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Closes C$21.4 Million Initial Public Offering


February 13, 2008

Closes C$21.4 Million Initial Public Offering

Colossus Minerals Inc. (“Colossus”) is pleased to announce that it has closed its initial public offering ("IPO") of 17.2 million units at an offering price of C$1.25 per unit, for total gross proceeds of C$21.5 million. Each unit is comprised of one common share (each a "Unit Share") in the capital of Colossus and one-half of one common share purchase warrant (each a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share in the capital of Colossus (each a "Warrant Share") at an exercise price of $2.00 expiring thirty-six months following issuance. In addition, Colossus has granted the syndicate an over-allotment option, exercisable for a period of 30 days following closing, to purchase up to 2,580,000 additional Unit Shares and 1,290,000 additional Warrants, which, if exercised, would increase the gross proceeds of the offering to $24,725,000.

The syndicate of agents for the offering was led by GMP Securities L.P. and included Macquarie Capital Markets Canada Inc., Blackmont Capital Inc. and Evergreen Capital Partners Inc.

Colossus intends to use the net proceeds from the 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.

About Colossus:

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.

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
Web site: www.colossusminerals.com
Email: info@colossusminerals.com