Colossus Minerals Inc (COLUF)

[MWM]

Colossus Minerals Announces Expiry of Warrants
Nov 30, 2009 3:57:00 PM

TORONTO, ONTARIO -- (MARKET WIRE) -- 11/30/09 -- Colossus Minerals Inc. ("Colossus" or "the Company") (TSX: CSI) announces that the outstanding unexercised common share purchase warrants (the "Warrants") issued in connection with Colossus' March 2009 public offering expired at 4:00 pm (Eastern Standard Time) on November 27, 2009.

Prior to their expiry, an aggregate of 5,965,625 Warrants, representing 100% of the Warrants issued in March 2009, were exercised for aggregate proceeds of C$16,107,187.

About Colossus:

Colossus is a minerals development company focused on the Serra Pelada high-grade gold-platinum-palladium project in Para State of 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: sixtyminutes.ninemsn.com.au/article.aspx?id=299887.

Contacts:
Colossus Minerals Inc.
Elina Chow
Public Relations Manager
[phone]
[e-mail]
www.colossusminerals.com

[phoenixgems]

Sluice, I will try to sum things up for you.

In a nutshell, Phoenix Gems do Brasil LTDA had an exclusive agreement with Coomigasp and the Serra Pelada deposit. Colossus Minerals was able to negotiate with Coomigasp only after they reached an agreement with Phoenix Gems do Brasil LTDA. There was previously 3 quotaholders of Phoenix Gems do Brasil LTDA.
The 3rd quotaholder was illegally excluded from Phoenix Gems do Brasil LTDA just a few days prior to Colossus signing their agreement with Phoenix Gems do Brasil LTDA and if the courts rule that this exclusion was in fact invalid and he was never removed from the company, then all agreements made without his signature are null and void since his signature was a required one for validity. None of the Colossus agreements for Serra Pelada have his signature and these contracts will become invalid if the courts rule in his favor unless Colossus reaches a new agreemeent with him.

[sluice]

You know. I'm having a heck of a time getting an accurate translation of this news article. It seems like I'm only getting about 70% of it word for word. If you don't mind can you tell me, with a little more detail, about the relationships of these organizations? I'm also unclear about this exchange of emails and what exactly that was implying. It's still a little unclear to me but if you got the time and are willing to clarify that for me, it would be greatly appreciated.

[sluice]

Well, I'll check out that link and have it translated, as I don't speak the language so well. Thank you for the information and I'll be looking into it. I appreciate it very much.

[phoenixgems]

There is also a Senator that has filed a petition investigating the illegalities on the multiple agreements in place at Serra Pelada. The Federal Senate has approved the petition to continue.

Requerimento nº 157, de 2009, do Senador José Nery, solicitando, com base no
art. 50 parágrafo 2º da Constituição Federal e art. 215, inciso I, letra "a" do Regimento
Interno do Senado Federal, informações ao Ministro de Estado de Minas e Energia, e ao
Diretor Geral do Departamento Nacional da Produção Mineral, sobre o alvará de
pesquisa nº 1.485, Processo DNPM nº 850.425/1990, e quanto ao convênio entre a
empresa Phoenix Gems do Brasil e a Cooperativa de Mineração dos Garimpeiros de
Serra Pelada, se está devidamente amparado pela legislação brasileira.
(Aprovado na 5ª Reunião da Mesa do Senado Federal, em 14 de maio de
2009)

[phoenixgems]

Sluice.... Colossus Minerals is not directly involved in the lawsuit, however, the outcome of it could be detrimental to their forward progress. Under Brazilian Law, any contract/agreement that was made under a condition of illegal exclusion will become null and void (invalid) if the exclusion is reversed. And, in this particular instance the exclusion will most likely be reversed..... it's just a matter of time. Therefore, CSI will then be in a difficult position.

Here is a link that will help explain things a bit more.

http://www.cnq.org.br/index.php?option=com_content&task=view&id=17109&Itemid=2

It is not surprising that last year when CSI's stock went to $0.50/share was at the same time when Colossus was contacted about this very information.

