Colossus Minerals Inc. reported assay results from diamond drilling program on the Elefante area where earlier in the year auger drilling had returned values of gold, platinum and palladium. The Elefante area is located approximately two kilometres to the southeast of the Serra Pelada Gold-Platinum-Palladium Mine. The Serra Pelada Mine is a 75%/25% joint venture between Colossus and Cooperativa de Mineracao dos Garimpeiros de Serra Pelada (COOMIGASP) located in the State of Para, Brazil.

The highlights are precious metal values are near surface; possible new exploration target model as the samples containing precious metals lack the strong carbon upgrading associated with the mineralization at the Serra Pelada Mine; mineralization is currently open in all directions as preliminary four- hole program tested a small proportion of surface anomalies; hole EL-12-001 contained the high overall gold value and returned 5.70 metres grading 5.41 g/t gold, 0.04 g/t platinum and 0.29 g/t palladium; hole EL-12-002 contained the high overall platinum and palladium values and returned 5.10 metres grading 0.45 g/t gold, 1.27 g/t platinum and 2.04 g/t palladium.