Colossus Minerals Ramps Up Serra Pelada Program; Welcomes New COOMIGASP President and Board
Toronto, Ontario, April 9, 2009 – Colossus Minerals Inc. (“Colossus” or the Company) (TSX:CSI) is pleased to announce the acceleration of the Company’s development plans for the Serra Pelada gold-platinum-palladium project, the Colossus-COOMIGASP joint venture, located in Para State, Brazil. Colossus also welcomes the newly elected President and Board of Directors of COOMIGASP.
Colossus now has three diamond rigs operating on its Phase II drill-out of the Serra Pelada gold-platinum group element (PGE) deposit. Phase II drilling , which is anticipated continue through end 2009, is focused on 500 metres of strike length of the Central Mineralised Zone as well as testing new targets to both the east and west of this Zone. The Company’s Phase I drilling through part of the Central Mineralised Zone encountered several long, high grade gold-platinum-palladium intersections including SPD-002 (60.1m @ 24.23 g/t Au, 8.15 g/t Pt and 10.22 g/t Pd) and SPD-018 (60.5m @14.37 g/t Au, 1.81 g/t Pt and 2.4 6g/t Pd), demonstrating strong grade continuity and high grade gold and Platinum Group Element subzones.
To date, five holes of diamond coring have been completed with three more holes presently in progress. All completed holes appear to have intersected mineralisation and have been logged and sampled for assaying.
To speed up assay turnaround, Colossus has engaged the services of Intertek’s new sample preparation facility near the Company’s core facilities in Parauapebas. Test samples have shown that Intertek can achieve Colossus’ stringent preparation protocols. Gold, PGE and other assaying will be carried out by Genalysis at their Perth, Australia laboratory. The first batch of samples prepared by Intertek and incorporating a number of QA/QC checks has been submitted to Genalysis.
Ari Sussman, Colossus CEO and Chairman, comments “ Facilitated by the Company’s recent financing, Colossus is positioned and is putting additional systems in place to advance the Serra Pelada project to Final Exploration Report stage before end 2009, ahead of schedule. Acceptance of this report by DNPM, the Brazil Department of Mines, is required for the application for a Mining Lease by early 2010.
Colossus would also like to take the opportunity to congratulate the new President, Gesse Simao, and Board of Directors of COOMIGASP on their recent election and the overwhelming support by the members. COOMIGASP and Colossus continue to work together to bring the New Serra Pelada to fruition. Colossus is committed to bringing the necessary investment and expertise for the development of Serra Pelada in a timely and responsible manner.”
Colossus has now earned 51% in the Serra Pelada joint venture company and expects to complete its initial earn-in with the expenditure of R$18 million to be attained later this year during the Phase II program.
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.
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 has another drill-ready gold project, Natividade, in the State of Tocantins, Central Brazil.
For further information, please contact:
Public Relations Manager
Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com