Colossus Minerals Inc. Announces the Commencement of Reverse Circulation Drilling Program at Serra Pelada

* Reuters is not responsible for the content in this press release.

Wed Apr 29, 2009 4:41pm EDT 

  TORONTO, ONTARIO, Apr 29 (MARKET WIRE) -- 
Colossus Minerals Inc. ("Colossus") (TSX: CSI) is pleased to announce
that it has commenced a reverse circulation ("RC") drilling program at
Serra Pelada in Para State, Brazil. The RC program supplements the three
diamond drill rigs currently operating on the Central Mineralised Zone
("CMZ"). RC drilling is being utilised to test for mineralisation
outboard of the CMZ, but within the bounds of a conceptual open pit
development, to evaluate tailings and waste ("montoeira") from the
historical open pit. Furthermore, the program will increase the
productivity of diamond drilling by drilling RC pre-collars and
facilitate hydrological tests in previously completed drill-holes.

    To date, seven RC drill-holes have been completed. The completed
drill-holes amount to 700 metres out of the proposed minimum of 2000
metre program, with the potential to expand the program upon completion.
RC sample quality and recoveries have been adequate for assaying to
depths of around 100 metres in siltstones and 60 metres in sandstones.

    The Company is pleased to report that it has concluded the purchase of
the outstanding 15% net profit interest of its future earnings from the
Serra Pelada project for a total US$4.2 million. The Company decided to
make its final payment of US$2.0 million given the strength of its
balance sheet from the recently completed financing of C$24.73 million.

    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 drill-ready gold project, Natividade, in the State of
Tocantins, Central Brazil.

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

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