Colossus Minerals Inc. announced assay results from the auger drilling program on the Elefante Area located 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 Para, Brazil. All of the assay results have now been received from the auger testing program conducted to define targets for the diamond drilling program to be conducted in the fourth quarter of 2012.

Seventy-three auger holes were drilled to depths that ranged in length from two to nine metres. The final assay results of this auger drilling program returned the following highlights: SPTRD-135 returned values of 13.08 g/t platinum and 4.19 g/t palladium from 0.5 to 1.0 metre below surface. SPTRD-160 returned values of 4.40 g/t gold from 1.5 to 2.0 metres below surface.

SPTRD-169 returned values of 8.70 g/t gold from 1.5 to 2.0 metres below surface. The Elefante Area is located approximately two kilometres southeast of the Serra Pelada Au+Pt+Pd depositThe host rock in this area consists of Archean aged (2.68 billion year old) sediments belonging to the Rio Fresco Formation which also hosts the Serra Pelada orebody. Outcrops of siltstone found in the Elefante area physically resemble those found in the pit wall of the historic Serra Pelada open pit but lack the classic reddish color of the oxidized sediments.

The siltstone found in the Elefante area is a light to medium grey color. The first phase of drilling will consist of approximately 500 metres of HQ caliber drilling and will test for the bedrock source of the saprolite enriched auger drill holes as well as test the fold of the sedimentary package for signs of carbon upgrading similar to that which is found in the high grade Central Mineralized Zone at the Serra Pelada Mine.