Colossus Minerals Drills 60.5 Metres @ 14.37 g/t Gold, 1.81 g/t Platinum and 2.46 g/t Palladium

TORONTO, ONTARIO, Jan 12 (MARKET WIRE) --
Colossus Minerals Inc. ("Colossus") (TSX: CSI) is pleased to announce the
remaining results from its Phase I diamond drill program of the Serra
Pelada Project, located in Para State, Brazil.

HIGHLIGHTS
----------

- SPD-018 intersected
60.5 metres @ 14.37 g/t gold, 1.81 g/t platinum and 2.46 g/t palladium
including
24.5 metres @ 29.89 g/t gold, 1.69 g/t platinum and 3.53 g/t palladium
- SPD-013 intersected
23.0 metres @ 20.68 g/t gold, 3.26 g/t platinum and 3.91 g/t palladium
including
7.5 metres @ 54.62 g/t gold, 8.64 g/t platinum and 9.95 g/t palladium

- These drill-holes demonstrate the strong lateral and vertical continuity
of the Central Mineralised Zone

- SPD-014 through SPD-016 all encountered gold-platinum-palladium
mineralisation on the fringes of the Central Mineralised Zone

- SPD-017, drilled primarily for geotechnical purposes, confirmed the
presence of a new zone ("Western Zone") to the west of the Central
Mineralised Zone exhibiting a high platinum group elements (PGE)
to gold ratio

DETAILS

Diamond drill holes SPD-013 through SPD-018 were HQ-cored for
a total of 1741 metres, completing the initial 5000m drill program by the
Colossus-COOMIGASP joint venture on the Serra Pelada gold-
platinum-palladium deposit, located in Para State, Brazil. Drilling was
mainly focused on the Central Mineralised Zone ("CMZ"), which overprints
metasediments occupying the hinge and inner limbs of a NW-facing,
SW-plunging, reclined synclinorium that plunges gently SW from the
historical open pit. The CMZ is characterised by intense carbonaceous and
also argillic alteration, inboard of siliceous alteration partially
mantling the synclinorial hinge. See Sections 00, 100NE and others plus a
plan view of Serra Pelada drill traces at www.colossusminerals.com.

SPD-018, the first drill-hole collared on Section 25NE, mainly tested the
inner hinge of the CMZ. Gold- platinum-palladium (Au-Pt-Pd)
mineralisation proved to be largely continuous through more than a 65-
metre interval. Assay results for SPD-018 are tabulated in the following
table:

-------------------------------------------------------------------------
Fr
om To Assay Gold Platinum Palladium
(metres, (metres, Interval g/t g/t g/t
down-hole) down-hole) (metres)(i)
-------------------------------------------------------------------------
205.00 270.00 60.50 14.37 1.81 2.46
-------------------------------------------------------------------------
incl.
206.10 217.50 10.90 2.72 2.94 1.59
-------------------------------------------------------------------------
and
226.50 237.00 10.00 8.59 2.99 3.73
-------------------------------------------------------------------------
and
240.00 242.70 2.70 6.22 0.42 0.79
-------------------------------------------------------------------------
and
244.00 270.00 24.50 29.89 1.69 3.53
-------------------------------------------------------------------------
(i) Total assayed interval (greater than 0.5 g/t gold equivalent) -
excludes intervals of no core recovery; true widths to be established.

SPD-013 was drilled between SPD-002 (total intersection of 60.1m @
24.23 g/t Au, 8.15 g/t Pt and 10.22 g/t Pd) and SPD-003 (6.0m @ 40.59 g/t
Au, 0.42 g/t Pt, 0.68 g/t Pd) on Section 00. At relatively shallow
depths, SPD-013 intersected outermost upper hinge mineralisation with
high PGE/Au, including 5.5m @ 0.84 g/t Au, 0.53 g/t Pt, 0.70 g/t Pd from
215.60m. SPD-013 then successfully tested its lower outer fold hinge zone
target proving continuity of this high grade subzone with intersections
in SPD-002 and also in the lower part of SPD-018 (see above). Assay
results for SPD-013 are tabulated in the following table:

------------------------------------------------------------------------
Fro
m To Assay Gold Platinum Palladium
(metres, (metres, Interval g/t g/t g/t
down-hole) down-hole) (metres)(i)
------------------------------------------------------------------------
247.10 270.10 23.00 20.68 3.26 3.91
------------------------------------------------------------------------
incl.
249.10 256.60 7.50 54.62 8.64 9.95
------------------------------------------------------------------------

SPD-014 was drilled from the NW to test the upper limb and inner hinge
zone targets on Section 50SW. The siltstone-sandstone contact on the
upper fold limb appears to have been down-faulted and the hole cut only a
narrow, weakly mineralised part of the fold hinge (including 2.0m @ 0.22
g/t Au, 0.73 g/t Pt and 1.87 g/t Pd). Phase II drilling planned on
Section 50SW should intersect high grade upper limb and outer fold hinge
mineralisation.

