commission as well as under the heading “Risk Factors” in the Company’s annual and interim Management Discussion and Analysis.

In November, Colibri contracted SJ Geophysics to conduct an Induced Polarization survey for the property. This IP survey covers approximately 2000 hectares of the claim site; fieldwork will be completed by December 22. The survey will cover the LaBronca zone, location of the last drill program and areas to the southwest referred to as “Verde” and “Picacho” Zones. During the IP survey, Colibri geologists will also be completing geological mapping in areas covered by soil and rock grid. The induced polarization survey is being used to locate areas of anomalous- chargeability and resistivity, which are geophysical characteristics often associated with mineralization. Targets developed by the geophysical survey will be correlated with surface soil and rock chip samples, and geological mapping to verify previously identified drill locations and new drill targets. A 2000 meter diamond drill program will commence immediately upon completion of the I.P. survey and geologic mapping. This is scheduled to begin in January, 2012.

New CFO

Colibri is pleased to announce the appointment of Mr. Brian Lewicki, as the Company’s new CFO effective December 6, 2011. Mr. Lewicki, a Chartered Accountant, replaces Mr. Bill Walker who has resigned as CFO but will remain as a director of Colibri. Mr. Lewicki has been a CFO for private business, worked as a consulting accountant and been a Certified Accountant since 1994. Mr. Lewicki has provided financial, accounting, tax and compliance services to Colibri in the past as a consultant and is familiar with all aspects of Colibri’s financial reporting.

Lance Geselbracht, President of Colibri, stated: “I want to thank Bill Walker for over 5 ½ years of dedicated service to Colibri as CFO and look forward to continue serving with him on Colibri’s Board of Directors”.

Exploration was conducted under the supervision of J.J. Irwin, Ph.D., P.Geo. the qualified person under National Instrument 43-101 on this project.

For Further Information Please Contact:
Lance Geselbracht, P.E., President and Chief Executive Officer
Tel: (250) 755-7871

Investor Relations are provided by Longwave Group. Please contact Jay Rogers at (778) 294 4287.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Prior results from drilling programs in 2006, 2007 and Spring 2011 are reported in a series of news releases (see www.colibriresource.com/s/newsreleases.asp.). Drill collar locations, summary of assay results and representative drill sections are shown atwww.colibriresource.com/s/Ramard.asp. 

Prior drilling intercepted concentrations of up to1235 grams per metric tonne (gpt) silver (Ag) and greater than 20% combined lead/zinc (Zn/Pb) and 1% copper (Cu) (see summary Table 2) over widths of 1 meter, all at less than 40 meters depth from the surface. Mineralization in the Bronca Zone occurs over at least 1 kilometer length, 300 meters width. 

The drill program will initially focus on expanding the La Bronca Zone. Soil grid and rock chip sampling has commenced at other locations on the project not previously explored by the company. 

The prior drill results from this project are comparable with 43-101 compliant mineral resources for some operating silver mines and advanced exploration projects in the State of Sonora, e.g., the Alamo Dorado mine (controlled by Pan American Silver Corp.), the Santa Elena mine (SilverCrest Mines, Inc.), and the Promontorio Project (Kootenay Gold, Inc.). All of these silver projects are developed within old mining districts with numerous artisanal mine workings. 

Exploration was conducted under the supervision of J.J. Irwin, B.Sc., Ph.D., the qualified person under National Instrument 43-101 on this project.

For further information

Visit our website at www.colibriresource.com or call Lance Geselbracht, P.E., at (250) 755-7871.

Investor Relations are provided by Longwave Group. Please contact Jay Rogers at (778) 294 4287. 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

In welcoming Dr. Bartos, Colibri CEO Lance Geselbracht said, “Dr. Bartos will be able to provide Colibri with valuable insights as we develop our Ramard Silver project and explore our other Sonora, Mexico properties. His past history in finding and developing ore bodies will help guide our exploration work. Paul’s experience with a very successful TSX Venture company provides us with additional insight to our own corporate development.”

The Company also announces that a total of 950,000 options to purchase common shares of the Company have been granted to directors and officers at an exercise price of $0.25 per share, expiring on July 17, 2016. Any shares issued on the exercise of these stock options will be subject to a four-month hold period from date of grant. The grant is subject to regulatory approval.

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

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.

Colibri currently pays a fee of $2,500 per month to appear on the Longwave Group website (www.longwavegroup.com). Longwave Strategies has previously received a finder’s fee from the Company in connection with the placement of investors in Colibri’s April 2011 private placement.

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

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.

All holes were drilled across a gently dipping skarn/manto formation and are believed to be close to true width (within 10%).

