Mr. Graham Long reports

COLOSSUS MINERALS RELEASES PRELIMINARY RESOURCE ESTIMATE

Colossus Minerals Inc. has released a preliminary resource estimate for its 75-per-cent-owned Serra Pelada gold-platinum-palladium mine. The Serra Pelada mine is a joint venture between Colossus and Cooperativa de Mineracao dos Garimpeiros de Serra Pelada located in the state of Para, Brazil.

Following the withdrawal of Arias Resource Capital Fund II LP and Arias Resource Capital Fund II (Mexico) LP from the two-tranche financing previously announced on Dec. 18, 2013, there can be no assurance that the company will be able to raise the capital necessary to carry on business activities past Dec. 31, 2013.

RPA Inc. was retained by Colossus Minerals to complete a mineral resource estimate for its Serra Pelada project in Brazil. The mineral resource estimate is shown in the table at a cut-off grade of five grams per tonne gold and an effective date of Dec. 20, 2013.

The mineral resource estimate is based on 248 surface core holes drilled by Colossus from 2007 to 2012 and 26 underground core holes drilled by Colossus in 2013. Drill core was split longitudinally and samples were assayed for gold, platinum and palladium. RPA has constructed three dimensional wireframes to constrain the mineralization. Grades were interpolated into the block model using ordinary kriging.

                      MINERAL RESOURCES -- DEC. 20, 2013               
                            SERRA PELADA PROJECT
                Tonnes                               Oz Au   Oz Pt  Oz Pd
Category          (000)  g/t Au   g/t Pt   g/t Pd     (000)   (000)  (000)
 
Indicated          557     12.8      2.7      4.0      230      48     71
Inferred            88      8.6      1.7      2.5       24       5      7

Notes:
1. CIM definitions were followed for mineral resources. 
2. Mineral resources are estimated at a cut-off grade of five grams per 
tonne gold. Some blocks less than cut-off grade are included to maintain 
continuity in areas of indicated mineral resources. 
3. High assays are capped at 150 grams per tonne gold, 100 grams per tonne 
platinum and 100 grams per tonne palladium. 
4. Mineral resources are estimated using a long-term gold price of $1,500 
(U.S.) per ounce, and a U.S.-Canadian exchange rate of 1:1. 
5. A minimum mining width of three metres was used. 
6. Bulk density is 2.3 tonnes per cubic metre for the hinge zone and 2.5 
tonnes per cubic metre for the top and bottom limb zones. 
7. Numbers may not add due to rounding.

The mineral resource estimate was carried out by Dr. William E. Roscoe, PhD, PEng, RPA principal geologist, and Pierre Landry, PGeo, RPA geologist. Both are qualified persons as defined in National Instrument 43-101. Dr. Roscoe visited the Serra Pelada site from Nov. 18 to 20, 2013. Dr. Roscoe is the qualified person who approved the scientific and all technical information contained in the preceding two paragraphs.

Graham Long, the company's vice-president, exploration, stated: "RPA has provided Colossus with a maiden NI 43-101-compliant resource estimate. The constrained RPA model identifies the areas where both underground and surface diamond drilling have left gaps in the block model and indicate where the mineralized deposit is open to potential expansion. Additional drilling from both surface and underground will be necessary in order to find the extents of the mineralization."

We seek Safe Harbor.