Colossus Minerals Press Releases

Colossus Minerals Provides Development Update

Wed, 15 May 2013 19:54:00 -0400

TORONTO, ONTARIO--(Marketwired - May 15, 2013) - Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI)(OTCQX:COLUF) is pleased to provide a development update for its 75% owned Serra Pelada gold-platinum-palladium Mine. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Pará, Brazil.

HIGHLIGHTS

The Company remains on track for initial production in the third quarter of 2013 at a rate of 250 tonnes per day ("tpd"). Ramp-up plans indicate 1,000 tpd is achievable by the end of the first quarter of 2014.
Given that the process plant will be available in August, the Company has decided to process the bulk sample on site.
The Company has encountered potential mineralization 30 to 40 metres ahead of the expected start of the Central Mineralized Zone ("CMZ"). Preliminary assay results indicate the potential for a lower-grade halo. Full results will be released once complete assays are received and analyzed.
Ground conditions have been better than expected. Consequently, the Company is currently evaluating a number of different mining methods. Preliminary results from this geotechnical evaluation indicate that a more cost effective alternative to underhand-cut-and-fill, such as overhand-cut-and-fill, may be achievable in certain sections of the mineralization.
Due to the existence of potential new mineralization, the evaluation of different mining methods and the Company's ability to process on-site, management has decided to expand the size of the planned 1,500 tonne bulk-sample. The Company will provide further details once planning is finalized.
The construction team is expected to turn over the process plant to the operating team by the end of July. The total project is currently 80% complete with 95% of concrete having been poured and civil construction now in its final phases. The civil contractor is now 50% demobilized with the remaining focus on completion of the gold room. Structural steel erection is 35% complete and installation of tanks and principle equipment is well underway.
Underground development currently totals 1,950 metres and the Company has averaged 3.1 metres per day since the beginning of April. An additional 1,750 metres of development is necessary to achieve a processing rate of 1,000 tpd by the end of the first quarter of 2014. Management plans to complete this development between August 2013 and March 2014 and is assuming conservative daily development rates of 2.5 metres per day from each of four development crews.
Other infrastructure development remains on schedule. Commissioning of the power house has commenced and the site should be connected to the grid before the end of June. The tailings dam is expected to be ready in conjunction with the start of mill commissioning.

Claudio Mancuso , Chief Executive Officer commented, "We are now past the peak construction period on site and we remain focused on building the mill at Serra Pelada and developing the mine and its infrastructure in a safe and cost-effective manner. While still early, we are excited about the new zone of mineralization encountered ahead of the CMZ and believe the on-site processing of the bulk sample will provide additional benefits and insight for the commencement of production. I am pleased and encouraged with the progress to date and the entire Colossus team is excited to be on track to becoming the industry's next gold producer."

CONSTRUCTION AND DEVELOPMENT ACTIVITIES

Underground Development

Due to better than expected ground conditions, the Company is currently conducting a comprehensive evaluation of a number of different mining methods. Preliminary results from this geotechnical evaluation indicate that a more cost effective alternative to underhand-cut-and-fill may be achievable in certain sections of the mineralization. The Company is evaluating alternatives such as overhand-cut-and-fill and other methods and a final determination will be made ahead of the commencement of production. This evaluation led to the procurement of new equipment and ground support tools which are now on site. The information gathered from this work is assisting management in determining whether an alternative mining method will be viable for the CMZ which could potentially lead to better mining parameters than are currently being modeled.

The bulk sample has been changed in scope as a result of the recognition of additional mineralization during the course of development. The Company encountered mineralization 30 to 40 metres ahead of the CMZ (as that zone is interpreted from surface drilling) and is currently planning to expand the bulk sample in order to incorporate the collection and geological interpretation of this additional mineralization. More details will be provided as this planning is finalized. Preliminary assays have been received indicating previously unmodelled mineralization. While still early stages, the preliminary results suggest a halo of lower-grade mineralization which has the potential to be incorporated into the Company's mine plan. The Company will release the full results of these assays once they are all available. As a result, management now expects to complete collection of the bulk sample prior to the end of the second quarter. The bulk sample excavation will be extended to become the first mining level and approximately 10,000 tonnes of material will be stockpiled during June and July, in advance of commissioning the process plant.

Results from the expanded bulk sample program will be incorporated into the initial NI 43-101 compliant resource report which will be completed after the processing of the bulk sample and the subsequent analysis of the results. Given the Company's ability to process material on site commencing in August, management, in conjunction with its consultants, has decided to treat the entire bulk sample through the process plant. Given the new information, and projected turnaround times for overseas shipping, processing and receiving results, management believes the grade of the bulk sample can be ascertained more quickly, and at lower cost, by keeping it on site rather than sending it to a test lab outside of Brazil. Management expects the results from the initial months of mining and processing, inclusive of the results from the on-site processing of the bulk sample, to enable the Company to better project grades and tonnage for production through to the end of December 2014.

The Company has advanced work on the mining plan taking into account the geotechnical information being gathered through the bulk sample collection process. The Company anticipates that a production rate of 1,000 tpd will be achievable with six working faces over two operating horizons. While the Company is still finalizing its mine plan, management remains confident that 1,000 tpd will be reached by the end of the first quarter of 2014.

To date, the Company has currently completed approximately 1,950 metres of total development; 1,250 primary and 700 metres secondary development, compared with 1,800 metres of total development as of March 27, 2013. Development rates have averaged 3.1 metres per day since the beginning of April. Development within the mineralized zone is ongoing and is sufficient to sustain a processing rate of 250 tpd between August and November 2013. Management anticipates achieving a processing rate of 500 tpd in December. Current planning indicates that a total of 1,250 metres of additional development is required between August and the end of November to achieve this rate. This development will be accomplished through ramping up from one to four crews and sets of equipment. Over this 120 day period, management is assuming a development rate of 2.5 metres per day from each development crew. The Company anticipates achieving a processing rate of 1,000 tpd by March 31, 2014. An additional 500 metres of development is required in the first quarter of 2014 to increase the processing rate from 500 tpd to 1,000 tpd. This additional development will be achieved with two crews each achieving 2.8 metres per day while the remaining crews and equipment focus on production mining.

