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Colossus Minerals Inc. Drills Gold at Natividade


May 9, 2008

Colossus Minerals Inc. Drills Gold at Natividade

Colossus Minerals Inc. announces the results of a scout drilling program on the Company’s Natividade 10,000 hectare gold project in the State of Tocantins, Brazil. Colossus can earn in to 70% of Natividade which comprises two exploration licences held by Terra Goyana Mineracao Ltda.

Highlights of the shallow drilling program include the following intersections within 30 metres of surface:
          Hole NRD017: 2 meters @34.91g/t gold.
          Hole NRD024: 19m @7.72g/t gold; including 8m. @ 16.05g/t gold; hole terminated in mineralization.
●             Hole NRD039: 9m @1.04g/t gold; hole terminated in mineralization.
 
The Colossus program was aimed to test for near surface high grade gold mineralisation and lower grade envelopes hosted by a folded metasedimentary-metavolcanic package in an area open-pitted to shallow depths by the Portuguese in Colonial times.   
 
The scout drilling program comprised of 55 shallow, angled percussion holes totaling 1237m were drilled. Drilling was along several lines across about 300m of strike length and was targeted on the basis of the historical open pits and previous surface sampling. These data, along with the drill collar positions and total gram x metre intercepts for each drillhole may be examined on www.colossusminerals.com/main/?natPop2 and www.colossusminerals.com/main/?natPop4.
 
All continuous drill intercepts of more than 2 gram x metres gold are tabulated below.
 
Drillhole ID
From
(metres downhole)
Interval
(metres)
Gold
(grams/tonne)
 
NRD001
NRD005
NRD017
NRD021
NRD022
NRD024
including
NRD025
and
NRD026
and
NRD029
NRD031
NRD039
NRD042
and
 
13
13
13
15
17
  5
11
  1
13
  1
  9
  1
  9
   5
   3
 13
 
11
 2
 2
 6
 2
19
 8
 6
11
 6
 4
 2
 2
 9
 4
14
 
      0.25
      1.03*
    34.91
      0.77
      1.05*
7.72*
16.05
0.39*
0.42
0.76
0.90*
4.52
3.80
1.04*
1.01
0.29*
 
 
 
 *Denotes hole stopped in mineralisation, drilling discontinued due to wet samples.   Most other drillholes encountered anomalous to strongly anomalous gold.
 
Augusto Kishida, Colossus VP Exploration comments “The results from our first drilling program are encouraging. They demonstrate that gold mineralization at Natividade comprises shallowly plunging high grade shoots within steeply-dipping mineralised envelopes. Some of these envelopes may contribute to bulk tonnage target zones. The next phase of drilling at Natividade will involve a reverse circulation program which will be aimed at clarifying the continuity of high grade zones and outlining lower grade envelopes. This program will also involve first-pass testing of several other target zones outside of the main area of historical gold workings.”
 
Technical Information:
 
Open hole percussion drillholes were inclined at 70 degrees to an azimuth of 110 degrees. Drilling depths were limited by the water table at 20-30 metres. Two metre downhole samples were homogenised and quartered by Colossus staff, one half archived, one quarter dispatched for assay, the remaining quarter washed and a representative chip sample logged and archived.
 
A total of 604 samples averaging 2.8kgs were sent for assay to SGS Belo Horizonte Laboratories, including blanks & duplicates. SGS inserted additional blanks, duplicates and reference materials in the sample preparation stream. Samples were crushed to -2mm, homogenised and quartered. A quarter split was pulverised to 95% passing 150mesh and a fire assay (with atomic absorption finish) for gold performed on a 50gram aliquot. Assay results for blanks, duplicates & reference materials provided adequate QA/QC.
 
Dr. 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 an exploration and development Company focused on mineral resource properties in Brazil. The Company is currently focused on the high grade gold-platinum-palladium Serra Pelada project in Para State, Brazil. Between 1980-1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Coverage by 60 Minutes of this infamous mining rush can be viewed at the following link: http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887 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