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TORONTO, ONTARIO -- (Marketwire) -- 02/28/13 -- Colossus Minerals Inc. (the "Company" or "Colossus") (TSX: CSI)(OTCQX: COLUF) announces assay results from surface and underground drilling programs on its 75% owned Serra Pelada gold-platinum-palladium Mine. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineracao dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Para, Brazil.
HIGHLIGHTS
-- SPD-182 intersected 3.40 metres grading 13.28 g/t gold, 0.02 g/t platinum and 0.06 g/t palladium increasing the width of the CMZ in this location-- SPD-184 intersected 26.65 metres grading 5.10 g/t gold, 11.22 g/t platinum and 9.42 g/t palladium also increasing the width of the CMZ in this location-- Underground drilling encounters more high grade with hole SPUD-018 intersecting 3.60 metres grading 24.37 g/t gold, 0.28 g/t platinum and 0.88 g/t palladium
Claudio Mancuso, CEO of Colossus commented, "We are pleased that despite poorer than anticipated drill performance, the results demonstrate localized increases in the width of the CMZ. We are further pleased to be able to establish more effective drilling stations closer to the CMZ, which will increase the pace of delineation drilling and assist with mine planning."
DETAILS
Results from the surface and underground drilling programs at Serra Pelada can be found in Table 1 below and the drill hole collar locations as well as hole traces for holes mentioned in this news release can be seen in Figure 1 below.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/csi228-F1.pdf.
TABLE 1: SIGNIFICANT DRILLING RESULTS
---------------------------------------------------------------------------- Drill-Mineralized hole From To Interval Gold Platinum PalladiumZone ID (m) (m) (i) (m) (g/t) (g/t) (g/t)----------------------------------------------------------------------------CMZ SPD-182 194.20 197.05 2.85 5.56 0.47 0.65---------------------------------------------------------------------------- and 219.25 222.65 3.40 13.28 0.02 0.06---------------------------------------------------------------------------- and 286.50 287.70 1.20 9.98 3.14 3.89--------------------------------------------------------------------------------------------------------------------------------------------------------CMZ SPD-184 146.20 158.80 12.60 3.74 11.98 20.22---------------------------------------------------------------------------- Including (ii) 148.15 150.45 2.30 12.49 53.16 84.80---------------------------------------------------------------------------- and 157.80 158.80 1.00 0.74 16.29 51.13-------------------------------------------------------------------------------------------------------------------------------------------------------- and 178.50 205.15 26.65 5.10 11.22 9.42---------------------------------------------------------------------------- Including 183.90 184.70 0.80 100.80 112.71 46.36---------------------------------------------------------------------------- Including 184.70 185.60 0.90 5.55 69.13 52.47---------------------------------------------------------------------------- Including 202.25 203.35 1.10 4.29 19.05 20.19-------------------------------------------------------------------------------------------------------------------------------------------------------- and 231.40 238.70 7.30 3.67 1.17 1.44---------------------------------------------------------------------------- and 245.40 247.40 2.00 5.41 0.86 1.65-------------------------------------------------------------------------------------------------------------------------------------------------------- SPUD-013 179.50 180.70 1.20 17.06 0.64 1.07---------------------------------------------------------------------------- and 198.85 199.45 0.60 4.50 0.15 0.28-------------------------------------------------------------------------------------------------------------------------------------------------------- SPUD-014 169.60 172.30 2.70 5.54 3.59 5.95---------------------------------------------------------------------------- and 174.60 179.65 5.05 1.21 0.29 0.33---------------------------------------------------------------------------- and 186.05 189.90 3.85 6.63 1.46 2.16---------------------------------------------------------------------------- and 192.70 197.20 4.50 3.15 0.66 0.71-------------------------------------------------------------------------------------------------------------------------------------------------------- SPUD-015 170.60 179.50 8.90 4.12 0.62 1.06-------------------------------------------------------------------------------------------------------------------------------------------------------- SPUD-018 59.85 60.65 0.80 23.07 0.02 0.01---------------------------------------------------------------------------- and 62.90 66.50 3.60 24.37 0.28 0.88---------------------------------------------------------------------------- including 64.60 65.70 1.10 66.17 0.88 2.71--------------------------------------------------------------------------------------------------------------------------------------------------------(i) True thickness not known and therefore core lengths are reported. Intercepts determined on a 1 g/t (gold+ platinum+ palladium) cut-off grade for the purpose of this release.(ii) Poor core recovery for this interval. Therefore it will not be used in resource or reserve calculations, but is reported in the table because the core that was recovered provided the listed results for this interval.
