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Colossus Minerals Inc. Announces Filing of Final Prospectus


February 27, 2009

Toronto, Canada - Colossus Minerals Inc. (TSX: CSI) (the “Company” or “Colossus”) announced today that it has filed a final short form prospectus in respect of the previously announced $21,500,000 bought deal offering (the "Offering") (see press release dated February 20, 2009).   Prior to the filing of the final prospectus, the Company filed restated reviewed interim financial statements for the period ended October 31, 2008 together with amended management's discussion and analysis thereon.  The restated financial statements did not contain any material changes to the previously filed financial statements.

The Offering is expected to close on or about March 10, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.  The net proceeds of the Offering are intended to be used to fund expenditures on the Serra Pelada project and other exploration activities and for general working capital.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Colossus Minerals Inc. (TSX: CSI)

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: http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887. In addition, the Company has another drill-ready gold project, Natividade, in the State of Tocantins, Central Brazil. 

On Behalf of the Board of Directors

COLOSSUS MINERALS INC.

Per: “Ari Sussman”

 Ari Sussman,
Chief Executive Officer and Chairman

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.