Colossus Minerals Inc.
TSX : CSI

Colossus Minerals Inc.

August 11, 2008 08:30 ET

Colossus Minerals Inc. Purchased 15% Net Profit Interest in Serra Pelada From Brazilian Company

TORONTO, ONTARIO--(Marketwire - Aug. 11, 2008) - Colossus Minerals Inc. ("Colossus") (TSX:CSI) is pleased to announce it has purchased the outstanding 15% net profit interest of its future earnings from the Serra Pelada project for US $4.2 million to be paid in accordance to the following schedule:



(a) US$ 200,000 upon signing of the new agreement;
(b) US$ 1,800,000 on receiving all necessary regulatory approvals;
(c) US$ 1,000,000 on January 3, 2009;
(d) US$ 1,200,000 on July 3, 2009.


"I am personally gratified that we have accomplished one of our key corporate milestones by executing this win-win agreement for both parties," said Ari Sussman, CEO of Colossus. "Colossus now enjoys a more simple and transparent joint venture partnership as we move forward in development of the Serra Pelada project."

About Colossus:

Colossus is an exploration and development Company focused on mineral resource properties in Brazil. The Company is currently focusing its efforts on the high grade gold-platinum-palladium Serra Pelada project in Para State, 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 the following link: www.sixtyminutes.ninemsn.com.au/article.aspx?id=299887. In addition, the Company is advancing its Sumidouro property located near Ouro Preto in Minas Gerais State, Brazil and the Natividade Property in the State of Tocantins, Central Brazil.

Contact Information