[sluice]

Pending lawsuits regarding what? Could you please explain?

[phoenixgems]

Be careful with the one for awhile. There are some pending lawsuits that may affect the progress of CSI and the Serra Pelada mine.

It is possible that from the outcome of the lawsuits CSI's partnership agreement could become NULL and VOID.

[tsl444]

geb - I started taking profits at $4.26US and closed out the position at $5.58US for a 75% gain (5 week hold). I am risking being out if more monster holes come in but that is a risk I am willing to take after having had the stuffing beaten out of me in 2008. Chartwise the stock looks like it needs to consolidate this move over the last two months. It is a huge move and could take some time to digest it. There is also a huge gap on the chart between 5.00 and 5.50. It may not get filled but I think the chances are good that the stock will trade down into that range.

I suspect there will not be any drill results released until after the PP closes. RSI is starting to settle down but is still in overbought territory. Any move of this magnitude, up or down, requires a huge amount of energy and it is almost impossible to sustain an energy level at that intensity over an extended period of time. Like I said, I could be wrong, but this is a business of probabilities, not certainties. I am definitely keeping Colossus on my radar and will see how things develop. Cheers!

tsl

[geb5794]

TS, I am still watching and waiting to see what this one will do. If it pulls back to the pre news area i am probably going to grab some. I will let you know though. Have a great evening.

[sluice]

not sure where everyone is. Just thought I'd make another post here. Spoke with IR just now. She explained to me that the private placement was worth roughly $70 million. She further stated that in addition to their $24 million cash that they already have brings them to approximately $94 million. She also added that with the exercised warrants that would add another $45 million or so, bringing our total to nearly $145 million for this company! Amazing!

Also couldn't confirm the dates for when the fifth drill was brought in but she said it was recently.

[sluice]

I may call IR tomorrow (monday) to confirm this info. Someone on stockhouse mentioned that the first pit hole was completed on Sept. 1st. It was then that they brought in the fifth drill rig solely for drilling the pit. If this is true, it can only mean that they found something from that first hole.

[sluice]

Rio for 2016 Olympics! I think that's a strong statement to credit the country's stability. This is great! I may have to try to get tickets to all that. Hopefully Colossus' sponsor banners will be all over the place! haha

[sluice]

I'm going to be very curious to see what the institutional ownership share is going to look like here in the next week.

[sluice]

maybe I'll try and find a nice book to read on Brazil. I'd like to travel South America next year anyway. I've heard nothing but great things from friends who have already been to Brazil. For some that was as recent as a few months ago. The worst I heard about the country was that the little kids were very crafty at pickpocketing.

[sluice]

I heard that as well, but I didn't know it for myself other than what was told to me by a friend. In other matters, I do like how these guys were prompt enough to give us shareholders a rights plan.

[tsl444]

geb - let us know when you've made your decision...

[tsl444]

Colossus increases offering by $5.75-million

2009-09-30 19:46 ET - News Release
Shares issued 58,099,788
CSI Close 2009-09-30 C$ 5.89


Mr. Ari Sussman reports

COLOSSUS MINERALS INC. ANNOUNCES INCREASE TO BOUGHT DEAL FINANCING

Colossus Minerals Inc., due to the positive response the company has received, the common share offering announced in Stockwatch earlier today with a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. and including Thomas Weisel Partners Canada Inc., Canaccord Capital Corp., and GMP Securities LP, with PowerOne Capital Markets Ltd. to act as a selling group member, has been increased by an additional one million common shares. The underwriters will now purchase 11 million common shares of the company at a price of $5.75 per common share for gross proceeds of $63.25-million.

The company has agreed to grant the underwriters an overallotment option, to purchase up to an additional 1.5 million common shares ($8,625,000), exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the offering. If this option is exercised in full the total gross proceeds of the offering will be $71,875,000.

