TORONTO, ONTARIO--(Marketwire - May 15, 2012) -Colossus Minerals Inc. (the "Company" or "Colossus") (TSX:CSI)(OTCQX:COLUF) is reminding shareholders and other interested parties of the annual general meeting to be held at The Fairmont Royal York, 100 Front Street West, 19th Floor, Salon 4, Toronto, Ontario tomorrow Wednesday, May 16, 2012 at 10:00 am (Toronto time). In addition to the regular business of the Company, management intends to bring investors up to date on the status of development at Colossus' 75% owned Serra Pelada Gold-Platinum-Palladium Project. The Serra Pelada Project is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Pará, Brazil. In the opinion of management, as at March 31, 2012, the Company currently has adequate funds to pursue all of its planned exploration activities and its development program objectives for 2012. For those individuals who are unable to attend in person the following sets forth the highlights of the status update.
Status Update - Mine, Processing Plant, Joint Venture Partners and Exploration
Mine
- Over 1,000 metres of decline development completed; total advance of approximately over 1,250 metres including secondary development
- Approximately 300 metres of total development left to access mineralization for bulk sample
- Ground conditions and water inflow encountered have been entirely manageable.
- 5 of the wells in the 15 well dewatering system have been working for six weeks now and dewatering is progressing smoothly. Remaining wells are being commissioned with expected completion for end of May.
Processing Plant
- Employing a relatively simple gravity circuit for gold recovery and a flotation circuit employing a readily available, conventional and low cost combination of reagentsbased on all metallurgical results achieved to date, Colossus expects that a combined gravity and flotation process in a plant should recover between 92%-96% gold, 74%-78% platinum and 67%-71% palladium.
- Long lead-time items for the processing plant have been ordered and are expected on site during the third quarter of 2012.
Joint Venture Partner - COOMIGASP
On April 21, 2012 Paulo de Tarso Serpa Fagundes, Chief Operating Officer, hosted a delegation of 22 artisanal gold miners drawn from COOMIGASP to ensure the project's joint venture partner remains current with the progress of development. The visit included a presentation covering the achievement of a number of milestones as Serra Pelada progresses to production in mid-2013, an outline of the timelines to various important milestones like the extraction of the bulk sample early in the second half of 2012 and publication of the initial reserve and resource estimate in the first quarter of 2013, together with an update on community social programs being undertaken. The COOMIGASP members were also given a tour of the site and an underground tour to inspect the progress of construction and development to date.
Exploration
At the meeting, management will also provide an update on exploration as detailed in a number of recent news releases including the one issued on April 25, 2012 which included SPD-142, the high-grade intercept in the GT Zone.
About Colossus:
Colossus is a development-stage mining company focused on bringing its Serra Pelada project into production. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, Brazil, is host to one of the highest grade gold and platinum group metals deposits in the world. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Coverage of this famous mining rush by 60 Minutes can be viewed by following the link below. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A and CSI.NT respectively and in the United States its Common Shares trade on the OTCQX under the symbol COLUF. The Company is headquartered in Toronto, Canada.
https://video.au.msn.com/watch/video/the-treasure-of-serra-pelada/xx3k2px