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Colossus Minerals Appoints Claudio Mancuso as Chief Financial Officer

March 3, 2011

Toronto, Ontario, March 3, 2011 – Colossus Minerals Inc. (the “Company” or “Colossus”) (TSX: CSI) today announced that effective immediately Claudio Mancuso has been appointed to serve as the Company's Chief Financial Officer.

Mr. Mancuso has over 10 years experience in the mining industry and capital markets. Prior to joining Colossus, he served as Vice President, Treasurer of Agnico-Eagle Mines Limited, a position he held since January 2009. Prior to that appointment, he served Agnico-Eagle in various financial management positions. Prior to joining Agnico-Eagle in 2002, he held positions at the Ontario Securities Commission and BDO Dunwoody LLP, a public accounting firm. Mr. Mancuso is a graduate of the University of Waterloo and is a Chartered Accountant.

Ari Sussman, Colossus Chairman and CEO commented, “Claudio brings a diverse and important skill set to the role of CFO. Colossus will benefit by his extensive large entity operational expertise and knowledge of the internal financial controls and planning processes that will be required as we aggressively progress development plans and move closer to achieving commercial production in 2012.”

Steven Poad, who joined Colossus in September 2009, elected to resign his position as CFO of the Company to pursue consulting opportunities to the mining industry. To facilitate the transition of responsibilities to the new CFO, Mr. Poad has entered into a consulting arrangement with the Company.

Mr. Sussman continued, “On behalf of the entire Board, I want to thank Steve for his service and significant contributions to the Company. We sincerely wish him every future success.”


About Colossus:

Colossus is a development-stage mining company focused on bringing into production the high-grade gold and platinum group metals Serra Pelada project.  Serra Pelada is located in the mineral prolific Carajas region in Para State, Brazil.


Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company’s exploration and development 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 equipment and 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:

Ann Candelario, VP Investor Relations Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com
Email: acandelario@colossusminerals.com