Media Coverage: Mining Journal�s Feature on Brazil Highlights Colossus Minerals Inc.

Mining Journal
July 3, 2009

GOLD MOVEMENTS

�Colossus Minerals Inc is moving towards production on its flagship project, Serra Pelada, located in Para state. Serra Pelada is the most famous former mine in Brazil, as it was once host to the largest precious metal rush in Latin American history. In the 1980s, up to 80,000 artisanal miners working daily produced over 2Moz of gold as well as an unknown amount of platinum and palladium out of a 400x300x110m hand dug open pit.

Colossus� phase II development programme in the Central Mineralised Zone at Serra Pelada includes at least 5,000m of drilling, geotechnical studies, metallurgical flowsheet design and the initiation of a baseline environmental study. The first set of assay results from its phase II drilling continued to yield high-grade intercepts including 27.9m at 35.49g/t gold, 19.89g/t platinum and 25.14g/t palladium. The platinum and palladium grades encountered are among the highest assay results achieved from the company�s drilling to date. More assay results are pending and will be released as they become available.

With approximately C$26 million (US$22.4 million) in its treasury, Colossus is well financed to push Serra Pelada towards production, it says. The company has already earned a 51% interest in Serra Pelada and anticipates increasing this interest up to 75% prior to the end of 2009 by fulfilling various work commitments and option payments to its joint-venture partner COOMIGASP. It will complete its final earn-in of 75% at the end of the year upon completing its current development programme. Colossus will then file its final exploration report for Serra Pelada with Brazil�s National Department for Mineral Production� with a view to obtaining a mining lease.

Ari Sussman, Colossus chief executive officer, said: �Colossus continues to work aggressively at Serra Pelada in the pursuit of becoming a producer as soon as it is feasible. We are excited to take on this challenge given the abundance of the oxidised high-grade precious metals in the Central Mineralised Zone.�

To read the article in Mining Journal�s Focus on Brazil, please click here.