TORONTO, ONTARIO--(Marketwire - March 3, 2011) - Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI - News) today announced that effective immediately Claudio Mancuso has been appointed to serve as the Company's Chief Financial Officer.

Mr. Mancuso has over 10 years experience in the mining industry and capital markets. Prior to joining Colossus, he served as Vice President, Treasurer of Agnico-Eagle Mines Limited, a position he held since January 2009. Prior to that appointment, he served Agnico-Eagle in various financial management positions. Prior to joining Agnico-Eagle in 2002, he held positions at the Ontario Securities Commission and BDO Dunwoody LLP, a public accounting firm. Mr. Mancuso is a graduate of the University of Waterloo and is a Chartered Accountant.

Ari Sussman, Colossus Chairman and CEO commented, "Claudio brings a diverse and important skill set to the role of CFO. Colossus will benefit by his extensive large entity operational expertise and knowledge of the internal financial controls and planning processes that will be required as we aggressively progress development plans and move closer to achieving commercial production in 2012."

Steven Poad, who joined Colossus in September 2009, elected to resign his position as CFO of the Company to pursue consulting opportunities to the mining industry. To facilitate the transition of responsibilities to the new CFO, Mr. Poad has entered into a consulting arrangement with the Company.

Mr. Sussman continued, "On behalf of the entire Board, I want to thank Steve for his service and significant contributions to the Company. We sincerely wish him every future success."

About Colossus:

Colossus is a development-stage mining company focused on bringing into production the high-grade gold and platinum group metals Serra Pelada project. Serra Pelada is located in the mineral prolific Carajas region in Para State, Brazil.