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Colossus Minerals Commences Exploration on New Ground in the Serra Pelada Gold-Platinum-Palladium Project, Brazil

Toronto, Ontario, June 2, 2010 - Colossus Minerals Inc. (TSX:CSI) (“Colossus” or the “Company”) and joint venture partner, COOMIGASP are pleased to announce the commencement of an exploration program on the newly acquired land package contiguous to and surrounding the Serra Pelada Project in Para State, Brazil.  These new concessions total 774 hectares as outlined in a news release of March 30, 2010.

The first phase of planned exploration involves at least 5,000 metres of diamond drilling as follows:

  • Step-out diamond drilling from surface to test for and potentially expand the down-plunge extensions of gold-platinum-mineralization delineated to date in the Central Mineralized Zone (see www.colossusminerals.com).  Two suitable drill rigs have been contracted and drilling will begin towards the end of June; 
  • Drilling of shallow-seated mineralization and gold geochemical anomalies near the proposed Serra Pelada mine infrastructure.  This drilling will be integrated with geotechnical and condemnation drilling programs;
  • Detailed gold-platinum-palladium soil-geochemical and ground-radiometrics surveys over all of the newly acquired ground, to identify near surface targets and geochemical anomalies related to structures controlling deeper-seated mineralization;
  • Geological mapping focused on clarifying structural-lithological settings prospective for gold-platinum-palladium mineralization.

Dr. Vic Wall, Colossus’ Vice President Exploration, commented  “We are excited by the apparent prospects of the new ground in the Serra Pelada Project and look forward to realizing the full potential of this remarkable mineralized  system.“

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.

CAUTIONARY STATEMENT REGARDING FORWARDLOOKING INFORMATION

Except for statements of historical fact relating to Colossus, certain statements in this press release constitute “forward‐looking information” within the meaning of the Securities Act (Ontario) or "forward‐looking statements" within the meaning of the United States Private Litigation Reform Act of 1995. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable.  Forward‐looking statements are frequently characterized by words such as “target”, “plan”, “expect”, “project”, “intend”, believe”, “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur.  Forward‐looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward‐looking statements.  The factors include but are not limited to risks related to the joint venture operation, actual results of exploration activities, the inherent risks involved in the exploration and development of mineral properties, changes in project parameters as plans continue to be refined, delays in obtaining government approvals, the uncertainties of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties inherent to conducting business in Brazil and the rest of Latin America, the availability of supplies, unexpected adverse climate conditions, the reliance on only a few key members of management, as well as those factors discussed in the section entitled "Risk Factors" in the Company’s most recent Annual Information Form filed with Canadian provincial securities regulatory authorities and other regulatory filings which are posted on SEDAR at www.sedar.com.  Unless required by law, Colossus undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change.  The reader is cautioned not to place undue reliance on forward‐looking statements.

For further information, please contact:

Kristen LeBlanc, Public Relations
Colossus Minerals Inc.
Tel: (416) 643‐7655
Web site: www.colossusminerals.com
Email: info@colossusminerals.com