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Colossus Minerals Drills Long Intervals of Gold-Platinum-Palladium Mineralisation at Serra Pelada


November 25, 2008

Toronto, Ontario, November 25, 2008 - Colossus Minerals Inc. (“Colossus”) (TSX:CSI) is pleased to announce that it has intersected further high grade gold-platinum-palladium in drilling of the Central Mineralised Zone of the Serra Pelada Project, the Colossus-COOMIGASP joint venture located in Para State, Brazil.

HIGHLIGHTS

  • SPD-010  intersected  
    87.58 metres @ 6.04 g/t gold, 2.49 g/t platinum and 4.36 g/t palladium  
    including                                                                                                                              
    24.70 metres @ 10.20 g/t gold, 7.15 g/t platinum and 12.99 g/t palladium
    and
    9.20 metres @ 13.97 g/t gold, 2.35 g/t platinum and 3.09 g/t palladium;
  • SPD-011 intersected 
    89.55 metres @ 2.48 g/t gold, 0.47 g/t platinum and 0.84 g/t palladium
     including several intervals totalling more than 30 metres of +7 g/t  gold + platinum + palladium ;
  • These drill holes, 25 metres to the southwest and northeast of previously announced drilling, demonstrate strong lateral and vertical continuity the Central Mineralised Zone.

DETAILS

Diamond drill holes SPD-010, SPD-011 and SPD-012 were HQ-cored for a total of 846 metres 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 plane view of Serra Pelada drill traces under the Serra Pelada Project section at www.colossusminerals.com.

SPD-010, the first drill hole on Section 75NE, was drilled towards a similar structural position and in a similar orientation to SPD-001, 25 metres to the northeast.  Like SPD-001 (88m @ 5.80 g/t gold, 6.12 g/t platinum and 6.83 g/t palladium) SPD-010 encountered a long interval of continuous gold-platinum-palladium mineralisation which includes a high gold + PGE subzone in the outer fold hinge.  Assay results for SPD-010 are tabulated in the following table:

From
(metres,  
down-hole)

To
(metres, 
down-hole)

Assay
Interval 
(metres) *

Gold
g/t

Platinum
g/t

Palladium
g/t

183.50

274.78

87.58

6.05

2.49

4.36

incl.
188.30

 

213.00

 

24.70

 

10.20

 

7.15

 

12.99

and
230.00

 

239.20

 

9.20

 

13.97

 

2.35

 

3.09

and
244.00

 

247.30

 

3.30

 

9.38

 

0.26

 

0.53

and
263.70

 274.24

 10.54

 6.02

 0.82

 1.41

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

SPD-011, also collared on Section 75NE, mainly tested the north-western margin (inner hinge zone) of the Central Mineralised zone.  Gold-platinum-palladium mineralisation proved to be essentially continuous through more than a 90 metre intersection, exhibiting substantial intervals of moderate grades. An additional drill hole is planned to establish grades between SPD-010 and SPD-011.  Assay results for SPD-011 are tabulated in the following table:

From
(metres,  
down-hole)

To
(metres, 
down-hole)

Assay
Interval 
(metres) *

Gold
g/t

Platinum
g/t

Palladium
g/t

176.70

267.30

89.55

2.48

0.47

0.84

Incl.
179.00

 

186.00

 

7.00

 

5.44

 

0.62

 

2.25

and
215.00

 

223.50

 

8.50

 

5.26

 

1.25

 

1.81

and
230.30

 

238.86

 

8.56

 

5.21

 

0.59

 

0.83

and
253.00

 261.57

 8.57

 4.49

 0.73

 1.46

SPD-012, on Section 50NE undercut SPD-004 (57.10m @ 5.02 g/t gold, 2.45 g/t platinum and 3.80 g/t palladium) and was designed to test outer hinge mineralisation. The hole was drilled too steeply and intersected mainly siliceous and argillic alteration with poor core recoveries, but with some significant mineralised intervals. Assay results for SPD-012 are tabulated 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

198.10

198.60

0.50

2.53

24.4

16.5

205.10

216.90

8.10

1.58

1.10

1.21

246.10

249.10

3.00

3.85

0.62

1.05

Complete assay data sets for SPD-010, SPD-011 and SPD-012 may be examined under the Serra Pelada Project section on www.colossusminerals.com.  Assay results for the remainder of Colossus Phase I drilling (SPD-013 to SPD-018) have now been received and will be released shortly, pending clarification of some assay quality issues.

Vic Wall, Colossus President, comments “Colossus’ drilling continues to demonstrate the continuity of high grade gold-platinum-palladium mineralisation in the Central Mineralised Zone at Serra Pelada. The results of these infill holes on previously sparsely drilled sections have clarified the distribution of a very high grade gold-PGE subzone. Phase II of our drilling program at Serra Pelada will bring the central part of the deposit to resource estimation stage.”

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 43-101 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 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. 

The SGS assay results for blanks, duplicates and replicates were generally satisfactory. However values obtained by SGS for certified Au-Pt-Pd reference materials were typically on the low side of mean multi-laboratory values but, in two (SPD-011) assay batches, were well below accepted ranges.  A high grade gold reference material inserted by SGS also assayed unacceptably low in two (SPD-011) assay batches.  SGS has not provided an explanation of these results.  Reference materials and also high value samples from all 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 focusing its efforts 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 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
Web site: www.colossusminerals.com
Email: info@colossusminerals.com