Colossus Minerals Inc. announces a summary of activities completed in Brazil since the initial public offering of February 13, 2008. Details are as follows:
Serra Pelada Project (gold and PGE’s)
• Colossus embarked on a program to resample a portion of the 40,000 metres of historical CVRD half-core. To date 605 samples, representing 632 metres of historic core have been prepared for assay for gold, platinum, palladium and other platinum group elements. Screen fire assays have so far been received for 120 samples, following substantial delays relating to the difficulty of accurately analysing some of the samples which contain very high grade gold, platinum and palladium. These results will be released shortly, pending QA/QC information from the internationally accredited laboratory utilised.
• Colossus has just completed 4 holes (1156 metres) of diamond core drilling as part of a continuous 8000 metre drill program for 2008. All four holes have intersected the targeted mineralised zone covering 150m of strike length, south of Serra Pelada pit, increasing confidence in the historical drilling and Colossus modelling based thereon. Assaying will commence in the near term, once the Company is confident enough in the assaying of high grade samples.
• A second diamond drill rig is being mobilised to begin drilling next week.
• The Company has commenced intensive community and joint venture partner relations programs, which have involved extensive media coverage and support for COOMIGASP's assessment of the tailings & waste mined from the old Serra Pelada pit. In a national newspaper article The Brazilian Minister for Mines acknowledged Colossus' positive role in advancing the Serra Pelada project.
Natividade Project (gold)
• The results from the recently completed scout drilling program are being finalized and will be released following the receipt of the QA/QC documentation from the assay laboratory. This drilling, plus surface sampling and mapping has clarified the auriferous vein targets for RAB and RC drilling programs. The Company is currently sourcing suitable drill rigs for a program to commence in earnest.
Sumidouro Project (gold)
• A program of systematic soil geochemistry and surface sampling is in progress on several gold mineralised zones, outlined by extensive Portuguese Colonial gold workings. The current program is aimed at delineating targets for reverse circulation drilling later this year.
Vic Wall, president of Colossus Minerals and qualified person under National Instrument 43-101, is responsible for this release and has verified the contents disclosed.
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 is committed to the evaluation of 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:
Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com