...but I would take it if offered tomorrow.

Colossus Minerals* (CSI : TSX : $5.60), Net Change: 0.07, % Change: 1.27%, Volume: 1,183,959

I really wanna know. Who are you? Who, who? Who, who? Colossus has generated substantial speculative interest through its exploration program on its 75%-owned Serra Pelada gold-PGM project in Brazil. The drill results highlighted the unique highgrade nature of the project that significantly increased the company’s exposure in the market. For 2010, the company is focusing on de-risking the Serra Pelada project and setting itself on the path to emerge as a new junior precious metal producer in 2011.

With $100 million in the bank and +$30 million of in-the-money options and warrants, the company has sufficient funds to finance the development of Serra Pelada through to production. With the approval of the Preliminary Environmental License, Colossus is now on track to receive a mine permit for the Serra Pelada project in H1/10, which could potentially lead to a start of development in H2/10. If the company can begin major development activities and place the major equipment orders by midto-late 2010, Serra Pelada could conceivably begin production in H2/11. Therefore, over the next six to nine months, Canaccord Adams Mining Analyst Nicholas Campbell expects to see a revaluation in CSI shares as investors begin to view the company as an emerging precious metals producer. Campbell notes that junior precious metal producers are currently trading at an average of 1.21x P/NAV (5%, spot) and at an average of 11.3x 2011E P/CF. If one were to value the CSI shares using similar metrics, CSI could be worth as much as $13.61 per share. CSI is currently trading at 5.5x 2012E CFPS and 0.49x P/NAVPS (5%, spot).

As CSI de-risks the Serra Pelada project, Campbell believes that a bid for the company could become increasingly more likely.