Holes BRAPD18, BRAPD19, BRAPD20, BRAPD21 all intersected intervals of low grade disseminated silver-lead-zinc mineralization, (see attached table) within broad intervals of abundant, dense, visible sulphide, as yet unidentified. BRAPD22 cut 4 meters of 52.7 parts per billion (ppb) gold, 57.1 grams per tonne (gpt) silver, 0.67% lead, 3.04% zinc between 44 and 48 meters depth. BRAPD23 cut two significant intervals, between 1 and 3 meters below surface, 21 ppb gold, 86.1 gpt silver, 0.055% copper, 3.1% lead, 1.5% zinc, and 105ppb gold, 311.3 gpt silver, 2.01% lead, 3.41% zinc between 37 and 38 meters depth. BRAPD27 cut 10 meters of 38.5ppb gold, 49.6 gpt silver, 0.06% copper, 0.55% lead, 4.87% zinc between 2 and 12 meters depth including 2 meters of 86.5 ppb gold, 182 gpt silver, 0.195% copper, 2.0 % lead, 10.44% zinc between 3 and 5 meters.

The company is in the process of compiling and integrating all results from the 2007 and 2011 drill programs to develop a three-dimensional structural interpretation that incorporates multiple high-grade rock chip samples collected away from the drilled areas.

Drilling was conducted using a direct circulation, rotating hammer, track mounted rig and Ingersoll Rand 750 cfm compressor. Drill hammer width is 4.5 inches. Samples were collected in a cyclone at one meter intervals and split with a Jones splitter. All samples were split on site with half of the sample kept for archival purposes. At least one duplicate sample was collected from all holes. Samples were taken directly to Inspectorate Laboratory sample preparation lab in Hermosillo, Sonora at the end on each days drilling. Sample pulps were analyzed by Inspectorate in their laboratory in Richmond, British Columbia using AuAg-1AT-GV for gold and silver and BM-AR-OR for copper, lead and zinc, quantitative procedures designed for ore grade samples.

BRAPD Drill Borings-April/May 2011

Exploration was conducted under the supervision of J.J. Irwin, Ph.D., P.Geo. the qualified person under National Instrument 43-101 on this project.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

For Further Information Please Contact:
Lance Geselbracht, P.E., President and Chief Executive Officer
Tel: (250) 755-7871

All holes were drilled across a gently dipping skarn/manto formation and are believed to be close to true width (within 10%).

Notable intercepts include:

BRAPD11 intersected 52 meters averaging 11.6 parts per billion (ppb) gold, 10.9 grams per tonne (gpt) silver, 0.13% lead, 0.16% zinc between surface and 50 meters depth including 2 meters of 100 ppb gold, 117.3 gpt silver, 0.8% lead, 1.5% zinc between 50 and 52 meters depth.

BRAPD12 cut 5 meters of 65 ppb gold, 76 gpt silver 3.56% lead, 2.76% zinc between 16 and 21 meters depth,

BRAPD14 cut 21 ppb gold, 31.6 gpt silver, 0.26% copper, 1.07% zinc between surface and 25 meters depth,

BRAPD15 cut 27 ppb gold, 129 grams per tonne silver, 1.88% lead, 2.76% zinc between surface and 17 meters depth including 4 meters of 77 ppb gold, 397.5 gpt silver (12.8 troy ounces per metric tonne), 5.45% lead, 8.8% zinc between 5 and 9 meters depth, including 1 meter of 230 ppb gold, 974.6 gpt silver (31.4 troy ounces per metric tonne), 12.43% lead, 1.81% zinc between 5 and 6 meters depth plus 36ppb gold, 365 gpt silver (11.8 troy ounces per metric tonne), 4.85% lead, 19.46% zinc between 7 and 8 meters depth. This hole was terminated at 17 meters depth due to difficult drilling conditions and restarted 5 meters away at an inclination of -60 degrees and yielded comparable results,

BRAPD16 cut 7 meters of 25.6ppb gold, 196.3 gpt silver, 2.87% lead, 3.49% zinc between 3 and 10 meters depth, including 132 ppb gold, 770 gpt silver (24.8 troy ounces per metric tonne), 11% lead, 13.4% zinc between 6 and 7 meters depth.

BRAPD Drill Borings-April 2011

Pursuant to the Agreement, Agnico-Eagle may acquire up to a 75% interest in the Company’s Colibri gold project in Sonora, Mexico (the “Colibri Project”) and form a joint venture with the Company by making qualified exploration expenditures and payments to Colibri. To earn a 75% interest in the Colibri Project, Agnico-Eagle is required to spend, over the next three years, a minimum of US$3.0 million in exploration expenditures as well as complete a positive feasibility study within five years. In addition, Agnico-Eagle will be required to make option payments totaling US$1,452,000 over a seven year period. After completion of the feasibility study and Agnico-Eagle earning a 75% interest in the Colibri Project, Agnico-Eagle and Colibri will form a joint venture to develop the Colibri Project.