To achieve the development discussed above, the ventilation system requires expansion to provide sufficient air to support four crews and sets of equipment. The expansion work includes widening and concrete lining the artisanal shaft which will be used as a ventilation raise and development of a drift to tie the ramp to this ventilation raise at depth. The ventilation expansion project is 40% complete. Development of this drift towards the ventilation raise is entirely in red siltstone and development rates have been as expected. The Company has completed approximately 60 metres of this drift with approximately 90 metres of development remaining.

Process Plant

The various phases of the process plant construction, along with respective percentages complete are presented in the table below. The ball mill refurbishment and earthworks are complete.

		Mar 27		May 15 Update
Total Project		70	%	80	%
Process Plant
	Engineering	97	%	99	%
	Procurement	97	%	98	%
	Civil construction	90	%	95	%
	Structural steel fabrication	55	%	70	%
	Structural, mechanical, piping & electrical installation	30	%	35	%
Power house		85	%	90	%
Ventilation upgrade		20	%	40	%
Tailings impoundment facility		10	%	20	%

As of May 15, 2013, the Company has completed 95% of the concrete placement and civil contractors have been 50% demobilized. Civil construction work is currently focused primarily on the gold room. The Company is well advanced with structural, mechanical, piping and electrical installations in various areas of the project including the primary crusher, transfer tower, conveyors, reagents building, mill feed bin, thickener and gold room. Of the approximately 570 tonnes of structural steel to be erected 70% has been fabricated and 35% has been erected. The thickener fitting and welding is substantially complete and the bridge has been installed. Several pieces of major equipment have been placed (including pumps, tailings sampler, primary and secondary crushers and apron feeder) and preparations to install others are advanced. Please click on the following link to see updated pictures of construction progress: http://media3.marketwire.com/docs/CSI515.pdf.

Basic engineering and design of the flotation plant is ongoing and will be complete in the fourth quarter of 2013 after receipt of metallurgical test results. Management's new plan for treating the bulk sample on site will lead to the availability of more representative metallurgical test material than would be provided from the original plan of testing ten 300 kilogram samples. Construction of the flotation plant is expected to commence in the first quarter of 2014 and is expected to be complete by the end of the first half of 2014.

Infrastructure

Surface construction activities continue to focus on the power house and tailings dam. Construction of the power house is 90% complete with the generators now installed. Commissioning of the power house has commenced and 100% capacity is expected by the time the process plant commences operation. It is important to note that 50% power generation capacity is sufficient to operate all current mine services and infrastructure. The power house design was modified to allow connection with a 34.5 kV transmission line constructed by Equatorial Energia SA ("Equatorial Energia") (formerly Centrais Eléctricas do Parà SA or CELPA). The power supplied by Equatorial Energia will be lower cost and will be backed up by power from the diesel generators, which are being commissioned as noted above. Equatorial Energia has recently advised the Company that connection to the grid is now scheduled by the end of June. Increased power consumption will not occur until the mill building is operational early in the second half of 2013. Therefore, this delay in connecting to the grid will not have a material impact on the Company's construction schedule or costs. Tailings' dam construction is approximately 20% complete and remains slightly ahead of schedule. Earthworks are well underway and the completion of the tailings dam is on track to be completed in conjunction with mill commissioning.

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada gold-platinum-palladium Mine into production. The Serra Pelada Mine is a joint venture between Colossus and COOMIGASP located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals Common Shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Forward-looking statements in this press release include statements regarding the timing and nature of future exploration and development programs that are dependent on projections that may change as drilling continues, or if unexpected ground conditions are encountered. The Company does not currently have any mineral properties that are in production or that contain a reserve as defined by National Instrument 43-101. In addition, areas of exploration potential are identified which will require additional drilling to determine whether or not they contain similar mineralization to areas that have been explored in more detail. Significant additional drilling is required at Serra Pelada to fully understand system size.

Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company's exploration and development plans, activities and intentions, constitute "forward-looking information" within the meaning of the Securities Act (Ontario) or "forward-looking statements" within the meaning of the United States Private Litigation Reform Act of 1995. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable. Forward-looking statements are frequently characterized by words such as "target", "plan", "expect", "project", "intend", believe", "anticipate" and other similar words, or statements that certain events or conditions "appear to", "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The factors include but are not limited to risks related to the joint venture operation, actual results of exploration activities, the inherent risks involved in the exploration and development of mineral properties, changes in project parameters as plans continue to be refined, delays in obtaining government approvals, the uncertainties of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties inherent to conducting business in Brazil and the rest of Latin America, the availability of equipment and supplies, unexpected adverse climate conditions, the reliance on only a few key members of management, as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form filed with Canadian provincial securities regulatory authorities and other regulatory filings which are posted on SEDAR at www.sedar.com. Unless required by law, Colossus undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

VP, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com

Colossus Minerals to Present at the European Gold Forum 2013

Tue, 16 Apr 2013 10:30:00 -0400

TORONTO, ONTARIO--(Marketwired - April 16, 2013) - Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) will be presenting at the European Gold Forum 2013 being held April 16-18, 2013 at the Park Hyatt Zurich in Switzerland.

Mr. Dave Anthony , Chief Operating Officer, is scheduled to speak on Wednesday, April 17, 2013 at 4:00 pm CET. An updated copy of the Company's corporate presentation is available on the Company's website (http://file.marketwire.com/release/csi416.pdf).

