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Colossus Minerals Assays Confirm High Grade Gold-Platinum-Palladium Mineralisation Remaining at Serra Pelada


April 1, 2008

Colossus Minerals Assays Confirm High Grade Gold-Platinum-Palladium Mineralisation Remaining at Serra Pelada

Colossus Minerals Inc.announces the first results of the Company’s program of assaying historical drill core from the Serra Pelada Project, a Colossus- COOMIGASP joint venture.

HIGHLIGHTS
  • Systematic sampling and assaying of historical drill core, provided to the Company by Vale (formerly CVRD) confirms the widespread occurrence of gold-platinum-palladium mineralisation outside the old Serra Pelada open pit.
  • Broad intervals of high grade mineralisation in three drillholes (for example FD-0052: 51.02m @ 18.46g/t gold, 1.79g/t platinum and 3.10g/t palladium) include significant intervals of very high grade gold and PGEs (for example FD-0062: 4.62m @ 79.77g/t Au, 32.17g/t Pt and 41.04g/t Pd).
  • A fourth drillhole, FD-0129A, exhibits a broad lower grade interval (43.54m @ 2.65g/t Au, 0.49g/t Pt, 0.68g/t Pd; including 4.48m @ 11.71g/t Au, 2.09g/t Pt, 2.92g/t Pd) that had previously been only partially assayed for gold, but exhibits significant PGE grades.
  • Colossus assays compare favourably with those of comparable intervals in the CVRD assay database.
 
DETAILS
The Serra Pelada re-assay program is aimed at
 
  • evaluating the historical assay database provided by Vale (2006) by resampling a portion of the 40,000 metres of diamond drill core obtained by Vale from their drilling between 1980 and 1998;
 
  • clarifying assay protocols prior to the assay of core from the Colossus-COOMIGASP joint venture’s current drilling program.
 
The 120 samples assayed represent continuous core intervals aggregating 149.17 metres from four drillholes with mean sample lengths of 1.1m corresponding with core tray slot lengths. Colossus assay results were composited over substantial intervals to facilitate comparison with Vale data, as respective core sampling intervals were commonly dissimilar.
 
Colossus’ gold, platinum and palladium assay results are presented in the following table.
 

Drillhole
 
From
(metres, downhole)
Interval
(metres)
Gold
g/t
Platinum
g/t
Palladium
g/t
FD-0052
including
306.47
313.81
330.36
338.06
51.02
6.79
2.47
3.94
18.46
43.98
76.15
25.83
1.79
1.72
6.15
4.26
3.10
3.22
18.56
6.72
FD-0058A
including
213.77
215.50
230.04
18.81
16.45
1.91
31.69
36.14
166.94
1.73
1.96
13.09
2.15
2.45
15.89
FD-0062
including
248.83
272.18
35.80
4.62
13.16
79.77
4.34
32.17
5.58
41.04
FD-0129A
including
184.75
197.87
43.54
4.48
2.65
11.71
0.49
2.09
0.68
2.92

 
Assays for comparable intervals from Vale (2006) are given below.
 

Drillhole
 
From
(metres, downhole)
Interval
(metres)
Gold
g/t
Platinum
g/t
Palladium
g/t
FD-0052
307.0
50.5
16.42
2.04
5.15
FD-0058A
214.0
19.0
35.63
2.03
2.83
FD-0062
248.0
36.0
21.37
4.27
5.27

 
The Colossus assay results compare favourably with those of Vale and attest to the quality of the historical database. 
 
However FD-0129A contains a broad interval of mineralisation which exhibits significantly higher gold, platinum and palladium grades than the comparable interval in the Vale database. This apparently reflects only partial assaying by Vale. Colossus will now include a number of other holes in its re-assay program.
 
The broad intervals of high value gold-platinum-palladium mineralisation assayed to date are in the main target zone of the current Colossus-COOMIGASP drilling program. Such substantial intervals of gold and PGE mineralisation, which include very high grade zones, appear to be unique to the Serra Pelada deposit and auger well for the establishment of a high grade resource at comparatively shallow depths.
Augusto Kishida, Colossus V.P. Exploration, comments “The Serra Pelada re-assay program has been useful in evaluating the historical database, refining our knowledge of the mineralisation and target zones and clarifying assay protocols Continuation of the program will involve another 500 samples, plus independent check assays and analysis for PGEs other than platinum and palladium.”
 
TECHNICAL INFORMATION
 
As recommended in the NI 43-101 Technical Report on Serra Pelada, the re-assay program involves sampling of complete intervals of remaining half core from drillholes outside the Serra Pelada pit, covering a representative spatial and temporal spread of Vale drilling. Core sampling (by Colossus personnel) and sample preparation (by SGS GEOSOL LABORATORIES Ltda., Belo Horizonte) were carried out under strict protocols recommended independently by Pitard (2007), after core photographing and logging. One kilogram crushed sample splits were screened and both the +106 micron and –106 micron fractions were fire assayed by SGS, with ICP-AES finish for gold, platinum and palladium. The –106 micron fraction was subject to three 50 gram fire assays for each sample. The weighted averages of the oversize and undersized fractions were combined to provide total metal contents. Assay QA/QC measures involved the systematic insertion of blanks, duplicates and reference materials in the assay stream as well as checks on the ICP-AES instrumental calibration by analysis of standard solutions of gold, platinum and palladium. The lack of reference materials with very high grades of these elements precluded independent checks on the assay values at this time.
 
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.
 
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 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:
Ari Sussman
Colossus Minerals Inc.
Tel: (416) 643-7655