The common shares will be offered by way of a short form prospectus to be filed in all of the provinces of Canada, except Quebec.

The net proceeds are intended to be used to finance expenditures on the Serra Pelada project and other exploration activities and for general working capital and corporate purposes.

The offering is expected to close on or about Oct. 22, 2009, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

[tsl444]

UPDATE 1-Colossus Minerals to raise C$57.5 mln from stock sale
Wed Sep 30, 2009 5:35pm EDT

* To sell 10 mln shrs on bought-deal basis at C$5.75/shr

* Proceeds to be used for Serra Pelada project in Brazil

Sept 30 (Reuters) - Colossus Minerals Inc (CSI.TO: Quote, Profile, Research, Stock Buzz) said it would raise C$57.5 million through the sale of common shares to fund its Serra Pelada project in Brazil.

Colossus said a syndicate of underwriters, led by Macquarie Capital Markets Canada, have agreed to buy 10 million common shares of the company at C$5.75 each, a discount of 2.4 percent to Wednesday's close.

The other underwriters in the syndicate include Thomas Weisel Partners Canada Inc, Canaccord Capital Corp, and GMP Securities L.P, the company said in a statement.

The company has also agreed to grant the underwriters an over-allotment option to purchase up to an additional 1.5 million common shares.

If the underwriters exercise this option, the gross proceeds of the offering, which is expected to close on or about Oct 22, will be C$66.1 million, the company said.

Shares of Colossus Minerals closed at C$5.89 Wednesday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Hezron Selvi)

[tsl444]

I am under the impression that Brazil is one of the better jurisdictions in South America. I prefer it over Ecuador, for example.

[tsl444]

Pescod on Colossus:

COLOSSUS MINERALS (T-CSI) $5.89 +1.05
With gold and precious metal prices coming back over
the last six months and so many junior explorers being
financed, there is lots of exploration out there these days
around the world and there have been some stunning drilling
results.
All of a sudden, there seems to be more and more good
gold deposits out there from drilling that has been reported,
but few compare with the absolutely stunning results
announced from Colossus Minerals today. Not only
were the widths unbelievable, with 70 metres, but the grade
of 53 g/t gold and 20 g/t platinum and 31 g/t palladium, was
the kind of stuff an explorer can only dream of.
Huge widths, unbelievable grades, when does Colossus
get bought out? They are working in an area of Brazil
known to have rich ore that had been mined by garimpuros
for a long time, so finding stuff isn’t the surprise. The big
question remains how big this project could be.
Canaccord had recently raised their target from $5.50 to
$7.25; Thomas Weisel from $4.50 to $7.00 and we suspect
there might even be future additions.

[sluice]

Yeah, I see instability in the country seems to be a big question for the guys on Stockhouse as well. Honestly, I haven't been keeping up on Brazilian news myself. I should start doing it to some degree now I supposed. That said, I guess it's a bridge we'll cross when we get there. And really, we're not there yet. Colossus still has to focus on defining this reserve. With five drills going, I can't get myself to pull out for a little bit. I've gotta see more of these holes through.

[geb5794]

Congradulations to any of you that have been in this one for any amount of time. I see that a year ago it was less than .50 a share. I sure wish i had found this one.

I thought that RBY had phenominal drill results. This takes the cake. One of the only problems i see is the instability in this region of South America. Even though there is a risk i am considering selling some of my RBY and getting in on this one. I can not see it staying this low very long. I am sure their will be a little pullback, but then it will rise and stay high.

I do not want to let any of my RBY shares go, but this one is almost to hard not to take abite out of. I will have to think this over a few High Balls tonight.

Once again, congradulations to all of you that have been here awhile. You will be grinning all the way to the bank. Have a great evening.

[sluice]

haha. oh look, I just got a press release from Colossus in my mail box. Hope it's good...

[sluice]

I've noticed Kitco hasn't displayed anything about this press release either.

