Colossus Minerals Announces Approval of the Final Exploration Report for the Serra Pelada Project

TORONTO, ONTARIO, Dec 17, 2009 (MARKETWIRE via COMTEX News Network) --

Colossus Minerals Inc. ("Colossus" or "the Company") (TSX: CSI) and joint venture partner COOMIGASP are pleased to announce that their joint-venture company, Serra Pelada Companhia de Desenvolvimento Mineral ("SPC"), has received approval by the Departamento Nacional de Producao Mineral (Brazilian Department of Mining and Energy) for the Final Exploration Report (Relatorio Final de Pesquisa) on the Serra Pelada Project. Approval of the Final Exploration Report represents an important first step in the mine permitting process in Brazil. SPC is a joint venture operating company between Colossus (75%) and COOMIGASP (25%) whose principal asset is the Serra Pelada Project, a high-grade gold-platinum-palladium deposit located in Para State, Brazil.

"The expeditious manner in which we received approval of the Final Exploration Report bettered our expectations and is a testament to the successful teamwork we enjoy with our partner COOMIGASP," commented Ari Sussman, CEO. "Both companies intend to maintain the aggressive timeline we have set for ourselves in developing the Serra Pelada Project."

After receipt of funds from 5,965,625 Warrants exercised in November 2009, the Company is well financed with a current cash position of approximately C$103 million.

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