Jan 2 2013
Colossus Minerals Inc. has reached mineralization in its secondary development. The bulk sample collection process has begun and all material is being assayed and sorted on surface on the stockpile pad. Geologic controls and assaying of material will guide the bulk sampling process which will lead to a shipment of ten to fifteen 300 kilogram samples to Met-Solve Laboratories Inc. in Vancouver, B.C. in January 2013.
The bulk sample location was modified as part of the Company's periodic re-evaluation of mine design. As previously announced, the plan incorporated additional development to provide for improved sample quality. The bulk sample will consist of approximately 30 metres of development through the mineralized deposit to extract approximately 1,500 tonnes of material.
Ground conditions are good and ground water flow into the mine remains manageable. Development of this secondary access point will continue and management expects extraction and sampling of the bulk sample to be complete within the next three weeks.
Claudio Mancuso, Chief Executive Officer commented, "This day has been a long time coming and is the culmination of almost two years of hard work. We are pleased to be entering a mineralized zone. I would like to congratulate all of our employees for achieving this important milestone."
About Colossus:
Colossus is a development-stage mining company focused on bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Project to production. The Serra Pelada Project is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Pará, Brazil. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.