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Colossus Minerals Inc. Announces Filing of Final Prospectus

October 16, 2009

Toronto, Canada - Colossus Minerals Inc. (TSX: CSI) (the “Company” or “Colossus”) announced today that it has filed a final short form prospectus in respect of the previously announced bought deal offering (the "Offering").  The Company entered into an underwriting agreement on October 6, 2009 with a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. (the "Lead Underwriter") and including Thomas Weisel Partners Canada Inc., Canaccord Capital Corporation, and GMP Securities L.P. (together with the Lead Underwriter, the “Underwriters”), with PowerOne Capital Markets Limited to act as a selling group member.  Pursuant to the underwriting agreement, the Underwriters have agreed to purchase 11,000,000 common shares (“Common Shares”) of the Company at a price of CDN$5.75 per Common Share (the “Offering Price”) for gross proceeds of CDN$63,250,000.

The Company has agreed to grant the Underwriters an over-allotment option, exercisable in whole or in part, to purchase up to 1,500,000 additional Common Shares at any time on or prior to the date that is 30 days following the closing of the Offering.  If this option is exercised in full the aggregate gross proceeds of the Offering will be CDN$71,875,000.

The net proceeds of the Offering are intended to be used to fund expenditures on the Serra Pelada project and other exploration activities and for general working capital and corporate purposes.

The Offering is expected to close on or about October 22, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

In addition, the Company is pleased to announce that effective Monday, October 19, 2009, the head office of the Company will be located at 1 University Avenue, Suite 401, Toronto, Ontario, M5J 2P1.  Telephone and facsimile numbers remain the same.

About Colossus Minerals Inc. (TSX: CSI)

Colossus is a minerals development company focused on gold and platinum group metals 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.

On Behalf of the Board of Directors

Per: “Ari Sussman”

Ari Sussman,
Chief Executive Officer and Chairman

For more information, please contact:

Colossus Minerals Inc.
Ari Sussman
1 University Avenue, Suite 401
Toronto, Ontario, M5J 2P1
(416) 643-7655
(416) 643-3890 (FAX)
Email: info@colossusminerals.com
Website: www.colossusminerals.com