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Colossus Minerals Appoints Paulo de Tarso Serpa Fagundes Chief Operating Officer

Toronto, Ontario, May 9, 2011 – Colossus Minerals Inc. (the “Company” or “Colossus”) (TSX: CSI) is very pleased to announce the appointment of Paulo de Tarso Serpa Fagundes as the Company’s new Chief Operating Officer, effective May 9, 2011.

Mr. Fagundes has 30 years experience in the mining industry and brings strong operating experience specifically in South American mining projects. Mr. Fagundes was most recently General Manager of the Mercedes Mine in Mexico for Yamana Desenvolvimento Mineral Ltda. where he was responsible for the development of the underground gold mine, and from 2007 to 2009 he was General Manager of Yamana’s San Andres Mine in Honduras where he was responsible for operations, administration and a successful expansion of the project. He previously held senior operating positions with Camargo Correa Group, a Brazilian conglomerate and Companhia Brasileira do Cobre, a Brazilian mining company, where he was Manager of the Sao Luiz underground mine.

Mr. Fagundes graduated from Universidade Federal do Rio Grande do Sul in 1981 with a Bachelor of Science in Mining Engineering, and from Universidade de São Paulo in 1999 with an MBA in Business Management – Human Resources. Mr. Fagundes is fluent in Portuguese, Spanish and English.

“We are thrilled that Paulo has agreed to take on the role of managing our aggressive development timeline to production at Serra Pelada,” commented Ari Sussman, CEO. “Colossus will benefit greatly from Paulo’s leadership as he brings a wealth of operating experiences across a platform of industries in Latin America.”

Mr. Fagundes added, “I am very excited to be joining Colossus at such a pivotal moment in the history of the Company. This is a tremendous opportunity to contribute in bringing the high profile, historically significant Serra Pelada mine into production.  I look forward to building strong and long-term relationships with our team and all stakeholders.”

Randy Reichert, previously Colossus President and Chief Operating Officer, is no longer with the Company. The Company wishes him every success in his future endeavours. Ari Sussman, Colossus CEO has assumed the role of President.

About Colossus:
Colossus is a development-stage mining company focused on bringing into production the high-grade gold-platinum-palladium Serra Pelada project, located in the mineral prolific Carajas region in Para State, Brazil. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares trade on the Toronto Stock Exchange (TSX) under the symbol CSI. The Company is headquartered in Toronto, Canada.


Forward-looking statements in this press release include statements regarding the timing and nature of future exploration and development programs that are dependent on projections that may change as drilling continues, or if unexpected ground conditions are encountered. The Company does not currently have any mineral properties that are in production or that contain a reserve as defined by National Instrument 43-101. In addition, areas of exploration potential are identified which will require additional drilling to determine whether or not they contain similar mineralization to areas that have been explored in more detail. Significant additional drilling is required at Serra Pelada to fully understand system size. 

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