Colossus Minerals Announces an Amendment to the Partnership Agreement with Coomigasp

TORONTO, ONTARIO, Nov 12 (MARKET WIRE) --
Colossus Minerals Inc. ("Colossus" or "the Company")(TSX: CSI) is pleased
to announce that it has amended its agreement ("Amended Agreement") with
its joint venture partner, Coomigasp, for the Serra Pelada Project
located in Para State, Brazil. The Amended Agreement was executed
following ratification via a series of open meetings of the members of
Coomigasp and a vote passed by the members of Coomigasp on November 8,
2009.

Pursuant to the original agreement between Colossus and Coomigasp dated
July 16, 2007, Colossus has the right to earn up to a 75% interest in the
joint venture company, which operate the Serra Pelada Project, by
spending R $18.0 million (US $10.6 million) on exploration and
development of the Serra Pelada Project. In addition to earn its
interest, Colossus is required to make staged premium payments to
Coomigasp based on the mineable gold reserve proven by exploration work
accepted by the Brazilian National Department of Mines in the Plano de
Aproveitamento Economico.

Pursuant to the terms of the Amended Agreement, Colossus will be required
to make a monthly payment to Coomigasp of R$350,000 (US$206,000) and will
finance Coomigasp's portion of development costs until production
commences. Reimbursement of funds advanced on Coomigasp's behalf by
Colossus will commence on the second year of production and will be
payable in equal quarterly instalments over a two year period.
Additionally, the above referenced premium have been amended such that
Colossus will make a life-of-mine premium payment to Coomigasp per
kilogram of precious metal sold from mine production in Brazilian Reais
as follows:

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Range of production Premium per kilogram of Premium per ounce of
(millions of ounces of precious metal
metal) metal produced(i) produced
------------------------
From To
--------------------------------------------------------------------------
R $41.99 (US
--- 2.03 R $1,445 (US $850)(ii) $26.44)(ii)
--------------------------------------------------------------------------
2.03 4.79 R $975 (US $573) R $28.30 (US $17.82)
--------------------------------------------------------------------------
4.79 10.26 R $900 (US $529) R $26.12 (US $16.45)
--------------------------------------------------------------------------
10.26 17.65 R $900 (US $529) R $26.12 (US $16.45)
--------------------------------------------------------------------------
17.56 --- R $900 (US $529) R $26.12 (US $16.45)
--------------------------------------------------------------------------
(i) Precious metal is defined as any one of gold, platinum, palladium,
rhodium, osmium, ruthenium or iridium
(ii)R$ 1 equals US $0.5880 (November 9, 2009)

"This Amended Agreement is a winning outcome for Colossus, Coomigasp
and the Serra Pelada Project. I would personally like to express
gratitude to the board of directors, members and President of Coomigasp,
Gesse Simao, for their continuing support of our partnership," commented
Ari Sussman, Chairman and CEO. "We are now in a position to utilize the
majority of our C$90 million treasury towards the development of this
high-grade asset."

About Colossus:

Colossus is a minerals development company focused on a high-grade
gold-platinum-palladium project in Brazil. The Company is currently
focusing its efforts on the Serra Pelada project in Para State. 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:
http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887.

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

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