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To: Canuck Dave who wrote (111514)	4/15/2008 9:52:59 AM
From: roymario	Read Replies (2) \| Respond to of 312934

CSI.WT news Colossus drills 17.56 m of 201.14 g/t Au, 41.10 g/t Pt 2008-04-15 07:26 ET - News Release Mr. Ari Sussman reports COLOSSUS MINERALS ASSAYS CONFIRM SPECTACULAR GRADES OF GOLD-PLATINUM-PALLADIUM MINERALIZATION REMAINING AT SERRA PELADA, BRAZIL Colossus Minerals Inc. has released the second batch of results of the company's program of assaying historical drill core from the Serra Pelada project, a Colossus-Coomigasp joint venture. Highlights: * Systematic sampling and assaying of historical drill core, provided to the company by Vale (formerly CVRD), confirms high-grade gold-platinum-palladium mineralization below and to the southwest of the old Serra Pelada open pit. * Broad intervals of high-grade mineralization in three drill holes (for example FD-0072: 17.56 metres of 201.14 grams per tonne gold, 41.10 grams per tonne platinum and 54.16 grams per tonne palladium) may include significant intervals with spectacular grades of gold and platinum group elements (for example FD-0072: 4.90 metres of 678.73 grams per tonne gold, 109.78 grams per tonne platinum and 159.38 grams per tonne palladium). * Core intervals assayed from all three drill holes are from broader mineralized zones or multiple mineralized intersections that were only partly reassayed in this batch. * The ultrahigh-grade intersections in FD-0072 (south of the old pit) appear to represent a high-value Au-Pt-Pd subzone of the central mineralized zone that warrants more closely spaced drilling. * FD-0016 and FD-0029 demonstrate substantial gold-rich mineralization persisting to considerable depths below the Serra Pelada pit, both holes terminating in mineralized material. Details The Serra Pelada reassay program is aimed at: * Evaluating the historical assay database provided by Vale (2006) by resampling a portion of the 45,000 metres of diamond drill core obtained by Vale from their drilling between 1980 and 1998; * Clarifying assay protocols prior to the assay of core from the Colossus-Coomigasp joint venture's current drilling program. The 63 samples assayed represent continuous core intervals aggregating 67.46 metres from three drill holes with mean sample lengths of 1.0 metre. Colossus assay results were composited over substantial intervals to facilitate comparison with Vale data, as respective core sampling intervals were commonly dissimilar. Colossus's gold, platinum and palladium assay results are presented in the attached table. Drill hole From Interval Gold Platinum Palladium (metres, (metres) g/t g/t g/t downhole) FD-0072 248.96 17.56 201.14 41.10 54.16 including 251.79 2.12 38.69 68.10 58.25 254.77 4.90 678.73 109.78 159.38 256.85 1.87 1529.37 200.86 313.84 FD-0016 173.50 10.50 18.40 0.05 0.36 including 179.00 4.00 41.23 0.10 0.73 192.50 3.50 3.25 0.07 0.05 FD-0029 86.00 13.00 16.65 3.53 2.97 including 86.00 3.00 33.31 6.19 3.10 92.00 3.24 32.98 6.54 7.36 253.00 22.90 1.35 0.04 0.21 including 273.50 2.40 8.06 0.18 1.25 The location of the drill holes sampled and related Vale (2006) data may be examined on the company's website. Colossus's assay results are generally consistent with those of Vale fire assays and attest to the utility of the historical database. Spectacular gold-platinum-palladium intersections such as those in drill hole FD-0072 appear to be unique to the Serra Pelada deposit. About 400 metres southwest of the Serra Pelada pit, FD-0072 intersects the middle of the central mineralized zone. Colossus's modelling of the historic drilling database shows that the ultrahigh-grade Au-Pt-Pd intersections encountered in FD-0072 appear to represent part of a more extensive subzone, pierced by few other Vale holes and warranting tighter drilling. FD-0029, collared on the southern wall of and drilled under the Serra Pelada pit, exhibits two mineralized zones. The upper high-grade intersection represents the central mineralized zone. It is unclear how much of the mineralization remains at shallow depth in this area, due to pit wall collapse and flooding in the 1980s. The deeper intersections of lower-grade material represent a different mineralized zone that may extend to greater depth as FD-0029 terminated in higher grade material. The core reassayed by Colossus from FD-0016 is only part of an intersection (from 84.5 metres) of 117.7 metres of 137.5 grams per tonne gold as assayed by Vale. FD-0016 was collared in the central area of the Serra Pelada pit. Much of the intersected mineralization remains and the drill hole terminated in mineralized material. Further reassaying of FD-0016 core will be undertaken. Vic Wall, president, comments: "The current batch of reassays from Serra Pelada is very good news, especially the PGE values. Firstly, the confirmation of large intervals of ultrahigh-grade gold and PGEs augers well for the establishment of resources with substantial grades of platinum and palladium as well as high-grade gold in the area of our current drilling program. Secondly, it also clear that there are vertically extensive zones of mineralization remaining below the Serra Pelada pit. This mineralization may ultimately contribute significantly to mining development scenarios." Technical information As recommended in the National Instrument 43-101 technical report on Serra Pelada, the reassay program involves sampling of complete intervals of remaining half core from drill holes outside the Serra Pelada pit, covering a representative spatial and temporal spread of Vale drilling. Core sampling (by Colossus personnel) and sample preparation (by SGS GEOSOL LABORATORIES Ltda., Belo Horizonte) were carried out under strict protocols recommended independently by Pitard (2007), after core photographing and logging. One kilogram crushed sample splits were screened and both the over-106-micron and under-106-micron fractions were fire assayed by SGS, with ICP-AES finish for gold, platinum and palladium. The under-106-micron fraction was subject to three 50-gram fire assays for each sample. The weighted averages of the oversize and undersized fractions were combined to provide total metal contents. Assay QA/QC measures involved the systematic insertion of blanks, duplicates and reference materials in the assay stream as well as checks on the ICP-AES instrumental calibration by analysis of standard solutions of gold, platinum and palladium. The lack of reference materials with very high grades of these elements precluded independent checks on the assay values at this time. Vic Wall, president of Colossus Minerals and qualified person under National Instrument 43-101, is responsible for this release and has verified the contents disclosed. We seek Safe Harbor. Top Print this Page Old Site \| Home \| Products \| Help \| Contact Us \| Your Account \| System Status © 2008 Canjex Publishing Ltd. All rights reserved. Terms of Use, Privacy Policy