[sluice]

I'm a believer that this is still way undervalued. They haven't missed, really. I don't expect this one to follow a trend much like what I've seen with other stocks that come out with good news (though nothing like this of course). I'm expecting a little pull back, either for the day, or even for a few days, but I'm thinking there is going to be some people wanting in really bad. They might be able to wait for a little while to time their way in but at some point the entry fee to this party is going to get very expensive. I'm going to chew on this for a little bit as to whether or not I'll pitch in a little bit more here with a separate goal in mind.

[tsl444]

Here are the values on the highest grade intersections...

[sluice]

Oh man, tell me about it. That was a full on jawdrop when I saw the price. I'm spending some time here this morning to gather myself and check out these PR's a little more to find out where these holes were drilled. Handshakes around. Lol, I guess it's just you and me in here. High five!!

[tsl444]

"SPD-034 intersected continuous mineralisation (at greater than 0.5 g/t gold + platinum +palladium) over a down-hole interval of 74.35m in carbonaceous-and argillicly-altered siltstones. This interval exhibits four ultra high grade (greater than 100g/t gold -equivalent) subzones including 3.98m @713.1g/t gold, 316.5g/t platinum and 475.9 g/t palladium with replicated assays up to 1784g/t gold, 805g/t platinum and 1213g/t palladium, the highest grades so far drilled by Colossus."

[tsl444]

Excuse me while I attempt to stuff my eyeballs back into their sockets.

[tsl444]

Colossus Minerals Drills 70.70 Metres @ 53.59 g/t Gold, 20.77 g/t Platinum and 31.30 g/t Palladium

* Press Release
* Source: Colossus Minerals Inc.
* On Wednesday September 30, 2009, 9:21 am EDT

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2009) - Colossus Minerals Inc. ("Colossus") (TSX:CSI - News) is pleased to announce the results from step-out diamond drilling on the Central Mineralised Zone of the Serra Pelada Project, the Colossus-COOMIGASP joint venture located in Para State, Brazil.

HIGHLIGHTS

- SPD-034 intersected

70.70 metres @ 53.59 g/t gold, 20.77 g/t platinum and 31.30 g/t palladium (89.59 g/t gold-equivalent(ii)) including

20.44 metres at 158.82 g/t gold, 67.14 g/t platinum and 101.10 g/t palladium (275.17 g/t gold-equivalent )

- SPD-032 intersected

39.05 metres @ 21.47 g/t gold, 6.44 g/t platinum and 9.36 g/t palladium, (32.53 g/t gold-equivalent) including

4.80 metres at 161.87 g/t gold, 49.85 g/t platinum and 73.13 g/t palladium, (247.69 g/t gold-equivalent)

- SPD-028 intersected

8.80 metres at 60.05 g/t gold, 0.07 g/t platinum and 0.18 g/t palladium including

5.20 metres at 99.21 g/t gold, 0.10 g/t platinum and 0.25 g/t palladium, approximate true thicknesses of mineralisation

- These and other step-out drill -holes have contributed materially to the definition of gold-platinum-palladium mineralisation, including ultra high grade subzones in the Serra Pelada Central Mineralised Zone.

DETAILS

Diamond drill-holes SPD-023, -024, -025, -028, -030, -031, -032, and -034 of Colossus' Phase II drilling program, were HQ-cored for a total of 2326 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 mainly of siltstones, 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. Drilling results are outlined below, firstly between-section drilling and then sectional drilling progressively toward the historical pit.

SPD-031 and SPD-034 were collared on Section 50NE and drilled towards Section 00, respectively on initial azimuths of 224 and 229 deg. and -81 deg. inclinations. Both drill-holes were aimed at clarifying the structure, distribution and continuity of high grade gold-platinum-palladium subzones localised within the hinge region of the CMZ.

