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Colossus Minerals Drills Further High Grade Gold-Platinum-Palladium at Serra Pelada


June 11, 2008

Colossus Minerals Drills Further High Grade Gold-Platinum-Palladium at Serra Pelada

Colossus Minerals Inc. announces results from three drill holes, SPD-002, SPD-003 and SPD-004 from the Company’s ongoing program on the Serra Pelada Project, a Colossus-COOMIGASP joint venture.

HIGHLIGHTS

  • SPD-002 intersected
     
    46.72 metres @ 24.11g/t gold, 9.04g/t platinum and 11.57g/t palladium
    (50.95g/t gold equivalent**) plus

    14.65 metres @ 22.51g/t gold, 4.56g/t platinum and 5.01g/t palladium
    (35.64g/t gold equivalent**)
     
  • SPD-004 intersected
     
    53.50 metres @ 5.35g/t gold, 2.51g/t platinum and 4.01g/t palladium
    (13.20g/t gold equivalent**)
     
  • Both holes exhibit very high grade Au- and PGE-rich subzones
     
  • Drilling to date shows continuity of high grade gold-platinum-palladium mineralisation along 100 metres of strike length and vertical intervals of more than 50 metres in the Central Mineralised Zone up to 260metres southwest of the historic Serra Pelada open pit.

DETAILS

Diamond drill holes SPD-002, SPD-003 and SPD-004 were HQ-cored for a total of 902m as part of 5000m drill program by the Colossus-COOMIGASP joint venture on the Serra Pelada gold-platinum-palladium deposit, located in Para State, Brazil. SPD-002 was collared 90m southwest of SPD-001 at an initial inclination of -68.5 deg. and azimuth of 310 deg. to test the Central Mineralised Zone on Section 00, 260m southwest of the historic Serra Pelada open pit. SPD-003 undercut SPD-002 on a similar azimuth, but steepened unexpectedly, largely missing its target. SPD-004 was drilled at an initial azimuth of 305 deg. and inclination of -75deg. on Section 50NE, to test the Central mineralised zone between Section 100NE and Section 00. An additional hole (SPD-012) is currently drilling on Section 50NE. A plan view of Serra Pelada drill traces may be examined on www.colossusminerals.com

SPD-002 intersected two intervals of continuous gold-platinum-palladium mineralisation, hosted mainly by altered metasediments of the Central Mineralised zone but separated by a weakly-mineralised felsic dyke. These subzones respectively contain intervals of spectacular grades of platinum plus palladium and high grade gold. Assay results for SPD-002 are presented in the following table.

From
(metres,
down-hole)
To
(metres,
down-hole)
Recovered/assay
interval
(metres) *
Gold
g/t
Platinum
g/t
Palladium
g/t
Gold equivalent
g/t
**
204.5
Incl.   219.00
incl.   228.00
253.60
253.60
231.00
46.72
32.22
3.00
 24.11
 33.25
233.85
9.04
12.79
101.35
11.57
16.25
130.75
50.95
     71.18
   535.37
AND
274.65
 
289.50
 
14.65
 
22.51
 
4.56
 
5.01
 
35.64

Other intersections (>0.5g/t gold equivalent) in SPD-002 include 256.25-257.45m down-hole: 1.20m@1.2g/t Au, 0.47g/t Pt and 0.18g/t Pd; 269.3-270.5m.: 1.20m@0.66g/t Au, 0.32g/t Pt and 0.27g/t Pd; 295.25-296.4m: 1.15m@1.05g/t Au, 1.15g/t Pt and 1.93g/t Pd. The latter interval appears to represent a mineralized zone footwall to the Central Zone which may correlate with a similar zone observed in SPD-001.

SPD-004 intersected broadly continuous gold-platinum-palladium mineralization between 193.0 and 258.0m down-hole, mainly in altered metasediments of the Central Mineralized Zone. Core recoveries were low in a number of intervals and this has probably contributed to underestimation of Au-PGE grades and mineralized intervals for SPD-004, to be clarified by additional drilling on Section 50NE. Assay results for SPD-004 are presented in the following table.

