Dr. Vic Wall reports

COLOSSUS MINERALS DISCOVERS NEW MINERALIZED ZONE, EXTENDS OTHER ZONES AND DRILLS 52.43 METRES AT 18.57 G/T GOLD, 8.34 G/T PLATINUM AND 11.33 G/T PALLADIUM

Colossus Minerals Inc. has released the results of further diamond drilling on the Serra Pelada gold-platinum-palladium project, the Colossus-COOMIGASP joint venture located in Para State, Brazil.

Highlights

Central mineralized zone (CMZ):

• SPD-055 intersected, in the CMZ, 52.43 metres at 18.57 grams per tonne gold, 8.34 g/t platinum and 11.33 g/t palladium, including 11.87 metres at 42.34 g/t gold, 27.85 g/t platinum and 39.95 g/t palladium.

• Three step-out holes to test the potential for the continuation of the CMZ onto the newly acquired land package have been completed with assay results expected in the near term.

GT zone:

• SPD-056B intersected 8.25 metres at 12.27 g/t gold, 0.58 g/t platinum and 0.92 g/t palladium including 4.89 metres at 20.33 g/t gold, 0.96 g/t platinum and 1.53 g/t palladium.

• SPD-057 intersected 21.37 metres at 6.51 g/t gold, 0.60 g/t platinum and 0.96 g/t palladium including 5.70 metres at 15.38 g/t gold, 1.07 g/t platinum and 1.73 g/t palladium.

• The SPD-056B and SPD-057 intersections are approximately true widths and extend the GT zone discovered in SPGT-001, by more than 50 metres along strike.

Portal zone:

• SPD-066 intersected 1.82 metres at 32.07 g/t gold, a newly discovered mineralized zone, approximately 700 metres northwest of the CMZ.

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 consists of 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.

SPD-063 was drilled adjacent to the portal and plant site areas in the Colossus-COOMIGASP joint venture's new ground. The drill hole encountered several mineralized intervals including 1.51 metres of 6.5 g/t gold, 0.02 g/t platinum and 0.06 g/t palladium. SPD-066 was stepped out 20 metres to the north and intersected 1.82 metres at 32.07 g/t gold. These intercepts represent a newly discovered mineralized zone approximately 700 metres northwest of the CMZ. The mineralized zone is in a lower limb structural position and appears to be shallowly dipping, hence the down hole intervals are approximately true thickness.

                    From          To     Assay
                 (metres,    (metres,  interval   Gold  Platinum  Palladium
Drill hole ID  down hole)  down hole)  (metres)   (g/t)     (g/t)      (g/t)

SPD-063           127.44      128.95      1.51    6.50      0.02       0.06
                  136.33      137.20      0.87    1.22     <0.02      <0.01
                  139.19      140.10      0.91    1.09     <0.02      <0.01
                  120.90      122.40      1.50    2.42     <0.02      <0.01
                  138.80      140.62      1.82   32.07     <0.02       0.01
                  145.70      146.15      0.45    6.16     <0.02       0.02

SPD-056B and SPD-057 both intersected mineralization around the lower limb of the siltstone-cored fold. Respectively up and down plunge from the discovery hole (SPGT-001, 10.4 metres at 28.4 g/t gold, 4.16 g/t platinum, 6.18 g/t palladium, see Colossus news in Stockwatch June 24, 2010), these drill holes have extended the GT zone, approximately 150 metres northwest of the CMZ, over more than 50 metres strike length. The drill intercepts are approximately true widths in this shallowly dipping mineralized zone. Further drilling will clarify whether the GT zone is continuous with the western mineralized zone (SPC-012, 4.15 metres at 8.04 g/t gold, 154.5 g/t platinum, 245.8 g/t palladium, see Colossus news in Stockwatch Sept. 3, 2009) which is in a similar structural setting and on the mineralized trend approximately 500 metres to the northeast. The GT zone appears to strike southwest onto the joint venture's new ground.

                    From          To     Assay
                 (metres,    (metres,  interval   Gold  Platinum  Palladium
Drill hole ID  down hole)  down hole)  (metres)   (g/t)     (g/t)      (g/t)

SPD-056B
(GT zone)         272.95      281.20      8.25   12.27      0.58       0.92
incl.             272.95      277.84      4.89   20.33      0.96       1.53
SPD-057
(GT zone)         267.58      290.95     21.37    6.51      0.60       0.96
incl.             280.75      286.45      5.70   15.38      1.07       1.73

SPD-051, SPD-051A and SPD-055 were drilled to provide material for metallurgical grinding testwork and to clarify the distribution of high gold- and PGE-rich subzones in the CMZ.

