core sector communique

Colossus Minerals Discovers Extensive Anomalies at Serra Pelada From Soil Geochemistry and Auger Drilling (including 124.78 g/t gold, 6.52 g/t platinum and 7.67 g/t palladium over 1.5 metres)

November 14, 2011

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Toronto, Ontario, November 14, 2011 – Colossus Minerals Inc. (the "Company" or "Colossus") (TSX: CSI)(TSX:CSI.WT.A)(TSX:CSI.NT) has discovered extensive anomalies from its soil geochemical program and follow-up auger drilling in the extended land package of the Serra Pelada Gold-Platinum- Palladium Project, the Colossus-COOMIGASP Joint Venture, located in Pará, Brazil.

Vic Wall, Colossus' Vice-President, Exploration commented, "We are excited by the results of our geochemical program on the expanded Serra Pelada land package. While much work needs to be done to assess the potential significance of these anomalies, it is clear that there is excellent potential for additional discoveries on the property outside the known mineralization. Our next step will be to better define the anomalous areas and design a drill campaign aimed at advancing our understanding of the exploration potential of these newly discovered areas".

HIGHLIGHTS

5277 soil geochemical samples collected to date outside of the current Serra Pelada resource delineation area have yielded the following combined gold-platinum-palladium results in parts per million (1 part per million = 1 gram/metric tonne):

• 736 samples over 0.1ppm, 163 over 0.5ppm and 73 over 1.0ppm, peaking at 21.9 ppm.
• These samples have outlined a large area, in excess of 50 hectares, in the Elefante and Young Garimpo sections of Area B and in Area C (Figure 1) of gold-platinum-palladium surface anomalies.
• Initial auger drilling of these anomalies has intersected high grades in each of these areas including 124.78 g/t gold, 6.52 g/t platinum and 7.67 g/t palladium over 1.5 metres in Elefante and 3.79 g/t gold, 0.68 g/t platinum and 2.57 g/t palladium over 1.5 metres in Area C (Table 1).
• Eight auger holes in the Elefante area encountered highly anomalous values in mineralized bedrock siltstones including 0.68 g/t gold, 1.42 g/t platinum, 1.00 g/t palladium over 1.5 metres in SPTRD-016 and 2.14 g/t gold, 1.46 g/t platinum and 8.09 g/t palladium over 1.0 metre in SPTRD- 017.
• Additional auger holes are planned in these areas to better define drill targets.

Claudio Mancuso, Colossus' President & CEO commented, "We are optimistic these areas, once better defined by further exploration activities including drilling, may provide additional mining areas and translate into operational flexibility as we continue with our infrastructure construction. We continue to make good progress in driving our underground decline towards the Central Mineralized and GT Zones. Our ongoing development and new appreciation of the property wide exploration potential will allow us to provide some exciting news in the coming months."