SPD-034 intersected continuous mineralisation (at greater than 0.5 g/t gold + platinum +palladium) over a down-hole interval of 74.35m in carbonaceous-and argillicly-altered siltstones. This interval exhibits four ultra high grade (greater than 100g/t gold -equivalent) subzones including 3.98m @713.1g/t gold, 316.5g/t platinum and 475.9 g/t palladium with replicated assays up to 1784g/t gold, 805g/t platinum and 1213g/t palladium, the highest grades so far drilled by Colossus. Assay results for continuously mineralised interval in SPD034 are tabulated below:


----------------------------------------------------------------------------
From Assay Gold-
(metres, To (metres, Interval Gold Platinum Palladium equivalent
down-hole) down-hole) (metres)(i) g/t g/t g/t g/t(ii)
----------------------------------------------------------------------------

198.90 269.60 70.70 53.59 20.77 31.30 90.10
----------------------------------------------------------------------------

incl.

207.05 227.49 20.44 158.82 67.14 101.10 276.80
----------------------------------------------------------------------------

(i) Total assayed interval (greater than 0.5 g/t gold equivalent) -
excludes intervals of no core recovery; true widths to be established.
(ii) Gold-equivalent calculated for US$992/oz. Au, $1275/oz. Pt, $295/oz. Pd


SPD-031 (testing mineralisation to the south of SPD-034) intersected two long intervals (23.55 & +40m) of continuous mineralisation, separated by thin interval of siliceous alteration. The hole was terminated in mineralisation, 40m short of its target length, due to mechanical failure. The lower mineralised interval in SPD-031 has high PGE:Gold ratio and shows a pattern of high grade subzones similar to that of SPD-034. Assays for the main continuously mineralised intervals in SPD-031 are tabulated below:


----------------------------------------------------------------------------
From Assay Gold-
(metres, To (metres, Interval Gold Platinum Palladium equivalent
down-hole) down-hole) (metres)(i) g/t g/t g/t g/t(ii)
----------------------------------------------------------------------------

198.80 213.35 22.75 1.41 0.11 0.23 1.60
----------------------------------------------------------------------------

219.40 259.40 37.00 8.14 4.07 5.35 15.10
----------------------------------------------------------------------------


The results from SPD-034 and SPD-031, together with previous on-section drilling (eg. SPD-002: 48.25m @ 30.57 g/t gold, 10.96 g/t platinum & 15.38 g/t palladium and others including SPD-033, primarily drilled for metallurgical test material, to be announced separately ), clarify the distribution of medium-, high-grade and ultra high-grade subzones and varying PGE:Gold in the CMZ in this area. Ultra-high grade subzones, which carry a significant portion of the CMZ gold & PGE inventory, evidently occur in northeast -trending, sub-vertically dipping, shallowly-plunging envelopes. These high grade envelopes exhibit strong down-dip continuity and also extend laterally for ten's of metres, as well as exhibiting systematic PGE:Gold ratio. Additional between-section drilling should add further confidence to this interpretation.

SPD-028, tested a shallowly dipping, upper limb position in the CMZ on Section 100SW. A gold-rich subzone, about 8 metres true thickness, was intersected at about 200 metres depth, plus other gold-rich intervals at greater depths. Assay results for continuously mineralised interval in SPD-028 are tabulated below:


---------------------------------------------------------------
From Assay
(metres, To (metres, Interval Gold Platinum Palladium
down-hole) down-hole) (metres)(i) g/t g/t g/t
---------------------------------------------------------------

201.30 210.10 8.80 60.05 0.07 0.18
---------------------------------------------------------------

incl.

204.90 210.10 5.20 99.21 0.10 0.25
---------------------------------------------------------------

(i) Total assayed interval (greater than 0.5 g/t gold equivalent)
- excludes intervals of no core recovery; true widths to be
established.


SPD-030, drilled further east on Section 100SW appears to have intersected (from 198.9m, 1.5m@6.82g/t gold) the same gold-rich subzone as SPD-028, but dropped unexpectedly and grazed its target, a high PGE subzone further down-hole, intersecting discontinuous gold-platinum-palladium mineralisation.