The conditions precedent that were required to be fulfilled included approval of the TSX Venture Exchange (“TSX-V”), incorporation of a Mexican wholly-owned subsidiary (the “Operating Company”) of a British Columbia company to hold the right, title and interest in the Colibri Project and transfer of the concessions comprising the Colibri Project to the Operating Company.

Pursuant to the terms of the Agreement, Colibri has also completed a private placement of three million units of the Company (each, a “Unit”) to Agnico-Eagle at a price of $0.20 per Unit for proceeds of $600,000 (the ” Agnico-Eagle Financing”). Each Unit issued consists of one common share (each, a “Common Share”) of the Company and one share purchase warrant (each, a “Warrant”) with each Warrant being exercisable into one additional Common Share at an exercise price of $0.35 per Common Share until May 27, 2013. All of the Common Shares and Warrants issued pursuant to the Agnico-Eagle Financing are subject to a four-month hold period which expires on September 28, 2011. The proceeds from the Agnico-Eagle Financing will be used for general working capital for the Company’s operations in Sonora, Mexico including the previously announced 2000 meter drill program at the Ramard Silver project near the municipality of Carbo, Sonora.

For Further Information Please Contact:
Lance Geselbracht, P.E., President and Chief Executive Officer
Tel: (250) 755-7871
Web Site: www.colibriresourcecorp.com

Disclaimer for Forward-Looking Information:

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.

All holes were drilled across a gently dipping skarn/manto formation and are believed to be close to true width (within 10%).

Holes BRAPD6, BRAPD7 and BRAPD8 all intersected broad intervals of disseminated silver-lead-zinc mineralization, BRAPD 7 cut 23 meters of 11.1 grams per tonne (gpt) silver, 0.027% lead, 0.63% zinc and was terminated in mineralization due to drilling conditions. BRAPD8 drilled adjacent to hole 7 cut 5.95 gpt silver, 0.41% zinc between surface and 13 meters depth, and 6.36 gpt silver, 0.11% zinc between 24 and 67 meters.

BRAPD9 was targeted across similar appearing skarn. The entire hole is mineralized with 13.6 gpt silver, 0.38% lead, 0.85% zinc between surface and 99 meters depth. There are two high grade intervals; 1) between 2 and 8 meters averaging 97.9 gpt silver, 0.79% lead, 4.88% zinc, including 2 meters of 118 ppb gold, 231.8 gpt silver, 1.4% lead, 4.84% zinc between 3 and 5 meters depth, and 2) between 21 and 27 meters 85.8 gpt silver, 2.53% lead, 4.2% zinc, including one meter of 236 ppb gold, 370.2 gpt silver, 12.24% lead, 11.93% zinc. Between 1 and 27 meters depth, 26 meters averaged 42.9 gpt silver, 0.78% lead, and 2.26% zinc.

BRAPD10 was targeted 100 meters from hole BRAPD2. It intersected mineralization along its entire length averaging 13.9gpt silver, 1% lead, 0.92% zinc between surface and 84 meters depth, when the hole was terminated due to difficult drilling conditions. Higher grade intervals include surface to 20 meters depth 40.7 gpt silver, 0.37% copper, 2.99 % lead, 2.48% zinc, including between 16 and 20 meters depth of 140.8 gpt silver, 1.33% copper, 9.78% lead, 3.64% zinc.

Mineralization in hole BRAPD9 is more than 200 meters distant from BRAPD2 which contains similar high grade concentrations of silver, lead and zinc (see news release of May 18, 2011), an indication of the size and scope of this system.

These results further demonstrate the potential of the Ramard project, with both high grade manto horizons plus disseminated silver, gold, lead, zinc. Access on the project is excellent, with a paved road less than 1 km from the drill sites and the railhead at the town of Carbo less than 10 kilometers distant. The company is waiting for analyses of the remainder of the drill holes.

Drilling was conducted using a direct circulation, rotating hammer, track mounted rig and Ingersoll Rand 750 cfm compressor. Drill hammer width is 4.5 inches. Samples were collected in a cyclone at one meter intervals and split with a Jones splitter. All samples were split on site with half of the sample kept for archival purposes. At least one duplicate sample was collected from all holes. Samples were taken directly to Inspectorate Laboratory sample preparation lab in Hermosillo, Sonora at the end on each days drilling. Sample pulps were analyzed by Inspectorate in their laboratory in Richmond, British Columbia using AuAg-1AT-GV for gold and silver and BM-AR-OR for copper, lead and zinc, quantitative procedures designed for ore grade samples.

Exploration was conducted under the supervision of J.J. Irwin, Ph.D., P.Geo. the qualified person under National Instrument 43-101 on this project.

For Further Information Please Contact:
Lance Geselbracht, P.E., President and Chief Executive Officer
Tel: (250) 755-7871

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.