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Colossus Minerals Commences Drilling for the Extensions of Serra Pelada

July 13, 2010

Toronto, Ontario, July 13, 2010 – Colossus Minerals Inc. (“Colossus” or the “Company”) (TSX:CSI) is pleased to announce the commencement of drilling for the extensions of precious metal mineralisation on the recently expanded land package located to the southwest of Mining Permit 850.425/1990 on the Colossus-COOMIGASP Joint Venture’s Serra Pelada Gold-Platinum-Palladium Project, located in Para State, Brazil.

The first drill-holes of the 5,000 metre drill program are targeting the down-plunge projection of high grade gold-platinum-palladium mineralisation in the Central Mineral Mineralised Zone (“CMZ”). To the northeast of the current drilling, the CMZ comprises shallowly-dipping mineralisation on the upper limb of a southwest-plunging reclined synclinorium cored by meta-siltstones and steeply-dipping mineralisation below this and in the hinge zone of this fold (see www.colossusminerals.com for details).  The folded meta-siltstone is interpreted to extend for at least one kilometre to the southwest of Mining Permit 850.425/1990.

Drilling later in the program will also test for extensions of the newly-discovered gold-PGE mineralised zones (see Colossus Minerals Press Release, June 24, 2010) onto the Joint Venture’s recently expanded ground position, as well as near surface targets that may result from the current soil geochemical and geological mapping programs in this area.

Ongoing drilling on 850.425/1990 is aimed at more closely delineating gold-PGE mineralisation which may extend into the new ground.

Vic Wall, Colossus VP Exploration, comments “We are extremely excited to have the opportunity to further enhance the potential of Serra Pelada”.

Dr. Vic Wall, 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:  http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887.



Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company’s exploration plans, activities and intentions, 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 “appear to”, “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:

Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com 
Email: info@colossusminerals.com