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Colossus Minerals Inc. Announces Closing of CDN$71,875,000 Million Bought Deal Financing

Not for distribution to United States newswire services or
for dissemination in the United States.

Toronto, Canada, October 22, 2009 - Colossus Minerals Inc. (TSX: CSI) (the “Company” or “Colossus”) announced today that it has closed the previously announced bought deal offering (the "Offering").  The Company issued an aggregate of 12,500,000 common shares of the Company at a price of CDN$5.75 per share, for aggregate gross proceeds of CDN$71,875,000.  The aggregate number of common shares issued included 1,500,000 common shares issued pursuant to the full exercise of the over-allotment option granted to the underwriters under the Offering.

The syndicate of underwriters was led by Macquarie Capital Markets Canada Ltd. and included Thomas Weisel Partners Canada Inc., Canaccord Capital Corporation, and GMP Securities L.P., with PowerOne Capital Markets Limited acting as a selling group member.

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 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.

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:


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