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Colossus Minerals Announces Approval of the Final Exploration Report for the Serra Pelada Project

Toronto, Ontario, December 17, 2009 – Colossus Minerals Inc. (“Colossus” or “the Company”) (TSX:CSI) and joint venture partner COOMIGASP are pleased to announce that their joint-venture company, Serra Pelada Companhia  de Desenvolvimento Mineral (“SPC”), has received approval by the Departamento Nacional de Producao Mineral (Brazilian Department of Mining and Energy) for the Final Exploration Report (Relatorio Final de Pesquisa) on the Serra Pelada Project.  Approval of the Final Exploration Report represents an important first step in the mine permitting process in Brazil.  SPC is a joint venture operating company between Colossus (75%) and COOMIGASP (25%) whose principal asset is the Serra Pelada Project, a high-grade gold-platinum-palladium deposit located in Para State, Brazil.

 “The expeditious manner in which we received approval of the Final Exploration Report bettered our expectations and is a testament to the successful teamwork we enjoy with our partner COOMIGASP,” commented Ari Sussman, CEO.  “Both companies intend to maintain the aggressive timeline we have set for ourselves in developing the Serra Pelada Project.”

After receipt of funds from 5,965,625 Warrants exercised in November 2009, the Company is well financed with a current cash position of approximately C$103 million.

About Colossus:

Colossus is a minerals development company focused on the Serra Pelada high-grade gold-platinum-palladium project in Para State of 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:  http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887.


Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes “forward-looking statements” within the meaning of the United States Private Litigation Reform Act of 1995 or “forward-looking information” within the meaning of the Securities Act (Ontario).  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 “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 the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility 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 supplies, unexpected adverse climate conditions, the reliance on only a few key members of management, and other factors.  The Corporation 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:
Elina Chow, Public Relations Manager
Colossus Minerals Inc.
Tel: (416) 643‐7655
Web site: www.colossusminerals.com
Email: info@colossusminerals.com