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Mine to production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Pará,Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

Vice President, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com

Colossus Minerals Provides Development Update and Announces the Addition of J. Alberto Arias to the Board of Directors

Thu, 28 Mar 2013 06:45:00 -0400

TORONTO, ONTARIO--(Marketwire - March 28, 2013) - Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI)(OTCQX:COLUF) is pleased to provide a development update for its 75% owned Serra Pelada gold-platinum-palladium Mine. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Pará, Brazil.

The Company, after market close on March 27, 2013, filed its Annual Audited Financial Statements and Annual Management's Discussion & Analysis ("MD&A"). For additional information regarding development progress discussed below, please refer to the above documents which can be found on the Company's website or on SEDAR (www.sedar.com).

HIGHLIGHTS

J. Alberto Arias , Founder, General Partner and Portfolio Manager of Arias Resource Capital Management LP, who's shareholdings in Colossus recently exceeded 10% of the common shares has been appointed to the board of directors effective March 28, 2013.

The Company remains on track to start initial production early in the second half of 2013 at a rate of 250 tonnes per day ("tpd"). The Company's ramp-up plans for reaching 1,000 tpd by the end of Q1 2014 are still on track.

The Company continues with cautious and systematic development through the mineralized zone gathering valuable geotechnical information ahead of initial production. Rock quality has remained within expected parameters.

Process plant construction remains on schedule for commissioning to begin early in the second half of 2013; the total project is currently 70% complete. More than 97% of engineering & procurement is complete, 80% of concrete has been poured, half the structural steel for the project has been delivered to site and structural steel erection commenced in late February.

Other critical infrastructure construction also remains on schedule. The power line and power house are on track to be commissioned early in the second quarter of 2013 while the tailings dam is expected to be ready in conjunction with mill commissioning.

The Company exercised its option under the Vale Option Agreement on Area B.

Claudio Mancuso , Chief Executive Officer commented, "I am delighted to welcome Alberto Arias to the board of directors. Alberto's mining experience in Latin America complements our Board's skills and we all look forward to working with him as we continue to advance Serra Pelada to production. On the operations side, we are making steady progress and we are now within five months of commissioning the process plant. Underground development and infrastructure construction are progressing towards our initial production target of early in the second half of 2013."

CONSTRUCTION AND DEVELOPMENT ACTIVITIES

Underground Development

The Company continues its systematic and cautious approach of developing through the mineralized zone. The development is being carried out under geotechnical supervision and the Company has focused on detailed mapping of the different ground conditions encountered and the ground support methods utilized. This geotechnical data is being incorporated into the Company's mine plan.

The Company has evaluated many different ground control techniques as it has progressed through the mineralized zone including new equipment and ground support tools and methods. The Company's focus in this evaluation was to determine the safest and most cost effective ground control practice to be applied across the varying rock packages and ground conditions that are present at Serra Pelada.

In conjunction with continued development through the mineralized zone, the Company has begun constructing additional underground infrastructure necessary to achieve 250 tpd of production early in the second half of 2013. Construction includes widening of the artisanal shaft which will be used as a ventilation raise and the development of a drift to tie the underground infrastructure to this ventilation raise. The ventilation project should be completed by the end of May and will allow the Company to start using multiple sets of equipment underground. Development of this drift towards the ventilation raise is entirely in the red siltstone and development rates have been as expected.

Process Plant

The various phases of the process plant construction, along with respective percentages complete are presented in the table below.

	Feb 7 Update	Mar 27
Total Project	60%	70%
Engineering	95%	97%
Procurement	95%	97%
Ball mill refurbishment	95%	100%
Earthworks	95%	100%
Civil construction	55%	90%
Structural steel fabrication	25%	55%
Structural, mechanical, piping & electrical installation	Contract awarded	30%

The Company has achieved a significant milestone this month substantially completing all concrete placement and commencing the structural, mechanical erection in various areas of the project including the transfer tower and conveyors, reagents building, mill feed bin and thickener. Please click on the link at the end of this release to see updated pictures of construction progress.

Infrastructure

Surface construction activities continue to focus on the power house and tailings dam. Power house construction continues to progress with the structure now covered and construction of the mezzanine underway. Construction of the power house is 85% complete, generators are expected to be installed in the coming weeks and the power house is expected to be operational by mid-April. Connection to the grid is anticipated shortly thereafter. Tailings dam construction is approximately 10% complete and is slightly ahead of schedule. Earthworks are well underway and the completion of the tailings dam is on track to be completed in conjunction with mill commissioning.

VALE OPTION EXERCISE

On March 18, 2013, the Company exercised its option under the Vale Option Agreement. Vale S.A. will have 45 days from receipt of the notice of exercise from the Company to request additional documents supporting the exploration investments made to date in satisfaction of the Vale Option Agreement. The assignment of the mining rights on Area B to Serra Pelada - Companhia de Desenvolvimento Mineral is expected to occur within 30 days after Vale is satisfied the required exploration investments have been made in accordance with the Vale Option Agreement. For additional information regarding the Vale Option Agreement, please refer to the Annual Information Form dated March 27, 2013 which can be found on the Company's website or on SEDAR (www.sedar.com).

ADDITION OF J. ALBERTO ARIAS TO BOARD OF DIRECTORS

The Company's Board of Directors welcomes Mr. Arias to the Board. Mr. Arias has over 20 years of experience in international mining finance including being the Managing Director of Goldman Sachs - Metals & Mining Research from 1998 to 2006, covering the sector globally. Mr. Arias is originally from Peru, and has a family history, which spans three-generations, of founding and managing mining companies. Mr. Arias has engineering degrees in mining and metallurgy and an MBA (B.Sc. from the Colorado School of Mines and three Masters degrees from Columbia University), mining industry operational experience, and holds a patent for a gold mineral processing technology

About Arias:

Arias Resource Capital Management ("ARCM"), a private equity firm focused solely on the metals and mining sector globally, with a primary focus in Latin America. ARCM manages approximately US$750 million for prominent foundations, endowments, banks, insurance companies, pension funds and family offices in the US and Latin America.

