Colossus Minerals Inc. Covered in the Latest Issue of Junior Mining Weekly

November 11, 2008

Canaccord Adams
Nicholas Campbell
nicholas.campbell@canaccordadams.com
1.604.643.7027

COLOSSUS MINERALS INC. (CSI : TSX : C$0.85 | SPECULATIVE BUY, TARGET C$2.00)

Colossus Minerals is a junior exploration and development company with a focus on gold in Brazil. Colossus is under the stewardship of Ari Sussman, CEO, and Vic Wall PhD., President. The company’s primary asset is the Serra Pelada project, a very high-grade gold-platinum-palladium project in Northern Brazil. Colossus is earning a 75% interest in the project.

• The Serra Pelada project is a unique high-grade gold-rich PGM deposit located in Northern Brazil. To date, 16 of the 20 holes completed returned average gold-equivalent grades in excess of 10 g/t gold, including a 46.7-metre interval grading 43.0 g/t and a 17.6-metre interval grading 287.7 g/t.
  
• A historical resource estimate completed by Vale outlined a 3.7 million tonne resource grading 15.2 g/t gold, 1.89 g/t platinum and 4.09 g/t palladium, and drilling to date has demonstrated a positive reconciliation compared with previous results. Colossus has engaged Kevin Rosengren and Associates and GeoTek Solutions to undertake geotechnical investigations of the Serra Pelada deposit.
  
• The Serra Pelada project is located within the Carajas Mineral Province of Brazil, known for its iron ore mining operations. The local infrastructure is excellent and likely to improve with Vale’s development of the Serra Leste Iron Ore project, which is adjacent to the Serra Pelada project.
  
• We believe the Serra Pelada project could be developed into a low-cost gold producer with significant platinum and palladium by-product credit, making the company an attractive target for a senior to intermediate PGM or precious metal producers. Potential candidates to acquire Colossus include Impala Platinum, Kinross Gold and Eldorado Gold.
  
• Currently, the Serra Pelada project is limited to roughly a 100-hectare parcel of land that contains the bulk of the orebody; however, the mineralization at Serra Pelada appears to continue in two thin high-grade zones to the southwest of the Serra Pelada land package, onto Vale’s exploration licence. If Colossus were successful at extending the boundary of the Serra Pelada land package to the southwest, we believe the potential for an acquisition would increase significantly.
  
• We have a C$2.00 per share target price on Colossus Minerals Inc. based on a 0.7x multiple to our 10% discounted NAV, using Canaccord Adams’ commodity price deck.

An analyst has visited the properties held by Colossus Minerals Inc. Partial payment or reimbursement was received from the issuer for the related travel costs.

Investment risks

The commercialization risks associated with mineral exploration and development are high, thus investment in the shares of Colossus Minerals Inc. is for risk accounts only.