Media Coverage: Steve Palmer, President & CEO of Alpha North Asset Management highlighted Colossus in an interview with Streetwise Reports

February 11, 2009

Steve Palmer, President and Chief Executive Officer of Alpha North Asset Management, recently highlighted Colossus Minerals in an interview with Streetwise Reports.  In the interview, Mr. Palmer says he looks forward to taking advantage of opportunities �to get in on some of what has now become the new ground floor� and make some �tremendous gains.�  While he anticipates more bad news on the employment front, he also tells The Gold Report followers that he believes �we�ve avoided the abyss� and confidence is returning.

Mr. Palmer who is a Chartered Financial Analyst, earned his BA in Economics at the University of Western Ontario.  After starting in the investment community as a research associate, he moved to a major financial institution in mid-1998, where he met Joey Javier, and built his career.  As Vice President of Canadian Equities, he managed assets of approximately $350 million, including a pooled fund that focused on small-cap companies.

I thought you would be interested in reading his comments on Colossus. These are provided below.

Regards,

Ari Sussman
Chairman & Chief Executive Officer

Mr. Palmer's Comments:
TGR: What about some specific stocks that you�d have The Gold Report readers take a look at?
SP: Colossus Minerals Inc. (TSX:CSI) is one I really like. They�ve been getting some phenomenal grades drilling on their property in Brazil. Garimperos had been hauling gold out of a big pit created there; it�s thought that they took 2 million ounces of gold out of the pit; very high-grade zones of several thousand grams per ton in some cases. After the pit got flooded, it was in limbo with the locals for many decades. Colossus got their hands on it a couple of years ago and went back and started doing re-assays of some of the historical drilling results and re-drilling, as well. The grades they�re getting are quite good. It�s not just gold; they have very high platinum and palladium grades, as well.

TGR: So Colossus came in, acquired the property, got rid of the water and�
SP: No, the water�s still there. It�s like a little lake, actually, in the pit. I think they�re drilling southwest of the pit, and the gold zone continues there. They�re currently considering drilling from a barge, too, to see if they can intersect some of the zones that were being mined before.

TGR: How deep is the lake?
SP: It�s probably about 100 meters deep. That�s another thing. The gold zones are very near surface, which lowers the mining costs significantly, as well. So it would be a very profitable operation because it�s so shallow and very high grade.

TGR: Do they have a 43-101 on this?
SP: No, they�re working on that. They just started Phase II drilling and will be doing a 43-101 report this year. The company has enough money to carry out their Phase II over the balance of this year. The market cap is about $70 million. They could have several million ounces of gold equivalent there. I would consider a takeout highly likely once they get a little more advanced.

To see the entire interview click here: www.TheAuReport.com/cs/user/print/na/2216