Colossus Minerals Inc.
TSX : CSI

Colossus Minerals Inc.

April 29, 2009 16:41 ET

Colossus Minerals Inc. Announces the Commencement of Reverse Circulation Drilling Program at Serra Pelada

TORONTO, ONTARIO--(Marketwire - April 29, 2009) - Colossus Minerals Inc. ("Colossus") (TSX:CSI) is pleased to announce that it has commenced a reverse circulation ("RC") drilling program at Serra Pelada in Para State, Brazil. The RC program supplements the three diamond drill rigs currently operating on the Central Mineralised Zone ("CMZ"). RC drilling is being utilised to test for mineralisation outboard of the CMZ, but within the bounds of a conceptual open pit development, to evaluate tailings and waste ("montoeira") from the historical open pit. Furthermore, the program will increase the productivity of diamond drilling by drilling RC pre-collars and facilitate hydrological tests in previously completed drill-holes.

To date, seven RC drill-holes have been completed. The completed drill-holes amount to 700 metres out of the proposed minimum of 2000 metre program, with the potential to expand the program upon completion. RC sample quality and recoveries have been adequate for assaying to depths of around 100 metres in siltstones and 60 metres in sandstones.

The Company is pleased to report that it has concluded the purchase of the outstanding 15% net profit interest of its future earnings from the Serra Pelada project for a total US$4.2 million. The Company decided to make its final payment of US$2.0 million given the strength of its balance sheet from the recently completed financing of C$24.73 million.

Dr. Vic Wall, President of Colossus Minerals and qualified person under National Instrument 43-101, is responsible for this release and has verified the contents disclosed.

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 has another drill-ready gold project, Natividade, in the State of Tocantins, Central Brazil.

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