Colossus Minerals Inc. provided 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 located in the State of Para, Brazil. The company continues its systematic and cautious approach of developing through the mineralized zone. The development is being carried out under geotechnical supervision and the company has focused on detailed mapping of the different ground conditions encountered and the ground support methods utilized. This geotechnical data is being incorporated into the company's mine plan. The company has evaluated many different ground control techniques as it has progressed through the mineralized zone including new equipment and ground support tools and methods. The company's focus in this evaluation was to determine the safe and most cost effective ground control practice to be applied across the varying rock packages and ground conditions that are present at Serra Pelada. In conjunction with continued development through the mineralized zone, the company has begun constructing additional underground infrastructure necessary to achieve 250 tpd of production early in the second half of 2013. Construction includes widening of the artisanal shaft which will be used as a ventilation raise and the development of a drift to tie the underground infrastructure to this ventilation raise. The ventilation project should be completed by the end of May and will allow the company to start using multiple sets of equipment underground. Development of this drift towards the ventilation raise is entirely in the red siltstone and development rates have been as expected.

J. Alberto Arias, Founder, General Partner and Portfolio Manager of Arias Resource Capital Management LP, who's shareholdings in Colossus recently exceeded 10% of the common shares has been appointed to the board of directors effective March 28, 2013.