Colossus Minerals Announces Results of AGM and Expiry of Warrants

TORONTO, ONTARIO -- (Marketwire) -- 01/24/11 -- Colossus Minerals Inc. (the 'Company' or 'Colossus') (TSX: CSI) is pleased to announce that the Annual General and Special Meeting was held on Friday January 21, 2011 in Toronto. The results of voting by shareholders on matters submitted to the annual meeting are:

Election of Directors: Patrick F. N. Anderson, John Frostiak, Greg Hall, Douglas Reeson, Ari Sussman and Vic Wall were re-elected as Directors of the Company.

Appointment of Auditors: KPMG LLP, Chartered Accountants, were appointed as auditors of the Company until the next Annual General Meeting, and the directors were authorized to fix the remuneration of the auditors.

Stock Option Plan Resolution: The Stock Option Plan resolution was approved as presented (by ballot - 53% in favour, 47% against).

Expiry of Warrants

The Company would also like to remind certain warrantholders that the outstanding unexercised 2008 series common share purchase warrants trading on the Toronto Stock Exchange under the symbol CSI.WT are set to expire at 5:00pm (Toronto time) on February 13, 2011. Any Warrants remaining unexercised after the expiration deadline will be cancelled, delisted, and will thereafter be of no force or effect.

As of January 24, 2011, there were 6,102,570 warrants outstanding at an exercise price of $2.00 per share. Assuming all warrants are exercised net proceeds to the Company would be $12.2 million.

How to Exercise Warrants

Warrant holders who wish to exercise their Warrants should instruct their investment advisor to effect an 'immediate exercise' and be prepared to provide payment (by certified cheque, bank draft or money order payable to Colossus Minerals Inc.) to the investment advisor firm equal to the exercise price for each warrant exercised. Once Equity Financial Trust Company receives payment and the required documentation the Warrants will be cancelled and the warrant holder will receive Colossus common shares.

Investors should consult with their investment advisor to confirm the time required to complete this process and other costs associated with the exercise, if any.

Warrant holders who hold a physical certificate wishing to exercise warrants are required to provide Equity Financial Trust with a certified cheque, bank draft or money order payable to Colossus Minerals Inc., and the warrant certificate with the subscription form on reverse completed.

For assistance, contact Equity Financial Trust Company, Investor Relations directly at 1-866-393-4891, or 1-416-361-0152.

About Colossus:

Colossus is a pre-production stage mining Company focused on putting into production the high grade gold-platinum-palladium Serra Pelada project in Brazil. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Coverage by 60 Minutes of this famous mining rush can be viewed at the following link: http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company's exploration plans, activities and intentions, constitute 'forward-looking information' within the meaning of the Securities Act (Ontario) or 'forward-looking statements' within the meaning of the United States Private Litigation Reform Act of 1995. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable. Forward-looking statements are frequently characterized by words such as 'target', 'plan', 'expect', 'project', 'intend', believe', 'anticipate' and other similar words, or statements that certain events or conditions 'appear to', 'may' or 'will' occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The factors include but are not limited to risks related to the joint venture operation, actual results of exploration activities, the inherent risks involved in the exploration and development of mineral properties, changes in project parameters as plans continue to be refined, delays in obtaining government approvals, the uncertainties of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties inherent to conducting business in Brazil and the rest of Latin America, the availability of supplies, unexpected adverse climate conditions, the reliance on only a few key members of management, as well as those factors discussed in the section entitled 'Risk Factors' in the Company's most recent Annual Information Form filed with Canadian provincial securities regulatory authorities and other regulatory filings which are posted on SEDAR at www.sedar.com. Unless required by law, Colossus undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Contacts:

Colossus Minerals Inc.

Ann Candelario

VP Investor Relations

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