N※N

SPC-023, Section 150NE, intersected several intervals of mineralisation including, from 173.00 m, 4.70 m @8.24 g/t gold, 2.25 g/t platinum and 4.73 g/t palladium. SPD-038 (Section 150NE), SPD-050 (Section 175NE) and SPD-043 (Section 200NE) each encountered several mineralised intervals and SPD-048 (175NE) was abandoned before reaching target depth. The CMZ is proving to be discontinuous in the area between Section 125NE and the historical open pit and further drilling, primarily from underground access is required to clarify mineralised subzones in the CMZ and lower limb mineralisation in this area.

SPD-035, -036, -037, -040, -042 and SPD-049 were drilled at shallow inclinations from around the margins of the historical pit through back-fill of tailings and waste from historical operations towards targets below the pit. Although these holes sampled the pit infill, all were abandoned before reaching their target depths due to very difficult drilling conditions. Further under-pit drilling will require testing from underground drilling pads.

Complete assay data sets for the drill-holes in this release will be posted shortly on [ www.colossusminerals.com ].

Vic Wall, the Company's VP Exploration, comments "The assay results from the geotechnical drill-holes were particularly pleasing with the discovery of two new mineralised zones west of the Central Mineralised Zone at Serra Pelada. Drilling within the CMZ has continued to demonstrate the continuity of high-grade gold-platinum-palladium mineralisation and step-outs have added materially to the mineralised envelopes particularly in the southwest of the Mining Permit, near the Joint Venture's newly acquired ground. We are following up with further drilling aimed at the newly discovered zones and in southerly parts of the Mining Permit."

The map below indicates the location of the aforementioned drill holes:

[ http://media3.marketwire.com/docs/CSI624map.jpg ]

TECHNICAL INFORMATION

Two geotechnical holes and one metallurgical hole were drilled to recover PQ core, whereas all other diamond drilling was HQ cored. "SPC" - designated holes had reverse circulation pre-collars and diamond tails.

Sampling of core (by Colossus personnel) and sample preparation (by Intertek Limited, Parauapebas) were carried out under strict protocols recommended in the National Instrument 43-101 Technical Report on Serra Pelada. After photographing and logging, core intervals (drilling advances, averaging 1 m in length) were cut and/or split in half, yielding samples of 2 to 3 kilogram mass. Where core recoveries were low, intervals were composited to yield approximately 1 kilogram minimum sample masses. Intertek pulverised 1 or 2 kilogram splits ( greater than 95% passing 106 microns) from the crushed ( greater than 95% passing 1.7 mm), dried samples. A 200 gram aliquot was rotary split from each pulp by Intertek and these samples were securely shipped directly by Intertek to Genalysis Limited, Perth Laboratory. Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to Intertek preparation work.

Genalysis inserted additional blanks, duplicates and high grade gold/PGE reference materials in the assay stream and replicate assays were performed routinely and on most medium to high grade materials. Fire assays for gold, platinum and palladium were on 25 gram subsamples utilising a lead-rich collector material and ICP-MS finish. Genalysis dispatched assay certificate originals directly to Resource and Exploration Mapping Ltd. an independent company which manages Colossus' database.

The Genalysis assay results for blanks, duplicates, replicates and also all reference materials were well within generally accepted QA/QC measures. Reference materials and also selected high value samples from all batches will later be check assayed independently.

Dr. Vic Wall, the Company's VP Exploration and a 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: [ http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887 ].

CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION

Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company's exploration 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 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.