About Colossus:

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

To view the updated pictures of the construction progress, please visit the following link:

http://media3.marketwire.com/docs/CSIConstructionUpdateMarch.pdf

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

VP, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com

Invitation to Visit Colossus Minerals Inc. at PDAC

Fri, 01 Mar 2013 08:00:00 -0500

TORONTO, ONTARIO--(Marketwire - March 1, 2013) - Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) would like to cordially invite you to visit us at Booth #2850 in the Investor's Exchange at the 81st Annual Prospectors & Developers Convention (PDAC) to be held at the Metro Toronto Convention Centre-South Building, March 3rd-6th, 2013. Admission is free for all interested parties.

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Mine to production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

Vice President, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com

Colossus Minerals Reports Results from Diamond Drilling Programs at Serra Pelada

Thu, 28 Feb 2013 06:01:00 -0500

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2013) - Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI)(OTCQX:COLUF) announces assay results from surface and underground drilling programs on its 75% owned Serra Pelada gold-platinum-palladium Mine. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Pará, Brazil.

HIGHLIGHTS

SPD-182 intersected 3.40 metres grading 13.28 g/t gold, 0.02 g/t platinum and 0.06 g/tpalladium increasing the width of the CMZ in this location
SPD-184 intersected 26.65 metres grading 5.10 g/t gold, 11.22 g/t platinum and 9.42 g/t palladium also increasing the width of the CMZ in this location
Underground drilling encounters more high grade with hole SPUD-018 intersecting 3.60 metres grading 24.37 g/t gold, 0.28 g/t platinum and 0.88 g/tpalladium

Claudio Mancuso , CEO of Colossus commented, "We are pleased that despite poorer than anticipated drill performance, the results demonstrate localized increases in the width of the CMZ. We are further pleased to be able to establish more effective drilling stations closer to the CMZ, which will increase the pace of delineation drilling and assist with mine planning."

DETAILS

Results from the surface and underground drilling programs at Serra Pelada can be found in Table 1 below and the drill hole collar locations as well as hole traces for holes mentioned in this news release can be seen in Figure 1 below.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/csi228-F1.pdf.

TABLE 1: SIGNIFICANT DRILLING RESULTS

Mineralized Zone	Drill-hole ID	From (m)	To (m)	Interval * (m)	Gold (g/t)	Platinum (g/t)	Palladium (g/t)
CMZ	SPD-182	194.20	197.05	2.85	5.56	0.47	0.65
	and	219.25	222.65	3.40	13.28	0.02	0.06
	and	286.50	287.70	1.20	9.98	3.14	3.89

CMZ	SPD-184	146.20	158.80	12.60	3.74	11.98	20.22
	Including**	148.15	150.45	2.30	12.49	53.16	84.80
	and	157.80	158.80	1.00	0.74	16.29	51.13

	and	178.50	205.15	26.65	5.10	11.22	9.42
	Including	183.90	184.70	0.80	100.80	112.71	46.36
	Including	184.70	185.60	0.90	5.55	69.13	52.47
	Including	202.25	203.35	1.10	4.29	19.05	20.19

	and	231.40	238.70	7.30	3.67	1.17	1.44
	and	245.40	247.40	2.00	5.41	0.86	1.65

	SPUD-013	179.50	180.70	1.20	17.06	0.64	1.07
	and	198.85	199.45	0.60	4.50	0.15	0.28

	SPUD-014	169.60	172.30	2.70	5.54	3.59	5.95
	and	174.60	179.65	5.05	1.21	0.29	0.33
	and	186.05	189.90	3.85	6.63	1.46	2.16
	and	192.70	197.20	4.50	3.15	0.66	0.71

	SPUD-015	170.60	179.50	8.90	4.12	0.62	1.06

	SPUD-018	59.85	60.65	0.80	23.07	0.02	0.01
	and	62.90	66.50	3.60	24.37	0.28	0.88
	including	64.60	65.70	1.10	66.17	0.88	2.71

* True thickness not known and therefore core lengths are reported. Intercepts determined on a 1 g/t (gold+ platinum+ palladium) cut-off grade for the purpose of this release.
** Poor core recovery for this interval. Therefore it will not be used in resource or reserve calculations, but is reported in the table because the core that was recovered provided the listed results for this interval.

Central Mineralized Zone

The three surface holes presented below, were drilled at the end of the 2012 drilling campaign and were designed to block off the northwestern side of the CMZ in various sections. However, two of the three holes intersected high-grade mineralization and extended the CMZ to the northwest.

SPD-182 was drilled along section 25SW and extended the CMZ intersecting 3.40 metres grading 13.28 g/t gold, 0.02 g/t platinum and 0.06 g/tpalladium. This hole demonstrated that the CMZ is tucked in closer to the nose of the folded structure along this section and will be further drill tested from underground.

SPD-183 was drilled along section 88SW and was designed to block off the mineralized zone on the northwestern side. This hole contains no significant results thus accomplishing its goal. The nose of the folded structure containing the bulk of the mineralization at Serra Pelada lies roughly 45 metres southeast of the trace of this hole.

SPD-184 was drilled along section 88NE and intersected the undulating boundary of the CMZ and as a result contained intercepts over a 100 metre long core length that returned values such as 12.00 metres grading 3.92 g/t gold, 12.58 g/t platinum and 21.23 g/tpalladium, as well as 26.65 metres grading 5.10 g/t gold, 11.22 g/t platinum and 9.42 g/tpalladium. The position of mineralization in this hole increases the estimate of the horizontal width of the CMZ by approximately five metres. The true width of the CMZ in this location will be determined by underground drilling.

