diff --git a/Arduino.mk b/Arduino.mk
index 133a9a2..1c0debb 100644
--- a/Arduino.mk
+++ b/Arduino.mk
@@ -568,7 +568,7 @@ endif
 
 ifndef PARSE_BOARD
     # result = $(call READ_BOARD_TXT, 'boardname', 'parameter')
-    PARSE_BOARD = $(shell grep -Ev '^\#' $(BOARDS_TXT) | grep -E "^[ \t]*$(1).$(2)=" | cut -d = -f 2)
+    PARSE_BOARD = $(shell grep -Ev '^\#' $(BOARDS_TXT) | grep -E "^[ \t]*$(1).$(2)=" | cut -d = -f 2 | cut -d : -f 2)
 endif
 
 # If NO_CORE is set, then we don't have to parse boards.txt file
@@ -579,7 +579,7 @@ ifeq ($(strip $(NO_CORE)),)
     # 'robot', but can also hold 'tiny', for example, if using
     # https://code.google.com/p/arduino-tiny alternate core.
     ifndef CORE
-        CORE = $(shell echo $(call PARSE_BOARD,$(BOARD_TAG),build.core) | cut -d : -f 2)
+        CORE = $(call PARSE_BOARD,$(BOARD_TAG),build.core)
         $(call show_config_variable,CORE,[COMPUTED],(from build.core))
     else
         $(call show_config_variable,CORE,[USER])
diff --git a/HISTORY.md b/HISTORY.md
index 8777964..3b53c83 100644
--- a/HISTORY.md
+++ b/HISTORY.md
@@ -10,6 +10,7 @@ I tried to give credit whenever possible. If I have missed anyone, kindly add it
 - Fix: Updated CXXFLAGS_STD to match upstream 1.6 (issue #424) (https://github.com/calvinli)
 - Fix: Added support for attiny core's use of chip instead of cpu in submenus (https://github.com/straccio)
 - Fix: ARDUINO_VERSION can cope with the longer 1.6.10 version string (issue #444) (https://github.com/sej7278)
+- Fix: Changed PARSE_BOARD to handle colons in e.g. CORE or VARIANT (issue #461) (https://github.com/sej7278)
 - Tweak: Documentation for Windows updated to include installation of PySerial (https://github.com/sovcik) 
 
 ### 1.5.1 (Debian version: 1.5-3) (2016-02-22)