Colossus Minerals Inc.

Colossus Minerals Inc.

March 09, 2010 07:00 ET

Colossus Minerals Inc: Preliminary Environmental License Approved for Serra Pelada

TORONTO, ONTARIO--(Marketwire - March 9, 2010) - Colossus Minerals Inc. ("Colossus") (TSX:CSI) is pleased to announce that a Preliminary Environmental License (the "License") has been issued for the Serra Pelada Project held by Serra Pelada Companhia de Desenvolvimento Mineral ("SPC") a joint venture company controlled by Colossus and of which COOMIGASP (Cooperative de Mineração dos Garimpeiros de Serra Pelada) is the minority shareholder.

The approval of the License by COEMA, the Environmental Council of Para State, Brazil constitutes a decision that the Serra Pelada Project, including the facilities associated with the proposed precious metal mine, processing plant and all related infrastructure and access, such as roads and powerlines, are environmentally feasible.

The License contains all of the conditions for issuance of the balance of the environmental permits required for the Serra Pelada Project, namely an Installation License for construction and an Operating License for operating activities. These conditions were specified in COEMA's meeting held on February 26, 2010 and were all consistent with the Environmental Impact Statement filed by SPC when it applied for the License. The approval follows an extensive technical review and public hearing process conducted by the Para State Environmental Control Secretariat. Throughout this process the Serra Pelada Project was overwhelmingly supported by local communities.

"The approval of our Preliminary Environmental License is a green light for Colossus and COOMIGASP to proceed and confirms that there are no major environmental issues affecting the Serra Pelada Project," stated Ari Sussman, CEO of Colossus. "Serra Pelada is a unique high-grade deposit with a rich history in Para State, Brazil and this approval is an important step in fulfilling the lifelong dream of all of the members of COOMIGASP to see the project reach commercial production. This project will provide long term employment, create infrastructure within the State, and elevate the living standard of the local communities."

About Colossus:

Colossus is a minerals development company focused on the Serra Pelada high-grade gold-platinum-palladium project in Para State of Brazil. Between 1980 and 1986, Serra Pelada was host to the largest precious metals rush in Latin American history. Coverage by 60 Minutes of this famous mining rush can be viewed at:


Except for statements of historical fact relating to Colossus, certain information contained herein constitutes "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. 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 "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 the inherent risks involved in the exploration and development of mineral properties, the uncertainties 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 supplies, unexpected adverse climate conditions, the reliance on only a few key members of management, and other factors. 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.

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