From
(metres,
down-hole)
To
(metres,
down-hole)
Recovered/assay
interval
(metres) *
Gold
g/t
Platinum
g/t
Palladium
g/t
Gold equivalent
g/t
**
193.00
 
Incl.   193.00
 
258.00
 
199.70
 
53.50
 
6.7
 
5.35
 
17.83
 
2.51
 
18.50
 
4.01
 
29.24
 
13.20
 
75.56

* Total assayed interval – excludes intervals of no core recovery; true widths to be established
** Gold equivalent assuming Au:Pt:Pd prices in the ratio 1:2.33:0.5

Other intersections (>0.5g/t Au equivalent) in SPD-004 include 180.4-181.5m down-hole: 1.0m@ 0.69g/t Au, 3.01g/t Pt and 2.16g/t Pd; 186.5-187.8m: 0.60m@1.59g/t au, 0.09g/t Pt and 0.12g/t Pd; 261.2-262.3m: 1.10m@0.10g/t Au, 4.63g/t Pt and 2.25g/t Pd.

Due to its unexpected steepening, SPD-003 cored mainly siliceous-altered metasediments which commonly envelope the Central Mineralised Zone and are less well mineralised. Evidently SPD-003 clipped the south east margin of the Central Mineralised Zone, and an additional hole will be drilled to examine the untested parts of this Zone on Section 00. Assay results are expected shortly.

The complete assay data sets for SPD-002 and SPD-004, plus geology-drill Section 00 for may be examined on www.colossusminerals.com

To date, the Company has completed 11 holes for approximately 3350 metres of an initial 5000 metre drilling program. 

Vic Wall, Colossus President comments “Colossus’ drilling at Serra Pelada continues to realise the potential of this extraordinary noble metal deposit. The results of SPD-001, SPD-002 and SPD-004 demonstrate the continuity of high value gold-platinum-palladium mineralisation through large vertical intervals and over 100m of strike length of our main target zone well south of the historic Serra Pelada open pit. The apparent persistence of high grade PGE subzones is particularly encouraging.”

TECHNICAL INFORMATION

Sampling of SPD-002, SPD-003 and SPD-004 core (by Colossus personnel) and sample preparation (by SGS GEOSOL LABORATORIES LTDA., Belo Horizonte) were carried out under strict protocols recommended in the 43-101 Technical Report on Serra Pelada. After photographing and logging, nominal 1 metre intervals of HQ core were cut and/or split in half, yielding samples of 2 to 3 kilogram mass. Where core recoveries were low, intervals were composited to yield 1 kilogram minimum sample masses. Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to secure shipping to SGS.

SGS pulverised 1 kilogram splits (>95% passing 106 microns) from the crushed (>95% passing 1.7mm) dried samples. The resulting pulps were quartered by rotary splitter and a 50gram fire assay, with ICP-AES finish was performed on one 250gm. aliquot, the remaining splits being archived. Additional blanks and duplicates were inserted in the assay stream by SGS and replicate assays were performed every twenty samples. SGS dispatched assay certificate originals directly to Resource and Exploration Mapping Ltd. an independent Company which manages Colossus’ database. 

The assay results for blanks, duplicates, replicates and reference materials were generally satisfactory. However one of the reference materials in one assay batch assayed gold, platinum and palladium values much lower than certified values for this material. The reference material and high value samples in this batch will be check assayed by SGS and an independent laboratory.

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 concentrating on the high grade gold-platinum-palladium Serra Pelada project in Para State, 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 the following link: http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887 In addition, the Company is advancing its Sumidouro property located near Ouro Preto in Minas Gerais State, Brazil and the Natividade Property in the State of Tocantins, Central Brazil.

For further information, please contact:
Ari Sussman
Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com
Email: info@colossusminerals.com

Brisco Capital Partners
Scott Koyich, President
Tel: (403) 262-9888
Email: scott@briscocapital.com

- OR -

Brisco Capital Partners
Graeme Dick
Tel: (403) 561-8989
Email: graeme@briscocapital.com