Colossus Minerals Announces Management Appointments and Board Changes

TORONTO, ONTARIO -- (Marketwire) -- 12/11/12 -- Colossus Minerals Inc. (the "Company" or "Colossus") (TSX: CSI)(OTCQX: COLUF) is pleased to announce the following management and board changes:

--  David Anthony appointed President and COO effective December 13, 2012
--  Luis Albano Tondo appointed VP Operations and Country Manager, Brazil
    effective December 3, 2012
--  John S.M. Turner appointed to Board of Directors effective December 13,
    2012
--  David Garofalo appointed to Board of Directors effective December 13,
    2012

David Anthony has been appointed as President and Chief Operating Officer of Colossus. Mr. Anthony, a mining engineer with more than 30 years of experience in the mining industry, will be stepping down from the Colossus Board to assume the role. Mr. Anthony brings strong engineering and mineral processing expertise to the role through his experience as VP & Senior Project Director at Cliffs Natural Resources Inc. (2010-12) and through senior positions over nine years at Barrick Gold Corporation in Tanzania where he was responsible for development of the Bulyanhulu, Buzwagi and Tulawaka mines. These mines are three of the four world-class gold and copper operations which form African Barrick Gold plc, a $2.9B company of which Mr. Anthony was appointed Chief Operating Officer in 2009. Mr. Anthony has also worked for East Asia Minerals as Chief Operating Officer and Forbes & Manhattan as Senior Vice President, Mining. Mr. Anthony graduated from Queens University in 1979 with a Bachelor of Science in Mining Engineering (Mineral Processing).

Luis Albano Tondo has been appointed Vice President, Operations and Country Manager, Brazil. Mr. Tondo is a mining engineer with twenty five years' experience working at increasingly senior levels of a number of organizations. Mr. Tondo brings strong engineering and mineral processing expertise from developing mining projects for Rio Tinto plc, Kinross Gold Corporation and most recently OROSUR Mining Inc. where he was the Chief Operating Officer from 2010 to 2012. Prior to this, Mr. Tondo worked in a variety of capacities for Kinross, overseeing the Paracatu expansion from 2005 until 2010 and the development studies for Kinross' Lobo Marte development project and the Maricunga gold mine in Chile. Mr. Albano has his MBA from Fundacao Dom Cabral, a MEngSc awarded by the JKMRC - University of Queensland - Australia in 1999, and a BSc Mining Engineering awarded by Federal University of Rio Grande do Sul - Brazil in 1988. He is also a fellow of the Australian Institute of Mining and Metallurgy (AusIMM), and is entitled to act as a Qualified Person according to the Canadian NI 43 101 reporting guidelines.

Claudio Mancuso, Chief Executive Officer, said, "I'd like to welcome Dave and Albano to Colossus. Both gentlemen have a long history of completing mine construction and development projects on time and on budget and subsequently operating those mines in a cost-effective manner. Their experience will help Colossus deliver on its development milestones and achieve production at Serra Pelada which is still on track for production in mid-2013."

John S.M. Turner, a Partner at Fasken Martineau DuMoulin LLP and the Leader of its Global Mining Group will fill Mr. Anthony's vacated board seat. Mr. Turner has been involved in many of the leading corporate finance and M&A deals in the resources sector with clients including issuers, underwriters and resource companies active throughout Africa, Latin America and Eastern Europe. Mr. Turner's work has been recognized on numerous occasions including Best Lawyers in Canada for Natural Resources Law, The International Who's Who of Business Lawyers, the Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada. Mr. Turner is the recipient of the Queen's Golden Jubilee Medal and is a member of both the Canadian Association and the Law Society of England and Wales.

Finally, Mr. David Garofalo, President and Chief Executive Officer of Hudbay Minerals Inc., has been appointed to the Board of Directors. Prior to assuming his current role in 2010, Mr. Garofalo served as Senior Vice President, Finance and Chief Financial Officer and a director with Agnico-Eagle Mines Limited, where he worked from 1998. From 1990-1998 Mr. Garofalo worked in various finance roles including Treasurer with Inmet Mining Corporation. Mr. Garofalo, a graduate of the University of Toronto (B.Comm.) and a Chartered Accountant, serves on the board of directors of Mackenzie Health Foundation.

John Frostiak, Chairman of the Board of Directors, commented "I am extremely pleased to welcome John Turner and David Garofalo to the Board of Directors. Their extensive knowledge and experience will serve our shareholders well. I'd also like to take this opportunity to acknowledge the tremendous contribution that David Anthony has made as a director of Colossus."

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 Para, 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.

http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887

Contacts:

Colossus Minerals Inc.

Ann Wilkinson

Vice-President, Investor Relations

(416) 643-7655
awilkinson@colossusminerals.com
www.colossusminerals.com