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Colossus Minerals Drills 27.9 metres @ 35.49 g/t gold, 19.89 g/t platinum and 25.14 g/t palladium


June 4, 2009

Toronto, Ontario – Colossus Minerals Inc. (“Colossus”)  (TSX:CSI) is pleased to announce the first results from its Phase II diamond drill program of the Serra Pelada Project, the Colossus-COOMIGASP joint venture located in Para State, Brazil.

HIGHLIGHTS

  • SPD-020A  intersected
    27.9 metres at 35.49 g/t gold, 19.89 g/t platinum and 25.14 g/t palladium, including
    21.15 metres at 46.36 g/t gold, 25.82 g/t platinum and 32.64 g/t palladium,
    the highest grades of platinum and palladium so far encountered in Colossus drilling

  • SPD-021  intersected
    17.8 metres at 16.15 g/t gold, 1.69 g/t platinum and 2.70 g/t palladium
    and
    5.53 metres at 0.70 g/t gold, 9.32 g/t platinum and 8.92 g/t palladium

  • These drill-holes demonstrate the strong lateral and vertical continuity of gold and platinum group element (PGE)-rich subzones of the Central Mineralised Zone

DETAILS

Diamond drill-holes SPD-020A through SPD-022, the first three of Colossus’ Phase II drilling program, were HQ-cored for a total of 916 metres.  Drilling was focused on the Central Mineralised Zone (“CMZ”), which overprints metasediments occupying the hinge and inner limbs of a northwest-facing, southwest-plunging, reclined synclinorium that plunges gently southwest from the historical open pit. The CMZ is characterised by intense hydrothermal carbonaceous and argillic alteration, inboard of siliceous alteration partially mantling the synclinorial hinge. See Sections 00, 100NE and others plus a plan view of Serra Pelada drill traces at www.colossusminerals.com.

SPD-020A, on Section 25NE, mainly tested the upper and inner hinge of the CMZ. Gold-platinum-palladium (Au-Pt-Pd) mineralisation (>0.5 g/t Au +PGE) was intersected through about 50 metres of a down-hole interval of 100 metres. Assay results for continuously mineralised interval in SPD-020A 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

208.40
 

236.30

27.90

35.49

19.89

25.14

incl.
212.55

233.70

21.15

46.36

25.82

32.64

incl.
216.95

220.55

3.60

108.3

29.33

39.22

& incl.
230.1

233.06

2.96

160.6

121.7

157.6

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

To date, SPD-020A exhibits the highest PGE grades encountered in Colossus’ drilling.   The drilling indicates that high the PGE subzone, recognised on Sections 00 (e.g. SPD-002, 46.72 m @ 24.11 g/t gold, 9.04 g/t platinum and 11.57 g/t palladium) & 100NE, respectively 25 m southwest and 75 m northeast of SPD-020A, extends between the latter sections and further into the inner hinge area than previously established.

SPD-021 was collared on Section 25NE to undercut SPD-018 (total intersection of 60.5 m @ 14.37 g/t Au, 1.81 g/t Pt and 2.46 g/t Pd) and test outer hinge zone plus lower, inner hinge mineralisation. From about 202 to 230 m, down-hole, SPD-021 intersected the targeted high PGE/gold subzone. Further down-hole mineralisation exhibits higher gold/PGE and higher grade gold. The latter subzone appears to be continuous with that in SPD-002 (14.65 m @ 22.51 g/t gold, 4.56 g/t platinum and 5.01 g/t palladium). Assays for the main continuously mineralised intervals in SPD-021 are tabulated below:

From
(metres,   down-hole)

To
(metres,  down-hole)

Assay
Interval  (metres) *

Gold
g/t

Platinum
g/t

Palladium
g/t

217.80

223.83

5.53

0.70

9.32

8.92

231.75

241.75

10.0

5.30

1.19

1.71

252.75

270.55

17.80

16.15

1.69

2.70

SPD-022 was drilled on section 125NE, a step-out towards the historical open pit from Colossus’ Phase I drilling and targeting outer hinge mineralisation. The latter proved to be offset by a post-mineralisation fault set and as a result SPD-022 grazed the hinge zone, intersecting only limited intervals of gold-PGE mineralisation.  These include from 174.1 m, 1.66 m @ 1.65 g/t gold, 0.72 g/t platinum, 0.69 g/t palladium and from 189.15, 5.5 m @ 0.43 g/t gold, 0.55 g/t platinum and 0.60 g/t palladium, hosted in altered sandstones.  Further drilling on Section 125NE (assay results not yet received) has located the mineralised zones and facilitated interpretation of the fault offsets.

Complete assay data sets for SPD-020A and SPD-021 plus a drill-hole location map will be posted shortly on www.colossusminerals.com.

Vic Wall, Colossus President, comments, “Colossus’ Phase II Drilling program has begun well after bedding down a new drilling contractor and changed commercial preparation laboratory and analytical services. The first drilling results have added value to the Serra Pelada Central Mineralised Zone, demonstrating continuity and greater extents of related high grade gold- & PGE-rich subzones. Colossus’ Serra Pelada team has done a good job through a wet, wet season.” 

TECHNICAL INFORMATION

Sampling of SPD core (by Colossus personnel) and sample preparation (by Intertek Limited, Parauapebas) were carried out under strict protocols recommended in the 43-101 Technical Report on Serra Pelada. After photographing and logging, intervals of HQ core (drilling advances, averaging 1 m in length) 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. Intertek pulverised 1 or 2 kilogram splits (>95% passing 106 microns) from the crushed (>95% passing 1.7 mm), dried samples. A 200 gram aliquot was rotary split from each pulp by Intertek and these samples were securely shipped directly by Intertek to Genalysis Limited, Perth Laboratory.  Duplicates, blanks and certified gold-PGE reference materials were inserted in the sample train by Colossus personnel prior to Intertek preparation work.

Genalysis inserted additional blanks, duplicates and high grade gold/PGE reference materials in the assay stream and replicate assays were performed routinely and on all medium to high grade materials. Fire assays for gold, platinum and palladium were on 25 gram subsamples utilising a lead-rich collector material and ICP-MS finish. Genalysis dispatched assay certificate originals directly to Resource and Exploration Mapping Ltd. an independent Company which manages Colossus’ database. 

The Genalysis assay results for blanks, duplicates, replicates and also all reference materials were well within generally accepted QA/QC measures. Reference materials and also selected high value samples from all batches will later be check assayed independently.

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 has another drill-ready gold project, Natividade, in the State of Tocantins, Central Brazil. 

For further information, please contact:

Elina Chow, Public Relations Manager
Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com
Email: info@colossusminerals.com