Underground Delineation Drilling

Underground drilling has been slower than anticipated as a result of the distance to the mineralized zone from the previous drill bay. This was reflected in the difficulty experienced in drilling the latest series of holes to their planned depths. This challenge has been resolved with the recent commissioning of drill bays closer to the CMZ and 45 metres lower in elevation than the previous drill bay. Holes from these new drill bays will be approximately half the distance to the CMZ than the holes reported in this release.

SPUD-013 was drilled from the drill bay roughly located on section 50NE and roughly 125 metres below surface (see Figure 1). The hole intersected the beginning of the CMZ and encountered a highlight of 1.20 metres grading 17.06 g/t gold, 0.64 g/t platinum and 1.07 g/t palladium before stopping in the mineralized zone due to technical difficulties. The mineralization encountered in the hole occurred approximately five metres sooner than what was predicted from modeling based on surface drill holes in the vicinity.

SPUD-014 drilled from the same bay as SPUD-013 and was successful in intersecting mineralization from roughly 163.5-197.0 metres down the hole. The mineralization began roughly ten metres sooner than the modeling based on surface drill holes. The hole had several good intervals, the highlight of which is 3.85 metres grading 6.63 g/t gold, 1.46 g/t platinum and 2.16 g/t palladium.

SPUD-015 was drilled from the same drill bay on section 50NE as the holes mentioned above but targeting the mineralized zone along section 0. The hole was completed to the planned distance and encountered the upper portion of the CMZ along a core length of roughly 50 metres. This hole was not expected to intersect high grade values as it occurs at the very top of the system where the upper limb and CMZ meet. The hole intersected 8.90 metres grading 4.12 g/t gold, 0.62 g/t platinum and 1.06 g/t palladium. The higher grade mineralization appeared roughly 15 metres earlier than the modeling with surface drill holes had predicted once again validating the need for the underground delineation program.

SPUD-016 was designed to undercut SPUD-015 at a distance of 10 metres below the mid-point of the mineralization encountered by SPUD-015. The hole was abandoned mid-distance due to technical difficulties.

SPUD-017 was the first hole from a new drill bay located on section 50NE but roughly 60 metres closer to the mineralization and 45 metres lower in elevation than the previous drill bay. SPUD-017 was designed as a geotechnical drill hole to test the ground ahead of future development.

SPUD-018 was the first delineation drill hole in the new drill bay as well as being the first hole in this section. It was designed to test for mineralization along section 50NE and to intersect the upper portion of the CMZ. Highlights from the hole include 0.80 metres grading 23.07 g/t gold and 3.60 metres grading 24.37 g/t gold, 0.28 g/t platinum and 0.88 g/t palladium. The mineralization began roughly 20 metres sooner than what the model predicted and represents a portion of the upper limb mineralized zone as it transitions into the upper part of the CMZ. The drilling continues along this section to delineate the CMZ at 10 metre intervals.

Serra Pelada Geology

Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge of a large fold. The CMZ comprises a mainly steeply dipping carbonaceous alteration zone in the fold hinge that also extends onto the upper and lower limbs of the fold for a limited distance. The Lower Limb Zone represents shallowly-dipping, gold-platinum-palladium mineralization predominantly associated with an iron oxide rich breccia as well as iron oxide rich argillic alteration and locally carbonaceous alteration on the lower limb of the main fold. The upper limb mineralization is characterized by an iron oxide rich breccia similar to that found in the lower limb.

Technical Information

Diamond drilling was HQ cored. Sampling of core by Colossus personnel and sample preparation by Intertek Limited, Parauapebas and SGS Geosol, Parauapebas, Brazil were carried out under strict protocols recommended in the National Instrument 43-101 Technical Report dated January 31, 2010 on the Serra Pelada Project. After photographing and logging, core sample intervals were cut and/or split in half, yielding samples of various weights depending on the sample length. Where core recoveries were low, intervals were composited to yield approximately one kilogram minimum sample mass. Intertek and SGS Geosol pulverize one or two kilogram splits (> 95% passing 106 microns) from the crushed (> 95% passing 1.7 mm), dried samples. Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to Intertek preparation work.

The labs insert additional blanks, duplicates and high grade gold/PGE reference materials in the assay stream and replicate or duplicate assays were performed routinely and on most medium- to high-grade materials. Fire assays for gold, platinum and palladium were on 25 gram subsamples utilizing a lead-rich collector material and AA finish.

The Intertek and SGS Geosol assay results for blanks, duplicates, replicates and also all reference materials were well within generally accepted QA/QC measures. A 200 gram aliquot of medium and high grade pulps were rotary split from each pulp by Intertek and SGS Geosol and one of these samples was securely shipped directly by Intertek to SGS Geosol Lab in Parauapebas, Brazil for check assaying. A similar procedure is used for samples assayed at the SGS Geosol lab with the samples being securely transported to the Intertek lab in Parauapebas, Brazil for check assaying.

Graham Long , Vice President, Exploration of Colossus, is a qualified person under National Instrument 43-101 and is responsible for this release and has verified the contents disclosed.

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada gold-platinum-palladium Mine into production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

VP, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com

Colossus Minerals to Present at the BMO Capital Markets 22nd Global Metals & Mining Conference

Mon, 25 Feb 2013 15:05:00 -0500

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2013) - Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) will be presenting at the BMO Capital Markets 22nd Global Metals & Mining Conference being held February 24-27, 2013 at The Westin Diplomat, 3555 South Ocean Drive Hollywood, Florida, USA 33019.

Mr. Claudio Mancuso , Chief Executive Officer, is scheduled to speak on Wednesday, February 27, 2013 at 8:15 am EST. The presentation will be available via webcast on the Company's website at: http://audability.com/AudabilityAdmin/Clients/ColossusMinerals/101486_225201380000AM/lobby.aspx?Event_ID=1486.

