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Colossus Minerals Inc. Takes Another Step Ahead With The Completion Of Its Phase I Drilling Program On Serra Pelada

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Colossus Minerals Inc. (“Colossus”) (CSI:TSX) is proud to announce a summary of activities on the Serra Pelada project in Brazil, a Colossus-COOMIGASP joint venture.

Serra Pelada Project (gold and PGE’s):
 
Colossus has successfully completed its Phase I drilling program on Serra Pelada. 17 diamond drill holes were completed for 5129 metres of HQ coring.  One other hole (SPD-009) was abandoned due to poor drilling conditions. Drilling was focused on the Central Mineralized Zone along 250m strike length down plunge and southwest of the historical Serra Pelada open pit.  All completed drill holes intersected apparently mineralised material but SPD-003, SPD-005 and SPD-006 were off target.

One drill hole, SPD-017 tested the Western Zone of mineralisation just to the west of the historical pit.  This is a separate target from the Central Mineralised Zone, with limited historical drilling. 

Additionally, one PQ diamond hole (SPD-019) is nearing completion and another is planned to provide samples for initial metallurgical test work.

Some 2266 half-core samples from 16 holes, representing 2596 metres of Phase I drilling, have been submitted over the past five months to SGS Limited (Belo Horizonte) for fire assay for gold, platinum and palladium. Colossus anticipates receiving more assay results within the next 3 weeks.

Complete assay results from SGS Belo Horizonte have been announced for SPD-001, SPD-002 and SPD-004 (see news releases May 29 and June 11, 2008) and are summarised below:

• SPD-001 intersected 88.00 metres @ 5.80g/t gold, 6.11g/t platinum and 6.83g/t palladium
• SPD-002 intersected 46.72 metres @ 24.11g/t gold, 9.04g/t platinum and 11.57g/t palladium  
         plus
         14.65 metres @ 22.51g/t gold, 4.56g/t platinum and 5.01g/t palladium
• SPD-004 intersected 53.50 metres @ 5.35g/t gold, 2.51g/t platinum and 4.01g/t palladium

A contract has been let for 5000m of Phase II diamond drilling by two rigs to be commenced first week of October.

The first phase of Colossus’ program of re-sampling and re-assaying a portion of the 40,000 metres of historical CVRD half-core has been completed.  To date the results of screen fire and 50 gram fire assays for gold, palladium and platinum have been received for 605 samples, representing 623 metres of historic core. Two batches of these results, which have increased our confidence in CVRD’s historical assay database and defined additional mineralization, have been released (see news releases April 01 and April 15, 2008).  Check assaying for gold, platinum and palladium by Genalysis (Perth) is underway on several re-assay batches.

Genalysis is also undertaking assays of these materials for other PGE’s (rhodium, etc.) for which there is limited historical data. Multi-element analysis is also being performed on a representative range of samples.

Colossus has continued its intensive community and joint venture partner relations programs, including support for COOMIGASP’s evaluation of historical tailings and waste, environmental studies, and the provision of an ambulance for the Serra Pelada community.

Ari Sussman, CEO of Colossus, adds "The Colossus 2008 program represents a significant advance for Serra Pelada. Starting from scratch, our team has developed the facilities for handling major drilling and assay programs, executed these programs and laid the base for other advances toward mine development. On behalf of Colossus and COOMIGASP, I wish to thank the team for its continuing contribution.”

Vic Wall, President of Colossus Minerals and qualified person under National Instrument 43-101, is responsible for this release and has verified the contents disclosed.

About Colossus:
Colossus is an exploration and development Company focused on mineral resource
properties in Brazil.  The Company is currently focusing its efforts on the high grade gold-platinum-palladium Serra Pelada project in Para State, Brazil.  Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history.  Coverage by 60 Minutes of this famous mining rush can be viewed at the following link:  http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887. In addition, the Company is advancing its Sumidouro property located near Ouro Preto in Minas Gerais State, Brazil and the Natividade Property in the State of Tocantins, Central Brazil.

For further information, please contact:

Elina Chow   
Colossus Minerals Inc.
Tel: (416) 643-7655
Web site: www.colossusminerals.com
Email: info@colossusminerals.com

Brisco Capital Partners            
Scott Koyich, President
Tel: (403) 262-9888
Email: scott@briscocapital.com

or

Brisco Capital Partners
Graeme Dick
Tel: (403) 561-8989
Email: graeme@briscocapital.com