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Colossus Minerals Ramps Up Serra Pelada Program;
Welcomes New
COOMIGASP President and Board
Toronto, Ontario, April 9, 2009 �
Colossus Minerals Inc.
(�Colossus� or the Company) (TSX:CSI) is pleased to announce the acceleration
of the Company�s development plans for the Serra Pelada
gold-platinum-palladium project, the Colossus-COOMIGASP joint venture,
located in Para State, Brazil. Colossus also welcomes the newly elected
President and Board of Directors of COOMIGASP.
Colossus now has three diamond rigs
operating on its Phase II drill-out of the Serra Pelada gold-platinum group
element (PGE) deposit. Phase II drilling , which is anticipated continue
through end 2009, is focused on 500 metres of strike length of
the Central Mineralised Zone as well as testing new targets to both the
east and west of this Zone. The Company�s Phase I drilling through part
of the Central Mineralised Zone encountered several long, high grade gold-platinum-palladium
intersections including SPD-002 (60.1m
@ 24.23 g/t Au, 8.15 g/t Pt and 10.22 g/t Pd) and SPD-018 (60.5m @14.37 g/t Au, 1.81 g/t Pt and
2.4 6g/t Pd), demonstrating strong grade continuity and high
grade gold and Platinum Group Element subzones.
To date, five holes of diamond coring
have been completed with three more holes presently in progress. All
completed holes appear to have intersected mineralisation and have been
logged and sampled for assaying.
To speed up assay turnaround, Colossus
has engaged the services of Intertek�s new sample preparation facility near
the Company�s core facilities in Parauapebas. Test samples have shown
that Intertek can achieve Colossus� stringent preparation protocols.
Gold, PGE and other assaying will be carried out by Genalysis at their Perth,
Australia laboratory. The first batch of samples prepared by Intertek
and incorporating a number of QA/QC checks has been submitted to Genalysis.
Ari Sussman, Colossus CEO and
Chairman, comments � Facilitated by the Company�s recent financing, Colossus
is positioned and is putting additional systems in place to advance the
Serra Pelada project to Final Exploration Report stage before end
2009, ahead of schedule. Acceptance of this report by DNPM, the Brazil
Department of Mines, is required for the application for a Mining Lease by
early 2010.
Colossus would also like to take the
opportunity to congratulate the new President, Gesse Simao, and Board of
Directors of COOMIGASP on their recent election and the overwhelming support
by the members. COOMIGASP and Colossus continue to work together to bring the
New Serra Pelada to fruition. Colossus is committed to bringing the
necessary investment and expertise for the development of Serra Pelada in a
timely and responsible manner.�
Colossus has now earned 51% in the
Serra Pelada joint venture company and expects to complete its initial
earn-in with the expenditure of R$18 million to be attained later this year
during the Phase II program.
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: http://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.
For further information, please
contact:
Elina
Chow
Public Relations Manager
Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com
Email: info@colossusminerals.com
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