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Mine to production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

Vice President, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com

Colossus Minerals' Development Remains On Schedule for Initial Production In Second Half of 2013

Thu, 07 Feb 2013 17:01:00 -0500

TORONTO, ONTARIO--(Marketwire - Feb. 7, 2013) - Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI)(OTCQX:COLUF) is pleased to provide a development update for its 75% owned Serra Pelada gold-platinum-palladium Mine. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Pará, Brazil.

Highlights

The Company remains on track to start initial production early in the second half of 2013 at an initial rate of 250 tonnes per day ("tpd") and continue the ramp up phase throughout the remainder of 2013 to 500 tpd. The current plan envisages two active mining faces for 250 tpd of production, three to five mining faces for 500 tpd of production and six to nine mining faces for 1,000 tpd of production. The Company expects to achieve 1,000 tpd of production by the end of the first quarter of 2014.

Underground development is progressing well with a number of infrastructure projects necessary to support full-scale mining now complete or well underway. Development at the face continues through the mineralized zone.

The rock quality during collection of the bulk sample remains within expected parameters from geotechnical work completed prior to first access to the mineralized zone. The Company continues with systematic and cautious development as this is the first time accessing the mineralized zone and it is providing valuable geotechnical information ahead of initial production.

Dewatering is progressing well from both surface and underground while dewatering of the historic pit to within five metres of the solids level is 95% complete. Underground water inflow rates remain within expectations.

Process plant construction remains on schedule for commissioning to begin early in the second half of 2013; the total project is currently 60% complete. More than 95% of engineering & procurement is complete, 55% of concrete has been poured and structural steel erection will commence by the middle of February.

Other critical infrastructure construction also remains on schedule. The power line and power house are on track to be commissioned early in the second quarter of 2013 while the tailings dam is expected to be ready in conjunction with mill commissioning.

Claudio Mancuso , Chief Executive Officer commented, "We are now within six months of commencing our commissioning phase. Both underground development and infrastructure construction are progressing well towards our initial production target of early in the second half of 2013. Going forward, the Company will provide development updates monthly so that construction and development progress can be tracked as we strive towards our most important milestone; production at Serra Pelada."

David Anthony , President & Chief Operating Officer further commented, "Mobilization of the site construction team is now advanced. All principle materials and resources are in place to enable completion of the process plant and infrastructure projects as scheduled. Our mining team is pleased to have started collection of the bulk sample. Planning and preparations have been made to start mining operations during the third quarter of this year."

Construction and Development at the Serra Pelada Project

Underground Development

As announced on December 31, 2012, the Company reached mineralization in its secondary development and the bulk sample collection process is ongoing with all material being assayed and sorted on surface on the stockpile pad. Geologic controls and assaying of material continue to guide the bulk sampling process. Ground conditions and ground water flow into the mine remain manageable. Development of this secondary access will continue and management expects extraction and sampling of the bulk sample to be complete in the first quarter. The Company is progressing cautiously and prudently, as the bulk sample process is also being used to collect comprehensive geotechnical information and to test different extraction methods. Geotechnical assessment and monitoring indicates that full scale mining operations will be sustainable at planned rates of production.

Underground development is now ramping up and focusing on the development of infrastructure necessary to support initial production early in the second half of 2013. In addition to developing the main decline while developing the bulk access drive, a number of infrastructure projects are well underway or completed. Two new drill bays have been established in the bulk-sample access drive, allowing the Company to drill much shorter holes (maximum total length of 150 metres) resulting in better targeting of the areas the Company plans to include in its first resource/reserve estimate at the beginning of the second quarter of 2013. These drill bays are also being used to gather geotechnical information which will be used in the development of the Company's mine plan.

Former drill bays have now been converted into permanent underground infrastructure to support mining operations. The first underground drill bay has been converted into an electrical substation and a former sump has been converted into a second electrical substation. The second underground drill bay has been converted into a refuge station which was commissioned in January 2013. Work continues on the refurbishment of an artisanal shaft which will be used to provide underground ventilation. This shaft will be enlarged in the second quarter of 2013 and the ventilation system will be upgraded to support expansion of mining operations.

The Company also continues to develop its mine plan. While the geological and geotechnical information gathered during the collection of the bulk sample is yet to be incorporated, the Company believes its ramp-up plans are conservative and achievable. The Company is currently planning an additional 600 metres of development between now and the end of June in order to start initial production at 250 tpd in the second half of the year. This estimate assumes a development rate of three metres per day per development crew. During 2012, the Company achieved improvements in rates of advance as additional equipment and more experienced underground mine personnel were mobilized to site. Development rates for the period from January to July 2012 were two metres per day however an average of three metres per day was consistently achieved during the period from August 2012 to January 2013.

In February and March, the Company will have one development crew and will ramp to two in April once ventilation upgrades have been made and additional mining equipment, scheduled for March delivery, arrives on site. Initial production will begin from two active mining faces and the Company anticipates having a 10,000 tonne stockpile once production begins in the second half of 2013. Ramp-up activities will continue throughout the remainder of 2013 as the Company anticipates having four development crews by August and expects to be at 500 tpd by the fourth quarter of 2013 and 1,000 tpd by the end of the first quarter of 2014. The current plan envisages two active mining faces for 250 tpd of production, three to five mining faces for 500 tpd of production and six to nine mining faces for 1,000 tpd of production. Geotechnical information gathered during the bulk sample process suggests that these production rates may be achievable with less active mining faces than currently planned and the Company is in the process of testing different extraction methods in the bulk sample access drive prior to incorporating these results into its preliminary mine plan.

All equipment required to achieve the development and mining rates discussed above have been ordered and are on their way to site. Three new Atlas Copco scoop trams and two haulage trucks will be delivered to site by mid-March. Two other haulage trucks will be delivered in May and August, respectively. A third rockbolter will arrive at site in June and a fourth jumbo in July.