SPD-024 and SPD-032 are the first holes drilled on Section 25SW, each testing hinge zone mineralisation, SPD-024 undercutting SPD-032. The latter drill-hole encountered a long interval of high PGE:Gold ratio and a high grade gold-platinum-palladium subzone at greater depth in the inner fold hinge. Assays for the main continuously mineralised intervals in SPD-032 are tabulated below:


---------------------------------------------------------------
From Assay
(metres, To (metres, Interval Gold Platinum Palladium
down-hole) down-hole) (metres)(i) g/t g/t g/t
---------------------------------------------------------------

208.15 243.25 32.55 1.00 1.39 1.85
---------------------------------------------------------------

incl.

208.15 217.05 8.90 1.89 3.85 5.69
---------------------------------------------------------------

248.80 291.25 39.05 21.47 6.44 9.36
---------------------------------------------------------------

incl.
268.00 272.80 4.80 161.87 49.85 73.13
---------------------------------------------------------------


SPD-024 exhibits higher Gold:PGE ratio than SPD-032, with a substantial medium grade gold-rich zone in the lower fold hinge. Both holes also encountered gold-PGE subzones (e.g. SPD-032 from 305.35m, 1.4m @ 4.55g/t gold, 1.28g/t platinum and 1.73g/t palladium) in sandstones underlying the siltstones. Assays for the main continuously mineralised interval in SPD-024 are tabulated below:


---------------------------------------------------------------
From Assay
(metres, To (metres, Interval Gold Platinum Palladium
down-hole) down-hole) (metres)(i) g/t g/t g/t
---------------------------------------------------------------

248.25 273.10 24.85 7.85 0.36 0.66
---------------------------------------------------------------

incl.

264.65 272.60 7.95 17.14 1.04 1.90
---------------------------------------------------------------


SPD-023 was drilled above SPD-011 on Section 75NE, to examine inner hinge mineralisation. Two substantial intervals of mineralisation, separated by siliceous alteration, were intersected, the upper of these exhibiting higher PGE:Gold ratio. Assays for the main continuously mineralised intervals in SPD023 are tabulated below:


---------------------------------------------------------------
From Assay
(metres, To (metres, Interval Gold Platinum Palladium
down-hole) down-hole) (metres)(i) g/t g/t g/t
---------------------------------------------------------------

172.95 216.00 43.05 5.69 1.33 1.71
---------------------------------------------------------------

255.43 264.60 8.27 12.42 1.05 1.98
---------------------------------------------------------------


SPD-025 was drilled to the northwest of SPD-022 on Section 125NE and successfully located fault-offset mineralisation that largely evaded the latter drill-hole. Of the 134 metres intersection of mineralised siltstone, a total of 40 metres is above 0.5 g/t gold plus PGE's. The main continuously mineralised interval is in a lower limb position and has high PGE:Gold ratio. Assays for this interval in SPD-024 are tabulated below:


---------------------------------------------------------------
From Assay
(metres, To (metres, Interval Gold Platinum Palladium
down-hole) down-hole) (metres)(i) g/t g/t g/t
---------------------------------------------------------------

268.55 283.46 14.91 4.34 2.16 3.20
---------------------------------------------------------------

incl.

275.30 279.85 4.55 10.60 2.96 3.64
---------------------------------------------------------------


Complete assay data sets for the drill-holes in this release plus a drill-hole location map will be posted shortly on www.colossusminerals.com.

Vic Wall, Colossus VP of Exploration comments, "The results of Colossus' Phase II step-out drilling have added materially to the definition of the main Serra Pelada gold-platinum-palladium ore-body. Between-section drilling has clarified the distribution of ultra high grade gold-PGE subzones, demonstrating down dip and lateral continuity in envelopes that we have increasing confidence will be among the first to be mined in the new Serra Pelada. In other areas, up to 400 metres south of the historical open pit, Colossus drilling has outlined substantial mineralisation, including high grade gold and gold-PGE subzones. The intersections of gold-PGE mineralisation north of our Phase I drilling, in areas where historical drilling had missed mineralisation are also encouraging. We are following up with further drilling in this and more southerly parts of the Central Mineralised Zone as well as additional between-section holes."