SPD-051, drilled toward the northeast from Section 00, intersected several steeply dipping, gold-rich intervals and a high PGE/Au subzone before being aborted whilst still in mineralization. SPD-051A was stepped out seven metres to the east and also drilled to the northeast, encountering several high-grade subzones with distinct Au/PGE as well as platinum/palladium, separated by lower grade mineralization. SPD-055 was offset 11 metres to the northeast of and oriented similarly to SPD-034 (70.7 metres at 53.59 g/t gold, 20.77 g/t platinum and 31.30 g/t palladium, see Colossus news in Stockwatch Sept. 30, 2009). The long high-grade intercept in SPD-055 included several ultrahigh-grade intervals and is characterized by relatively high PGE/Au.

                    From          To     Assay
                 (metres,    (metres,  interval   Gold  Platinum  Palladium
Drill hole ID  down hole)  down hole)  (metres)   (g/t)     (g/t)      (g/t)

SPD-051 (CMZ)     186.20      189.00      2.80    5.23      0.17       0.88
                  199.95      201.15      1.20   14.35      0.24       0.67
                  204.85      206.25      1.40   19.67      0.32       0.94
                  211.70      231.30     19.44    2.65      3.54       9.73
SPD-051A (CMZ)    181.20      186.94      5.24    1.24      5.38       5.33
                  207.20      215.40      8.20   14.23      4.54       9.67
incl.             208.30      212.40      4.10   27.21      6.72      10.90
                  221.90      228.75      6.85    0.31      8.01       4.66
SPD-055 (CMZ)     208.62      261.05     52.43   18.57      8.34      11.33
incl.             212.30      224.17     11.87   42.34     27.85      39.95
incl.             212.30      213.60      1.30  114.30     61.81      96.49
incl.             216.50      218.00      1.50  174.59    107.57     159.42
incl.             243.20      244.35      1.15  130.80     38.45      43.82

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

SPD-052, SPD-053, SPD-054, SPD-056, SPD-059, SPD-060, SPD-061, SPD-062 and SPD-064 were part of the condemnation drilling program which is now nearing completion. As expected, results were insignificant.

Dr. Vic Wall, vice-president exploration of Colossus, comments: "Exploration drilling in the Serra Pelada joint venture's new ground is already meeting with success with the discovery of a relatively shallow mineralized zone. We will be following this up with further drilling which may also extend the GT zone onto the new ground and hopefully demonstrate its continuity with the western mineralized zone approximately 500 metres to the northeast. Drilling within the CMZ has continued to demonstrate the continuity of high-grade gold-platinum-palladium mineralization and we look forward to receiving assay results from the recently completed three step-out holes."

Diamond drilling was HQ cored. Sampling of core (by Colossus personnel) and sample preparation (by Intertek Limited, Parauapebas) were carried out under strict protocols recommended in the 43-101 technical report dated Jan. 31, 2010, on Serra Pelada. After photographing and logging, core intervals (drilling advances, averaging one metre in length) were cut and/or split in half, yielding samples of two- to three-kilogram mass. Where core recoveries were low, intervals were composited to yield approximately one-kilogram minimum sample masses. Intertek pulverized one- or two-kilogram splits (greater than 95 per cent passing 106 microns) from the crushed (greater than 95 per cent passing 1.7 millimetres), dried samples. Two-hundred-gram aliquots were rotary split from each pulp by Intertek and one of these samples was 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.

Intertek and 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 using a lead-rich collector material and ICP-MS finish by Genalysis, AA finish by Intertek. Both assay labs dispatched assay certificate originals directly to Resource and Exploration Mapping Ltd., an independent company which manages the company's database.

The Genalysis and Intertek assay results for blanks, duplicates, replicates and also all reference materials were well within generally accepted QA/QC measures. The Intertek and Genalysis gold, platinum and palladium assays of Serra Pelada materials are in good agreement, and the Genalysis results are used in this compilation.

Dr. Wall, the vice-president exploration of Colossus, is a qualified person under National Instrument 43-101 and is responsible for this release and has verified the contents disclosed.