Process Plant Construction

Process Plant construction remains on schedule for commissioning to begin early in the second half of 2013; the total project is currently 60% complete. The various phases of the processing plant construction, along with respective percentage completion, are presented in the table below.

Engineering	95%
Procurement	95%
Ball mill refurbishment	95%
Earthworks	95%
Civil Construction	55%
Structural Steel Fabrication	25%
Structural, Mechanical, Piping & Electrical Installation	Contract awarded

Civil construction is progressing well and has not been significantly impacted by the seasonal rainfall. Concrete placement is ahead of schedule at 55% complete and this team is fully mobilized, with completion scheduled for mid-April. Sub-grade concrete placement is complete for all process plant buildings and structures and above grade concrete is progressing slightly ahead of schedule. Structural steel for the process plant will begin to arrive by the middle of February and steel erection will begin shortly thereafter. Ball mill refurbishment will be complete in early February with delivery to site expected in early March. Critical contracts for structural steel, plate work, piping fabrication and structural, mechanical, electrical and instrumentation installation have been awarded and site establishment is advanced.

Critical process plant equipment continues to be delivered to site. The tailings thickener was delivered to site in December 2012. The in-line leach reactors, gravity concentrators vibrating screens, vibrating feeder, hydrocyclones and reagent dosing pumps are landed at the port and will be delivered during February.

A pictorial update has also been provided with this press release (and can be accessed by clicking here) to provide additional information regarding the progress of the processing plant and other infrastructure construction.

Infrastructure Construction

The 34.5 kV transmission line to bring power to site is currently under construction by Equatorial Energia S/A ("EE"), Brazil's second largest utility company, and is on track to be commissioned by early April. The power house to connect the site distribution lines to the EE transmission line is currently under civil works construction. Concrete placement and structural steel erection for the power house is substantially complete. Mechanical installation is scheduled to start in the middle of February. This facility will be available for use by the end of March. The power house will also be equipped with generators for backup power, which have already been purchased and are on site.

Basic engineering for the tailings dam is complete. Golder Associates are in the process of completing detailed engineering. The earthworks contract has been awarded and this contractor is mobilized to site. Bulk materials for construction are currently being procured and will begin to arrive in the middle of February. The tailings impoundment facility is on track to be ready to receive material by the end of July.

Dewatering

Dewatering activities from surface have proceeded for more than 18 months and the rate of water removal remains consistent. As development has continued into the mineralized zone, our underground dewatering has increased and is now in balance with the rate of production from surface. Dewatering activities remain manageable and these are integrated with the ground control program. Lastly, the water level in the historic pit has been drawn down by approximately twenty metres. The Company's plan is to dewater to within five metres of the solids level and this is now 95% complete.

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada gold-platinum-palladium Mine into production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

VP, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com

Colossus Minerals to Present at the 2013 TD Securities Mining Conference

Fri, 25 Jan 2013 16:01:00 -0500

TORONTO, ONTARIO--(Marketwire - Jan. 25, 2013) - Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) will be presenting at the 2013 TD Securities Mining Conference to be held January 29-30, 2013 at the Ritz-Carlton, Toronto, Canada.

Mr. Claudio Mancuso , Chief Executive Officer, is scheduled to speak on Wednesday, January 30, 2013 at 2:35 pm EST.

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Mine to production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

Vice President, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com

Colossus Minerals Intersects High Grade Gold Values in Diamond Drilling at Elefante

Thu, 10 Jan 2013 06:01:00 -0500

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2013) - Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) reports assay results from the recent diamond drilling program on the Elefante area where earlier in the year auger drilling had returned values of gold, platinum and palladium. The Elefante area is located approximately two kilometres to the southeast of the Serra Pelada Gold-Platinum-Palladium Mine. The Serra Pelada Mine is a 75%/25% joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Pará, Brazil.

HIGHLIGHTS

Precious metal values are near surface
Possible new exploration target model as the samples containing precious metals lack the strong carbon upgrading associated with the mineralization at the Serra Pelada Mine
Mineralization is currently open in all directions as preliminary four-hole program tested a small proportion of surface anomalies
Hole EL-12-001 contained the highest overall gold value and returned 5.70 metres grading 5.41 g/t gold, 0.04 g/t platinum and 0.29 g/tpalladium
Hole EL-12-002 contained the highest overall platinum and palladium values and returned 5.10 metres grading 0.45 g/t gold, 1.27 g/t platinum and 2.04 g/tpalladium

Claudio Mancuso , CEO of Colossus commented, "We conducted this limited drill program to explore the possibility that mineralization encountered in previous soil and auger sampling programs continue into the bedrock. While we remain focused on development of the Central Mineralized Zone ("CMZ") where we continue progressing well with bulk sample extraction, we are encouraged by these results and anticipate that further exploration could lead to development of a satellite deposit. The area has seen little diamond drilling by Colossus and will be further explored in 2013. We look forward to providing an update on the progression of the bulk sample and other development activities in the next few weeks."

DETAILS

The Elefante area is located approximately two kilometres to the southeast of the Serra Pelada Mine (click the following link to view the accompanying map: http://file.marketwire.com/release/CSIfig1.pdf). The bedrock in the Elefante Area consists of Archean aged (2.68 billion year old) sediments belonging to the Rio Fresco Formation which also hosts the Serra Pelada orebody.

This release reports assay results for four HQ caliber diamond drill holes totaling 365 metres that were drilled in November and December 2012. The drilling program was a follow-up on encouraging precious metal results that came from an auger drilling program carried out over the Elefante area between January and May 2012 (see press release dated August 20, 2012 for details).