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 (greater than 95% passing 106 microns) from the crushed (greater than 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 most 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.

[sluice]

I wonder what the likelihood is that they could sell this thing before an NI 43-101 comes out. IR was telling me that it rarely happens, but it has happened before.

[sluice]

I see this guy has experience in property sales recently - particularly Orsu's Varvarinskoye property in Kazakhstan. That sale was worth about $235. This gets a guy wondering what comes next.

[tsl444]

Colossus Minerals Inc. Appoints Randy Reichert as President & COO

September 28, 2009

Toronto, Canada -- Colossus Minerals Inc. (TSX: CSI) (the “Company”) announces the appointment of Randy Reichert as President and Chief Operating Officer of the Company, effective September 24, 2009. Additionally, Vic Wall has become the Vice President of Exploration and Augusto Kishida Vice President of Business Development.

Randy Reichert brings over 20 years of experience in mine operations to the Colossus team. Prior to joining Colossus, Randy spent two years based in London as Chief Operating Officer with Orsu Metals Corp. and Oriel Resources plc. With Orsu Metals, Randy was responsible for the Varvarinskoye gold-copper mine in Kazakhstan , and played a significant role guiding the operation through the ramp-up period, substantially improving mine productivity and cost management. Randy held the same position with Oriel Resources where he was responsible for its operations. Oriel Resources was acquired by Mechel for US$1.5 billion cash in 2008.

Prior to Oriel Resources, Randy worked for Bema Gold Corporation and Kinross Gold Corporation in Russia as General Manager for the Julietta Mine in Magadan before assuming an integral role as General Manager in the development of the Kupol Mine, a world-class high-grade and underground gold mine in Chukotka.

Randy began his career with Cominco Ltd. working at the Polaris, Snip, and Sullivan mines in Canada .

Randy holds a BA.Sc (Mining and Mineral Processing) from University of British Colombia, an M.Sc (Engineering-Rock Mechanics) from Queen’s University, and a GDBA from Simon Fraser University.

“The addition of Randy to our team is part of the natural evolution of a mining company. His extensive experience in both the construction and operation of underground mining operations will bring the necessary leadership in moving Serra Pelada towards production,” said Ari Sussman, CEO and Chairman of Colossus Minerals Inc. “Additionally, I would like to thank Vic Wall and Augusto Kishida for realigning their roles within the Company to help fulfill Colossus’ aim of becoming a gold and platinum group metal producer.”

Randy Reichert , President and COO of Colossus Minerals Inc comments, “It is a pleasure joining a great team and exciting project with the challenge to bring a world-renowned project from exploration into development and production”.

About Colossus:

Colossus is a minerals development Company focused on gold and platinum group metals 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.

For further information, please contact:

Elina Chow

Public Relations Manager
Colossus Minerals Inc.

Tel: [phone]

Web site: www.colossusminerals.com

Email: [e-mail]

[tsl444]

sluice - I don't remember exactly what comes with the subscription, to tell you the truth, but I am sure that info is available on the site somewhere. Not sure whether it is worth it or not, but I don't think it's a lot of money. CSI.to looking good here, taking a little breather but that is to be expected as the oxygen gets thinner at higher altitudes.

tsl

[sluice]

Yeah, I was going to do the same. Actually, I already started. I know nothing about REE's and much less about where to set my guidlines for my research into new companies in this sector.

That said, I'm excited to start looking into REE's mainly becuase it is something completely new. At times I find myself going in circles with my research and I guess REE's offers a chance to look at something new. Jim Dine's brought up some great points as to why he's a believer in the market. At the same time, he did bring up some good cautionary points: REE's would not hold up as well as gold in a crash like 2008 (something I believe to be very possible here in the short term), and the possibility of the WTO "forcing" China into those export sales.

