Colossus Minerals Inc. Clarifies Events at Serra Pelada
TORONTO, ONTARIO--(Marketwired - Aug. 26, 2013) - Colossus Minerals Inc.(TSX:CSI)(OTCQX:COLUF) (the "Company" or "Colossus") recently became aware that a protest was being organized at the Company's property for Sunday, August 25th, 2013. The protest was organized by a group that is vying for control of Cooperativa de Mineração dos Garimpeiros de Serra Pelada ("COOMIGASP") but who are not recognized by the courts of the State of Pará, Brazil as being the legitimate leaders of the cooperative. The Company took the appropriate preventative steps with Brazilian authorities to ensure the safety of its employees and security of the mine. Public forces were deployed and they prevented the attempted protest from reaching the mine gates. There have been no reports of injury, no damage was sustained and development work was unaffected. The majority of the protesters came from outside the Village of Serra Pelada and community leaders voiced their opposition to the attempted protest.
Claudio Mancuso, Chief Executive Officer commented, "Police responded quickly against this attempted protest. We would like to thank the State of Pará for providing a rapid response to protect residents of the Village of Serra Pelada and Colossus employees. We are confident that the legal and judicial system in Brazil will do everything possible to bring the people responsible for these actions to justice."
The Company will provide further updates if warranted.
About Colossus Minerals Inc. (TSX:CSI)
Colossus is a development-stage mining company focused on bringing its 75% ownedSerra Pelada Gold-Platinum-Palladium Mine to production. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history.Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange(TSX) under the symbols CSI, CSI.WT.A, CSI.WT.B, and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.
Cautionary Statement Regarding Forward-Looking Information
Forward-looking statements in this press release include statements regarding the timing and nature of future exploration and development programs that are dependent on projections that may change as drilling continues, or if unexpected ground conditions are encountered. The Company does not currently have any mineral properties that are in production or that contain a reserve as defined by National Instrument 43-101. In addition, areas of exploration potential are identified which will require additional drilling to determine whether or not they contain similar mineralization to areas that have been explored in more detail. Significant additional drilling is required at Serra Pelada to fully understand system size.
Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company's exploration and development plans, activities and intentions, 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. 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 "appear to", "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 Company's relationship with COOMIGASP and/or those seeking to control it, 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 Braziland the rest of Latin America, the availability of equipment and 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. Unless required by law, 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.