SPD-015, a step out drill-hole, steeply inclined SE on Section 125SW,
intersected mineralisation above the main, upper limb sandstone-siltstone
contact at relatively shallow down-hole depth (from 218.10 - 225.10m,
6.0m @ 2.75 g/t Au, 0.40 g/t Pt and 0.60 g/t Pd). This high PGE/Au
mineralisation appears, from nearby historical drilling, to be part of a
significant upper limb mineralised zone which extends to at least Section
50SW and will be followed up in Colossus' Phase II Drilling Program. The
deeper parts of SPD-015 encountered weakly mineralised material in the
inner fold hinge and the hole finished in mineralised footwall sandstone.

SPD-016 was drilled SW to obliquely intersect its prime upper fold hinge
target on Section 100SW. However, the hole tracked sub-parallel to the
strike of the mineralised zone and grazed its target, intersecting 0.76m
@ 24.9 g/t Au, 3.84 g/t Pt and 5.55 g/t Pd from 267.9m down-hole. Several
other intersections (greater than 0.5 g/t Au +PGE) occurred above this
around the siltstone-sandstone contact. The hole was terminated its
planned depth of 300m after several other mineralised intercepts,
including 0.86m @ 5.82 g/t Au, 7.01 g/t Pt and 6.23 g/t Pd from 297.80m.
High grade upper limb and outer fold hinge will be tested on this target
in Phase II drilling.

SPD-017, was drilled primarily for geotechnical purposes from the
historical open pit high-wall on Section 450NE, also targeted the
potential for a Western Zone about 120m NW of the CMZ. The iron
oxide-rich breccia which forms part of the Western Zone was successfully
intersected between 135.0 and 138.0m, yielding 3.0m @ 1.79 g/t Au, 1.10
g/t Pt and 1.05 g/t Pd. Low recoveries of the breccia matrix in SPD-017
likely explain differences with Vale's nearby historical intersection
(FD-0172: 5.8m @ 14.84 g/t Au, 81.61 g/t Pt, 347.15 g/t Pd from 138.60m).
SPD-017 also encountered an unexpected 11.5m mineralised interval hosted
in red siltstone which included 3.0m @ 1.37 g/t Au, 0.08 g/t Pt and 0.12
g/t Pd. Further drilling of the Western Zone is warranted during Phase II
as mineralisation is at relatively shallow depths and would be
encountered in future developments. Additionally, preliminary work by
Colossus' geotechnical consultants on the exposed and drilled red- and
grey-altered siltstones suggests that these lithologies may support
stable pit walls or underground access.

Complete assay data sets for SPD-013, SPD-017 and SPD-018 may be examined
on www.colossusminerals.com.

Vic Wall, Colossus President, comments "Colossus' Phase I Drilling
Program has demonstrated strong lateral and vertical continuity of high
grade gold-platinum-palladium mineralisation along a substantial portion
of the Central Mineralised Zone at Serra Pelada. With some infill
drilling in Phase II, this part of the system can be advanced rapidly to
resource stage. We have learned a lot about the distribution of
mineralisation and how to drill it most effectively in both the planned
infill and step-out programs during Phase II, which has already
commenced. The joint venture is on track to complete its resource model
and other key studies this year to move this wonderful deposit towards
development."

TECHNICAL INFORMATION

Sampling of SPD core (by Colossus personnel) and sample preparation (by
SGS GEOSOL LABORATORIES LTDA., Belo Horizonte) were carried out under
strict protocols recommended in the 43-101 Technical Report on Serra
Pelada. After photographing and logging, nominal 1 metre intervals of HQ
core 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. Duplicates, blanks and
certified gold-PGE reference materials were inserted in the sample train
by Colossus personnel prior to secure shipping to SGS.

SGS pulverised 1 kilogram splits (greater than 95% passing 106 microns)
from the crushed (greater than 95% passing 1.7mm), dried samples. The
resulting pulps were quartered by rotary splitter and a 50 gram fire
assay, with ICP- OES finish was performed on one 250gm. aliquot, the
remaining splits being archived. Additional blanks and duplicates were
inserted in the assay stream by SGS and replicate assays were performed
every twenty samples. SGS dispatched assay certificate originals directly
to Resource and Exploration Mapping Ltd. an independent Company which
manages Colossus' database.

The SGS assay results for blanks, duplicates and replicates were
generally satisfactory. However values obtained by SGS for certified
Au-Pt-Pd reference materials were typically on the low side of mean
multi- laboratory values but, in two assay batches, were well below
accepted ranges. A high grade gold reference material inserted by SGS
also assayed unacceptably low in these assay batches. SGS has not
provided an explanation of these results. Reference materials and also
high value samples from all batches will be check assayed by an
independent laboratory. 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 project, the Natividade Property, in the State of
Tocantins, Central Brazil.

Contacts:
Colossus Minerals Inc.
Elina Chow
Public Relations Manager
(416) 643-7655
(416) 643-3890 (FAX)
Email: info@colossusminerals.com
Website: www.colossusminerals.com

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