Colossus Minerals Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net income of $9.8 million or $0.07 per common share compared with a net loss of $14.1 million or $0.13 per common share for the comparable period in 2012. The reduction in the net loss in 2013 can be attributed, in part, to the following factors like a mark to market gain of $14.0 million was recorded in Finance Income compared with a mark to market loss of $5.7 million recorded in Finance Loss in the comparable period in 2012. Interest income was $nil compared with $0.2 million for the three months ended September 30, 2012. The decrease in interest income primarily reflects the impact of a higher cash balance in 2012 resulting from the financing completed in November 2011. Finance income was $14.4 million compared with $0.2 million for the three months ended September 30, 2012. The increase in finance income is primarily due to the change in the fair value of the long-term debt.

For the nine months, the company reported net income of $14.5 million or $0.12 per common share compared with a net loss of $29.5 million or $0.28 per common share for the comparable period in 2012. The reduction in the net loss in 2013 can be attributed, in part, to the following factors like a mark to market gain of $29.6 million was recorded in Finance Income compared with a mark to market loss of $0.6 million recorded in Finance Loss in the comparable period in 2012. Finance income was $31.2 million compared with $0.7 million for the nine months ended September 30, 2012. The increase in finance income is primarily due to the change in the fair value of the gold linked notes. Interest income was nil compared with $0.7 million for the nine months ended September 30, 2012. The decrease in interest income primarily reflects the impact of a higher cash balance resulting from the financing completed in November 2011. The increase in finance income is primarily due to the change in the fair value of the long-term debt.

The company provided development update for its 75% owned Serra Pelada gold-platinum-palladium Mine. In addition, the Company is providing a summary of the financial results for the interim periods ended September 30, 2013. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (‘COOMIGASP') located in the State of Pará, Brazil. As of November 14, 2013, the Company had completed approximately 2,300 meters of total development; 1,500 primary and 800 meters secondary development. On July 15, 2013, the Company announced that some dewatering wells (bores) and pumps were not performing to design specifications and, as a result, the Company required additional dewatering capacity in order to mine the Central Mineralized Zone (‘CMZ') in a sustainable, effective and efficient manner. As disclosed in September 2013, several bores and pumps have been repaired and six bores are now operating. Refurbishment of three additional bores was not successful. Total dewatering capacity is currently at 790 m(3) per hour. Three more bores are in the process of being refurbished. Two additional bores with a capacity of 250 m(3) per hour each are being established. Installation of this equipment has been delayed due to issues of mobilizing drill rigs to site and equipment supply. It is currently expected that the first of the two new wells will be operational by early December 2013.