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Filed Preliminary Prospectus For Initial Public Offering

December 21, 2007

Colossus Minerals Inc. (“Colossus”) is pleased to announce that it has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces of Canada, except Quebec, in connection with its initial public offering of units. The underwriting syndicate in respect of the offering is led by GMP Securities L.P., and includes Macquarie Capital Markets Canada Inc., Blackmont Capital Inc. and Evergreen Capital Partners Inc.

Colossus intends to use the net proceeds from this offering for a significant exploration program on the Serra Pelada Gold-Platinum-Palladium project in Para State, Brazil, exploration work on the company’s other properties and for general corporate purposes.

Colossus is exploration and development focused on mineral resource properties in Brazil. The Company's exploration activities are currently focused on the Serra Pelada property, consisting of one exploration license covering 100 hectares in Para State, Brazil. In addition, the Company has dedicated certain resources to its Sumidouro property located near Ouro Preto in Minas Gerais State, Brazil and the Natividade Property in the State of Tocantins, Central Brazil.

A copy of the preliminary prospectus can be viewed on SEDAR (http://www.sedar.com).

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom. Accordingly, this news release does not constitute an offer for sale of securities in the United States.

For further information, please contact:
Ari Sussman
Colossus Minerals Inc.
Tel: (416) 643-7655 ext 2
Web site: www.colossusminerals.com
Email: info@colossusminerals.com