🕐07.09.11 - 18:00 Uhr

COLOSSUS MINERALS DRILLING EXTENDS THE GT ZONE AND HIGH-GRADE SUBZONES IN THE CE
NTRAL MINERALIZED ZONE AND INTERSECTS 74.40 METRES AT 31.17 G/T GOLD, 3.02 G/T PLATINUM AND 6.78 G/T PALLADIUM






Colossus Minerals Drilling Extends the GT Zone and High-Grade Subzones in the Central Mineralized Zone and Intersects 74.40 Metres at 31.17 g/t Gold,
3.02 g/t Platinum and 6.78 g/t Palladium

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TORONTO, ONTARIO--(Sept. 7, 2011) - Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI) is pleased to announce additional assay results from the 25,000 metre surface drilling program at its 75% owned Serra Pelada Gold-Platinum-Palladium Project. The Serra Pelada Project is a Colossus-COOMIGASP Joint Venture located in Para, Brazil.

HIGHLIGHTS

SPD-113 intersected several ultra high-grade subzones within a continuously mineralized intercept of 74.40 metres at 31.17 g/t gold, 3.02 g/t platinum and 6.78 g/t palladium in the Central Mineralized Zone ("CMZ"). These results confirm the continuity of and extend the high-grade CMZ in the first area to be underground bulk sampled in 2012. SPD-115 intersected 11.65 metres at 57.28 g/t gold, 6.58 g/t platinum and 7.66 g/t palladium. This drill hole is the initial 25 metre step-out to the southwest targeting the extensions of SPD-095 (7.81 metres at 136.43 g/t gold, 294.20 g/t platinum and 121.40 g/t palladium). A second drill hole on this section will commence shortly targeting ultra high-grade mineralization encountered in drill hole SPD-099 (7.30 metres at 1494.7 g/t gold, 516.6 g/t platinum and 558.9 g/t palladium). In step-out drilling on the (lower limb) GT Zone SPD-110 has demonstrated that the (lower limb) GT Zone mineralization extends to Section 175NE and thus the GT Zone is likely continuous with the Western Zone, drilled some 250 metres to the northeast of SPD-110 SPD-103 and SPD-107 on Section 150NE indicate that the GT Zone is more than 40 metres wide in this area and up to ten metres true-thickness which includes high-grade gold mineralization A fence of 500 metre step out drill-holes are planned on section 750SW after recent modeling predicts that the CMZ has been up-thrusted by a fault and is consequently much shallower than expected. A detailed geochemical program is nearing completion on the entire concession package and new targets have been generated. Details of the targets and planned drill program will be released in short order once all assay results have been received and interpreted.

"We are finally starting to see improved productivity in diamond drilling pace after changes we implemented over the summer period," commented Ari Sussman, CEO and President. "The exploration focus for the balance of 2011 is going to be step-out drilling on the CMZ, follow up drilling on the ultra high-grade zone encountered in SPD-095, SPD-099 and SPD-115, and drilling of new targets outlined by extensive radiometrics and geochemical programs. We will announce further details in the coming weeks once all results are received and interpreted."

DETAILS

Gold-platinum-palladium mineralization at Serra Pelada overprints metasediments occupying the hinge and limbs of a northwest-facing, southwest-plunging, reclined synclinorium that plunges gently southwest from the historical open pit. The CMZ comprises mainly steeply dipping bodies in the fold hinge zone but extends onto the upper and lower limbs of the fold. Characterized by intense hydrothermal carbonaceous and argillic alteration, mainly of siltstones, the CMZ is inboard of siliceous alteration partially mantling the synclinorial hinge. Shallowly-dipping gold-platinum-palladium mineralization, for example the Western and GT Zones, occurs within siliceous, argillic and carbonaceous alteration and iron oxide-rich breccias on the fold limbs. This release documents results (Table 1, below) from drilling of the extensions of the CMZ and also in extensions of the GT and LL lower-limb mineralized zones. Figure 1 shows the traces of the new drill-holes and plan views of the mineralized zones explored to-date at Serra Pelada.

TABLE 1: Significant drilling results

Mineralized
Zone
Hole ID From
(m) To
(m) Interval*
(m) Gold
(g/t) Platinum
(g/t) Palladium
(g/t) GT SPD-101 229.55 230.85 1.30 1.69 1.78 0.79 SPD-103 51.05 51.80 0.75 0.18 5.35 5.80 55.37 56.30 0.93 5.67 <0.02 0.05 175.96 176.55 0.59 0.02 1.58 0.85 217.42 219.10 1.68 1.94 0.15 0.70 219.41 220.63 1.22 0.74 0.39 0.61 224.52 227.25 2.73 14.83 1.82 3.62 SPD-107 41.50 43.00 1.50 1.66 0.00 0.04 201.35 202.24 0.89 43.62 0.89 1.09 209.65 212.47 2.82 2.45 2.55 4.25 SPD-110 129.10 130.5 1.10 8.57 0.20 0.52 182.50 183.18 0.68 1.38 0.12 0.34 191.90 193.30 1.40 10.62 0.42 1.45 LL SPD-100 264.60 265.10 0.50 1.16 0.22 0.16 265.60 266.60 1.00 1.03 0.40 0.45 CMZ SPD-105 206.10 207.52 1.42 2.75 <0.020 0.005 208.40 209.10 0.70 1.11 <0.020 <0.005 230.57 233.20 2.63 8.66 1.25 2.27 234.00 235.00 1.00 3.37 <0.020 0.03 242.85 243.49 0.64 3.60 0.24 0.19 246.11 247.60 1.49 1.31 1.04 0.69 250.62 255.50 4.88 3.76 1.72 1.60 262.90 264.30 1.40 0.44 0.62 0.72 265.10 267.50 2.40 0.78 0.50 0.60 CMZ SPD-115 249.20 252.20 3.00 3.04 0.24 0.47 253.05 264.70 11.65 57.28 6.58 7.66 including 258.20 260.20 2.00 106.85 12.94



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