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Colossus Minerals Inc. Announces the Granting of a Mining License for Serra Pelada

Toronto, Ontario, May 7, 2010 - Colossus Minerals Inc. (TSX:CSI)(“Colossus” or “the Company”) and its joint venture partner COOMIGASP are pleased to announce that the companies witnessed the official signing of the mining license for the Serra Pelada Project at a ceremony held today in Curionopolis, Para State, Brazil.

The mining license was executed by Márcio Zimmermann, Minister of Mines and Energy and then handed to COOMIGASP President, Gesse Simon, as the representative of Serra Pelada Companhia de Desenvolvimento Mineral, a Colossus-COOMIGASP joint venture company.

“On behalf of Colossus and COOMIGASP, I would like to express gratitude to Senator Edison Lobão (former Minister of Mines and Energy) Márcio Zimmermann (Minister of Mines and Energy), Ana Julia Carepa (Governor of Para), Wenderson Chamon (Mayor of Curionopolis) and all of the DNPM team (Brazil’s Department of Mines and Energy), for the continuous support provided over the past three years for Serra Pelada,” commented Ari Sussman, CEO of Colossus.

About Colossus:

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

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