core sector communique

Colossus Minerals extends high grade subzones in the CMZ
and expands the GT Zone at Serra Pelada

December 15, 2011

Toronto, Ontario, December 15, 2011 – Colossus Minerals Inc. (the “Company” or “Colossus”) (TSX: CSI)(CUSIP: 91681L109) announces additional assay results from the 25,000 metre surface drilling program at its 75% owned Serra Pelada Gold-Platinum-Palladium Project. The Serra Pelada Project is a Colossus-COOMIGASP joint venture located in the State of Pará, Brazil.

HIGHLIGHTS

• SPD-120 intersected several high-grade subzones within a continuously mineralized intercept of 74.35 metres grading 15.45 g/t gold, 4.54 g/t platinum and 7.04 g/t palladium in the Central Mineralized Zone (“CMZ”). These results confirm the continuity of and extend the high grade CMZ in one of the areas where an underground bulk sample will be extracted.
• SPD-118 intersected 6.61 metres at 44.40 g/t gold, 0.69 g/t platinum and 0.62 g/t palladium extending a high grade, upper-limb mineralized subzone onto Section 125SW.
• SPD-125 and SPD-128 extended high grade CMZ subzones onto Section 75SW intercepting 7.17 metres at 6.37 g/t gold, 20.62 g/t platinum and 19.17 g/t palladium.
• SPD-130 intersected 2.07 metres at 29.64 g/t gold, 5.19 g/t platinum and 7.31 g/t palladium extending high grade lower limb mineralization onto Section 25SW.
• SPD-123 intersected gold-platinum-palladium mineralization more than 1,000 metres to the southwest of the historic Serra Pelada open pit.
• Additional GT Zone drilling has demonstrated substantial horizontal widths of lower limb mineralization along 100 metres of strike length and has also established high grade mineralization ( SPD-116: 0.95 metres at 24.26 g/t gold) in a shallow upper limb zone.

Claudio Mancuso, President & CEO of Colossus commented, “The latest drill results are significant as they extend the CMZ high-grade subzones and widen the GT Zone. We are particularly encouraged to see that the system is still mineralized more than 1,000 metres from the edge of the historic Serra Pelada pit at relatively shallow depths. Despite intersecting low grade mineralization on the 500 metre step-out down plunge on the CMZ, the drilling indicates that the structure should lie further southeast. Our drilling efforts will now focus on probing this section for potential high-grade mineralization.”