Say, I don't have the option to send Private Messages. I think I declined to do so a while back because it required a subscription. What exactly does that entail or include in the subscription? I'm trying to keep spam and other things down to a minimum. Is it worth it? Thanks for the message though. I'm in agreement with you.

[tsl444]

sluice - I am not up to speed on the REE's but I believe rhodium is in the group. There are a slew of metals in the group that cannot be pronounced or spelled without extensive training. They have run like scalded dogs so I would be careful with entries if you are looking to buy. John Kaiser is extremely bullish on the group, Lawrence Roulston was telling people to be cautious and do your DD before jumping in. I am going to do some research on the sector but am not going to do any indiscriminate buying. Have not had a chance to look at the markets since Friday morning so...have some catching up to do.

tsl

[sluice]

lol, a new 52 week high! And someone loaded up big at about 4.60 for 280k shares

[sluice]

I see someone on Stockhouse just posted that Cannacord just put out a 7.75 target price on Colossus. It's not Sprott but I'll take it.

[sluice]

Is rhodium a rare earth metal? Funny that you mention Rare Earths though as I just launched new research on the subject. James Dines seems to be advocating it quite a bit lately and has been kicking back some impressive returns. If he's right, we're in the beginning of a bull market.

Otherwise, I can't turn my back on Colossus. haha. I took a look at it a few minutes ago and it was down to 4.35. Now it's up to 4.76. I guess Dines has been recommending this as well. I've never read his newsletter. I've heard of people mention him before. That's about it. Otherwise, I read my first newsletter of his yesterday and ask some friends about him.

[tsl444]

sluice - I don't have an opinion on the landholdings question, I don't know enough to have one at this point. Also not up to speed on rare earth stuff but I should probably get to work on that as it seems like it could be an important theme over the next several years.

The press release that IMPACT put out last night is representative of what I like about this company. It took them only 12 months to get from first exploration assay results to a production decision on Noche Buena. The company may be small, but they are agile, fast and very focused on building their business.

Cambridge House is a decent show but PDAC is the one that EVERYONE attends. A lot of my juniors are no longer exhibiting at Cambridge House.

[sluice]

I'm planning on going to their booth tomorrow to talk to those guys. They looked a little busy when I was there. Man, I really wish i would have gotten on those guys earlier this year.

What do you think about Colossus' ability to increase their landholdings around Serra Pelada? Oh yeah, I spoke to IR today about rhodium finds. Bare with me because it was a lot of information given to me when I'm taking in a bunch more from other companies. But IR, told me that rhodium was assayed for in "some" of the holes, not all. She said something about the interval containing 6g/t rhodium being a world record. I forgot to ask her which hole that was from,and if it was current of historical.

Well, have fun at the Cambridge show. I'm bummed because I didn't know about it until four days ago. Ticket prices as a result were far too much. I'm looking forward to next year though.

[tsl444]

Excellent, how is the attendance there? I am heading to Toronto tomorrow for the Cambridge House show. Say hello to the IMPACT Silver guys if you get a chance. They are a bunch of great guys.

[sluice]

Yes it is a trooper. I'm here at The Silver Summit in Spokane, Washington. I actually managed to get in a question with John Embry of Sprott Assets regarding Colossus. He knew it, but I guess Horvak(?) is the go-two guy for this company.

[tsl444]

Quite a trooper, this stock. Filled the gap at 4.35-4.40 this morning, which was useful and now although we are still down a bit from yesterday, a big red candle has turned into a small white one. Any and all pullbacks are getting bought...

[sluice]

yep, same thing this morning. Big drop in price but on little volume.

[sluice]

much less shares though. I'm a bit excited to see these results when they come out.

[tsl444]

Impressive recovery by the end of the day. Yes the stock closed off a bit, but a lot higher than where it opened.

[tsl444]

Yikes! This thing is like a steamroller...

[sluice]

my goodness. This is a good morning. I like seeing these kinds of gains when I look at it for the first time.