Colossus Minerals Inc. Granted an Installation License for Serra Pelada
Toronto, Ontario, April 16, 2010 - Colossus Minerals Inc. (TSX:CSI)(“Colossus” or “the Company”) is pleased to announce that the Company and joint venture partner COOMIGASP have received the Installation License (“IL”) for the Serra Pelada project in Para State, Brazil. This license authorizes the joint venture’s Brazilian subsidiary, Serra Pelada Companhia de Desenvolvimento Mineral (“SPC”) to proceed with construction of a mine and related facilities at the project. The IL was issued by the Para State environmental council, Secretaria Estadual de meio Ambiente (“SEMA”), further to the Preliminary Environmental License (“PEL”) issued by SEMA on March 9, 2010 which determined that Serra Pelada is feasible from an environmental standpoint. The issuance of the IL by SEMA follows both a detailed review of SPC’s development plans for Serra Pelada and satisfaction that all of the conditions set forth in the PEL will be properly addressed.
The final outstanding environmental license required in connection with the Serra Pelada project, is an Operating License, which will only be issued if and when construction of the mine is completed in accordance with the IL and all operating protocols, such as environmental protection policies, operating safety standards and related standards have been established in compliance of both the IL and the PEL.
With the granting of the IL, all of the prerequisite requirements to apply for a mining license for Serra Pelada have been completed. Consequently, DNPM, Brazil’s department of Mines and Energy, has accepted the filing of the mining license application by SPC. Colossus and COOMIGASP anticipate receiving a mining license for Serra Pelada in short order.
“The granting of an Installation License concludes yet another major milestone on the road to production at Serra Pelada,” commented Ari Sussman, CEO. “The expeditious manner in which the project is being advanced is a testament to the strength of our joint venture with COOMIGASP and the talent of the representatives from both companies that are working very hard towards our common goal.”
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.
CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION
Except for statements of historical fact relating to Colossus, certain statements in this press release constitute “forward‐looking information” within the meaning of the Securities Act (Ontario) or "forward‐looking statements" within the meaning of the United States Private Litigation Reform Act of 1995. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including the anticipated approval of the CC Agreement by Coomigasp members and the assignment by Coomigasp of the Vale Option Agreement to SPC. 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 but are not limited to risks related to the joint venture operation, actual results of exploration activities, the inherent risks involved in the exploration and development of mineral properties, changes in project parameters as plans continue to be refined, delays in obtaining government approvals, the uncertainties 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, as well as those factors discussed in the section entitled "Risk Factors" in the Company’s most recent Annual Information Form filed with Canadian provincial securities regulatory authorities and other regulatory filings which are posted on SEDAR at www.sedar.com. Colossus 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