Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI)(OTCQX:COLUF) is pleased to provide a development update for 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.
Claudio Mancuso, Chief Executive Officer commented, "We are now within six months of commencing our commissioning phase. Both underground development and infrastructure construction are progressing well towards our initial production target of early in the second half of 2013. Going forward, the Company will provide development updates monthly so that construction and development progress can be tracked as we strive towards our most important milestone; production at Serra Pelada."
David Anthony, President & Chief Operating Officer further commented, "Mobilization of the site construction team is now advanced. All principle materials and resources are in place to enable completion of the process plant and infrastructure projects as scheduled. Our mining team is pleased to have started collection of the bulk sample. Planning and preparations have been made to start mining operations during the third quarter of this year."