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Press release from Marketwire

Colossus Minerals Provides Update on Development Progress at Serra Pelada

Tuesday, November 30, 2010

Colossus Minerals Provides Update on Development Progress at Serra Pelada07:00 EST Tuesday, November 30, 2010TORONTO, ONTARIO--(Marketwire - Nov. 30, 2010) - Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI) is pleased to provide an update on development activities at the Serra Pelada Gold-Platinum-Palladium Project, the Colossus-COOMIGASP joint venture located in Para State, Brazil. HIGHLIGHTS: 3,500 metre underground decline in progress, 83 metres complete Two Voest-Alpine roadheaders are in operation cutting the decline Condemnation and site preparation drilling complete; focus shifting back to exploration Earthworks progressing on site infrastructure including future plant site, camp site, maintenance facilities and offices Negotiations underway for permanent electrical power to the site Advancing plans for engineering and design of mill facility Serra Pelada 2010 Development In the first half of 2010, Serra Pelada Companhia de Desenvolvimento Mineral ("SPC"), the Colossus-COOMIGASP joint venture company was granted environmental and mining licenses for Serra Pelada paving the way for development activities to commence (see press releases dated April 16, 2010 and May 7, 2010). Given the difficulties in drilling the Serra Pelada orebody at tight spacing from surface, the company embarked on an ambitious underground strategy and commenced development of a 3,500 metre decline to provide underground drilling platforms and access to the orebody for evaluation and future production (see Figure 1).Development of the portal commenced September 15, 2010 and by November 25, 2010 the portal was complete and 83 metres of the decline had been developed by Colossus personnel. The Company anticipates that the 3,500 metre development program will take 12 to 15 months to complete. Colossus has completed earthworks on other site infrastructure including a future plant site, camp site, maintenance facilities and offices. Construction of the permanent main site office was completed in October 2010 and construction of a mine maintenance facility has commenced (see Figure 2 for an overview of Serra Pelada site infrastructure). In order to speed up the decline development, Colossus received delivery of two Voest-Alpine road headers in November 2010. The units are now in operation and are performing as expected with eight metres of unsupported excavation achieved in the first ten-hour shift. Rock conditions encountered to date in the decline are exceeding expectations. Randy Reichert, Colossus President and Chief Operating Officer commented, "The Serra Pelada Project has advanced significantly during the second half of 2010. The Project is now fully permitted, with the receipt of both the environmental and mining licenses, the underground decline development is well underway and there are over 250 employees working aggressively on all of our various development initiatives. The Project is quickly taking shape and we are looking forward to complementing our existing surface drill program with the commencement of underground drilling in the first half of 2011." Development Milestones for 2011 Mr. Reichert continued, "2011 will be a transformational year for Colossus, driven by the achievement of several important milestones squarely focused on advancing our development plans."Construction of a 200-person camp commenced in early November 2010 with completion expected early in the first quarter of 2011. Engineering of the tailings impoundment has commenced with Golder Associates (Brazil) selected as the consultant for the engineering and site investigations, and geotechnical drilling is underway. Completion is expected in the first quarter of 2011. Construction of the Phase 1 tailings dam is scheduled to start in March 2011 and is expected to be complete by the fourth quarter of 2011. Hydrological engineering was recently completed by Australasian Groundwater and Environmental Consultants Pty Ltd (Brisbane) and dewatering of the arenites surrounding the orebody has commenced. It is anticipated that Phase 1 dewatering to a depth of 150 metres will be completed in the third quarter of 2011, with Phase 2 dewatering to a depth of 320 metres expected to be complete by the second quarter of 2012. Negotiations for permanent electrical power to the site are progressing with Centrais Elétricas do Pará – S.A. – CELPA, the regional power supplier. Plans to advance engineering and design of a mill facility are underway. To view Figure 1: Proposed Underground Development, please visit the following link: http://media3.marketwire.com/docs/csi_1130_fig_1.pdfTo view Figure 2: Mine Plan and Infrastructure, please visit the following link: http://media3.marketwire.com/docs/csi_1130_fig_2.pdfAbout 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. CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company's exploration plans, activities and intentions, constitute "forward‐looking information" within the meaning of the Securities Act (Ontario) or "forward‐looking statements" within the meaning of the United States Private Litigation Reform Act of 1995. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable. Forward‐looking statements are frequently characterized by words such as "target", "plan", "expect", "project", "intend", believe", "anticipate" and other similar words, or statements that certain events or conditions "appear to", "may" or "will" occur. Forward‐looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward‐looking statements. The factors include but are not limited to risks related to the joint venture operation, actual results of exploration activities, the inherent risks involved in the exploration and development of mineral properties, changes in project parameters as plans continue to be refined, delays in obtaining government approvals, the uncertainties of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties inherent to conducting business in Brazil and the rest of Latin America, the availability of supplies, unexpected adverse climate conditions, the reliance on only a few key members of management, as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form filed with Canadian provincial securities regulatory authorities and other regulatory filings which are posted on SEDAR at www.sedar.com. Unless required by law, Colossus undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward‐looking statements.FOR FURTHER INFORMATION PLEASE CONTACT: Ann CandelarioColossus Minerals Inc.VP Investor Relations(416) 643-7655acandelario@colossusminerals.comwww.colossusminerals.com