The objective of the diamond drilling program was to verify if the results that were encountered in soil sampling and auger drill hole programs were bedrock sourced. The mechanical auger cannot penetrate bedrock and can only drill to resistance (which usually means it ends in saprolite or the deeply weathered portion of the bedrock which lies just above the fresh bedrock). Auger drilling campaigns that preceded the diamond drilling program managed to outline a low grade (greater than or equal to 1 g/t combined gold + platinum + palladium) anomalous area roughly 200 metres long in an almost east-west direction and approximately 100 metres wide in a north-south direction (see map inset). Within this broad envelope lies a well defined, higher grade isocontour that was the main target of the diamond drilling program which tested an area roughly 25 meters (east-west) by 50 metres (north-south).

All four diamond drill holes returned values of gold, platinum and palladium with hole EL-12-001 returning the highest grade gold values of 12.64 g/t and 6.34 g/t while hole EL-12-002 returned the best overall platinum and palladium results with 1.27 g/t and 2.04 g/t respectively including a 1.25 metre interval that returned 0.07 g/t gold, 3.67 g/t platinum and 5.89 g/tpalladium. These results confirm that mineralization encountered in the soil and auger sampling programs conducted prior to the diamond drilling program continue into bedrock. The Elefante area has seen little drilling by Colossus and will be followed up in 2013.

A complete listing of results can be found in Table 1 below.

TABLE 1: ASSAY RESULTS
Area	Drill-hole ID	From (m)	To (m)	Interval* (m)	Gold (g/t)	Platinum (g/t)	Palladium (g/t)
Elefante	EL-12-001	8.10	12.70	4.60	0.08	0.29	1.03
	and	17.10	22.80	5.70	5.41	0.04	0.29
	Including**	17.10	18.80	1.70	12.64	0.07	0.47
	including	18.80	19.80	1.00	6.34	0.02	0.32

Elefante	EL-12-002	28.95	34.05	5.10	0.45	1.27	2.04
	including	28.95	30.20	1.25	0.07	3.67	5.89

Elefante	EL-12-003	35.30	40.50	5.20	0.32	0.78	0.74

Elefante	EL-12-004	7.70	12.20	4.50	1.06	0.55	0.77

*Core lengths reported here. Intercepts determined on a 1 g/t (gold+platinum+palladium) cut-off grade for the purpose of this release.
** Less than 50% core recovery.

While minor amounts of carbon have been identified in outcrops during the mapping of the Elefante area and some minor carbon identified during core logging, no significant carbon upgrading similar to that identified with the CMZ at the Serra Pelada Mine could be reported in the Elefante drill holes even though they returned values of gold, platinum and palladium. This indicates that the classic "Burro Preto" zone which is associated to the CMZ at the Serra Pelada Mine may not be the only readily identifiable marker for mineralization in this type of sediment. Once the geology and the occurrence of precious metal mineralization at the Elefante area are better understood, a new exploration target for mineralization on the Serra Pelada property may develop.

The results are currently being interpreted and the immediate focus of the follow-up drilling will be to expand the known zone and define its limits.

Serra Pelada Geology

Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge of a large fold. The CMZ comprises mainly a steep dipping carbonaceous alteration zone in the fold hinge that also extends onto the upper and lower limbs of the fold for a limited distance. The Lower Limb represents shallow-dipping, gold-platinum-palladium mineralization predominantly associated with an iron oxide rich breccia as well as iron oxide rich argillic alteration and locally carbonaceous alteration on the lower limb of the main fold. The upper limb mineralization is characterized by an iron oxide rich breccia similar to that found in the Lower Limb. The lithologies containing mineralization at the Elefante area do not share the same characteristics or degree of alteration as the typical ore zone at the Serra Pelada Mine and may represent a new target for ore on the property.

Technical Information

Diamond drilling was HQ cored. Sampling of core by Colossus personnel and sample preparation by Intertek Limited, Parauapebas and/or SGS Geosol, Parauapebas, Brazil were carried out under strict protocols recommended in the National Instrument 43-101 Technical Report dated January 31, 2010 on the Serra Pelada Project. After photographing and logging, core sample intervals were cut and/or split in half, yielding samples of various weights depending on the sample length. Where core recoveries were low, intervals were composited to yield approximately one kilogram minimum sample mass. Intertek and SGS Geosol pulverize one or two kilogram splits (>95% passing 106 microns) from the crushed (>95% passing 1.7 mm), dried samples. Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to Intertek preparation work.

The Intertek and SGS Geosol assay results for blanks, duplicates, replicates and also all reference materials were well within generally accepted QA/QC measures.

Graham Long , Vice President, Exploration of Colossus, is a qualified person under National Instrument 43-101 and is responsible for this release and has verified the contents disclosed.

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Mine to production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

VP, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com

Colossus Minerals Reaches Mineralized Zone in Secondary Development

Mon, 31 Dec 2012 06:01:00 -0500

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2012) - Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) has reached mineralization in its secondary development. The bulk sample collection process has begun and all material is being assayed and sorted on surface on the stockpile pad. Geologic controls and assaying of material will guide the bulk sampling process which will lead to a shipment of ten to fifteen 300 kilogram samples to Met-Solve Laboratories Inc. in Vancouver, B.C. in January 2013.

The bulk sample location was modified as part of the Company's periodic re-evaluation of mine design. As previously announced, the plan incorporated additional development to provide for improved sample quality. The bulk sample will consist of approximately 30 metres of development through the mineralized deposit to extract approximately 1,500 tonnes of material.

Ground conditions are good and ground water flow into the mine remains manageable. Development of this secondary access point will continue and management expects extraction and sampling of the bulk sample to be complete within the next three weeks.

Claudio Mancuso , Chief Executive Officer commented, "This day has been a long time coming and is the culmination of almost two years of hard work. We are pleased to be entering a mineralized zone. I would like to congratulate all of our employees for achieving this important milestone."

About Colossus:

Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Project to production. The Serra Pelada Project is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Contact Information:

Colossus Minerals Inc.

Ann Wilkinson

Vice President, Investor Relations

(416) 643-7655

awilkinson@colossusminerals.com

www.colossusminerals.com