Colossus Minerals Provides Update and Reminder of Annual General Meeting

TORONTO, ONTARIO -- (Marketwire) -- 05/15/12 -- 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 Mineracao dos Garimpeiros de Serra Pelada ("COOMIGASP") located in the State of Para, 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 reagents based 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 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://video.au.msn.com/watch/video/the-treasure-of-serra-pelada/xx3k2px

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Forward-looking statements in this press release include statements regarding the timing and nature of future exploration and development programs that are dependent on projections that may change as drilling continues, or if unexpected ground conditions are encountered. The Company does not currently have any mineral properties that are in production or that contain a reserve as defined by National Instrument 43-101. In addition, areas of exploration potential are identified which will require additional drilling to determine whether or not they contain similar mineralization to areas that have been explored in more detail. Significant additional drilling is required at Serra Pelada to fully understand system size.

Except for statements of historical fact relating to Colossus, certain statements in this press release relating but not limited to the Company's exploration and development 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 equipment and 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 Wilkinson

VP, Investor Relations

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