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

Toronto, Ontario, September 29, 2008 - Colossus Minerals Inc. (“Colossus”) (TSX:CSI) is pleased to announce that it has intersected further high grade gold-platinum-palladium in the Central Mineralised Zone of the Serra Pelada Project, the Colossus-COOMIGASP joint venture located in Para State, Brazil.

HIGHLIGHTS 

  • SPD-007  intersected 
    26.85 metres @ 8.61g/t gold, 8.85g/t platinum and 14.43g/t palladium  
    plus                                                                                                                              
    23.30 metres @ 5.11g/t gold, 1.55g/t platinum and 2.34g/t palladium
  • SPD-008 intersected 
    7.50 metres @ 19.28g/t gold, 2.37g/t platinum and 5.27g/t palladium
     plus
    10.34 metres @ 21.13g/t gold, 5.80g/t platinum and 8.42g/t palladium
  • Both holes exhibit very high grade gold and  platinum group element (“PGE”)-rich subzones
     
  • SPD-003 extended outer hinge zone mineralisation, intersecting
    6.0 metres @ 40.59g/t gold, 0.42g/t platinum and 0.68g/t palladium  
  • Drilling to date shows continuity of high grade gold-platinum-palladium mineralisation along 100 metres of strike length, over vertical intervals of more than 70 metres and with widths up to 40 metres in the Central Mineralised Zone, up to 260 metres southwest of the historic Serra Pelada open pit.

 “Colossus’ drilling has continued to delineate and extend high grade gold and PGE-rich subzones of the Central Mineralised Zone at Serra Pelada.  Given the technical challenges we faced during the early part of Phase I, it is gratifying to have achieved such excellent results to date.  With nine more drill holes and some historical CVRD drill core in the lab for analysis, results will be forthcoming as our team continues to unlock the potential of Serra Pelada,” stated Ari Sussman, Chief Executive Officer.

DETAILS

Diamond drill holes SPD-003, SPD-005, SPD-006, SPD-007 and SPD-008 were HQ-cored for a total of 1645m as part of the initial 5000m drill program by the Colossus-COOMIGASP joint venture on the Serra Pelada gold-platinum-palladium deposit, located in Para State, Brazil.  Drilling was focused on the Central Mineralised Zone which overprints metasediments occupying the hinge and inner limbs of a NW-facing, SW-plunging, reclined synclinorium which plunges gently SW from the historical open pit. The Central Mineralised Zone is characterised by intense carbonaceous and also argillic alteration, inboard of siliceous alteration partially mantling the synclinorial hinge. See Sections 00 and 100NE plus a plan view of Serra Pelada drill traces at  www.colossusminerals.com

SPD-007 was drilled Section 100NE, to the NW of and above SPD-001 (news release dated May, 29, 2008). SPD-007 encountered more than 50m of mineralisation including two continuous intervals of high grade gold-platinum-palladium separated by lower grade material. The upper interval shows platinum grades up to 110g/t and appears to be contiguous with and extends the high PGE/Au subzone apparent in SPD-001. This subzone (159.45-187.30m) is separated from the lower zone (higher Au/PGE, 215.30-239.10m) by lower grade material partly in a felsic dyke.  Additional low grade mineralisation (240-254.50m) occupies the footwall of the fold structure and appears to be contiguous with an extensive lower limb mineralised zone. Assay results for SPD-007 are summarised 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
159.45 187.3 26.85 8.61 8.85 14.43
And        
215.3 239.1 23.3 5.11 1.55 2.34

*Total assayed interval (>0.5g/t gold equivalent) – excludes intervals of no core recovery; true widths to be established

Two drill-holes, SPD-003 and SPD-008 were completed on Section 00, 100 metres SW of Section 100NE.  SPD-003 undercut and was collared on a similar azimuth to SPD-002. Designed to test the outer fold hinge mineralisation., SPD-003, as previously noted (see news releases dated June 11 and August 17, 2008). steepened unexpectedly and grazed its target. Nonetheless, SPD-003 encountered gold-platinum-palladium mineralisation in the siliceous alteration envelope, including a high grade gold subzone (267-273m) and also mineralization (276.65-280.50m) footwall to the fold hinge. SPD-013 (assays awaited) was later drilled to infill the gap between SPD-002 and SPD-003 Assay results for SPD-003 are summarized 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

267.00

273.00

6.00

40.59

0.42

0.68


SPD-008, drilled from the NW, successfully tested its upper inner limb and footwall hinge zone targets, encountering more than 40m of mineralisation.   The upper target contains a substantial interval (166.40-173.90m) of high grade gold-platinum-palladium and is separated from the footwall target by less well mineralised metasediments and felsic dyke material. The inner footwall hinge subzone (258.80-269.14m) also exhibits high grade gold-PGE mineralisation.  High PGE gold mineralisation was also encountered (275.20-275.90m) in footwall psammitic host rocks. Assay results for SPD-008 are summarised 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
166.4 173.9 7.5 19.28 2.37 5.27
and          
176.27 184.4 8.13 1.78 0.14 0.15
and          
258.8 269.14 10.34 21.13 5.8 8.42
and          
275.2 275.9 0.7 9.28 9.75 15.9

SPD-006 was collared on Section 50SW (about 60m SW of Section 00) and drilled to the NW along this previously sparsely drilled section, targeting the outer fold hinge. The hole undercut its target, apparently due to a small fault offset of the fold hinge and intersected sporadic mineralisation in the outer siliceous alteration envelope.  SPD-014 was later drilled on Section 50SW and encountered the fold hinge and more prospective geology. 

SPD-005 was drilled to the NW on Section 100SW, targeting a high grade Au-PGE zone evident in historical CVRD drilling. However the hole missed this target and intersected only a few minor mineralised intervals in variably silicified meta-siltstones. SPD-009 was aimed to clarify mineralisation on Section 100SW, but encountered fluid circulation problems and was abandoned. SPD-016 was later drilled obliquely from Section 50SW towards the target zones of SPD-006 and SPD-009 and intersected prospective geology and alteration.

Complete assay data sets for SPD-003, SPD-007 and SPD-008, plus geology and drilling for Sections 100NE and Section 00 may be examined on www.colossusminerals.com

The Company has completed its Phase I drilling, comprising 17 holes for 5129 metres of core. All relevant drill-core has been logged, sampled and submitted for assay, with assay results awaited for 9 holes. A 5000 metre phase II drilling program is expected to get underway in early October

TECHNICAL INFORMATION

Sampling of SPD core (by Colossus personnel) and sample preparation (by SGS GEOSOL LABORATORIES LTDA., Belo Horizonte) were carried out under strict protocols recommended in the 43-101Technical 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 approximately 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 50 gram fire assay, with ICP-OES 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.  During data validation it became evident that a number of assay values in several assay batches had been mislabelled by SGS. On consultation SGS issued revised assay certificates.

The SGS assay results for blanks, duplicates and replicates were generally satisfactory. Au, Pt and Pd values obtained by SGS for certified reference materials are typically on the low side of mean multi-laboratory values, but are mostly within accepted ranges for reference materials of medium grade. A high grade gold reference material inserted by SGS in several batches has assayed consistently low relative to its certified gold values. This reference material and also high value samples in these and other batches will be check assayed by 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.

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:

Elina Chow
Colossus Minerals Inc.
Tel: (416) 643-7655
Email: info@colossusminerals.com 
Brisco Capital Partners  or
Scott Koyich, President
Tel: (403) 262-9888
Email: scott@briscocapital.com
Brisco Capital Partners
Graeme Dick
Tel: (403) 561-8989
Email: graeme@briscocapital.com