The Energy Report

Colossus Minerals Inc. TICKER: CSI:TSX Visit Company Website Colossus Minerals Inc. is mineral explorer and developer focused on Brazilian gold. Led by skilled management and a world-class board, it's developed a robust business model to create shareholder value. The company's flagship project, Serra Pelada, is a geologically unique high-grade deposit with potential to delineate a significant Au/Pt/Pd resource. From 1979–1986, Serra Pelada hosted the largest PM rush in Latin American history. The deposit had some spectacular grades, including historical drill hole FD-032, which averaged 43m at 4709 g/t Au, 204 g/t Pt and 1174 g/t Pd. Click here to view the Serra Pelada Photo Gallery

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Jamie Spratt, Clarus Securities (1/18/12) "Colossus Minerals Inc. announced its 2012 exploration budget of approximately US$12M at its 75%-owned Serra Pelada gold-platinum-palladium project in Brazil. . .we are encouraged by a planned drill program of about 37,000m with seven rigs on site that should continue to drive significant news flow and excitement in the stock. . .we maintain a Speculative Buy rating with a $13 target price."

Jamie Spratt, Clarus Securities (1/16/12) "Colossus Minerals Inc. announced the acquisition of 75% of the Cutia property from Cooperativa Mista do Garimpeiro de Cutia for about US$2M. . .Cutia exhibits promising geological potential and adds to the company's exploration pipeline in the area. . .a recent study reported grab samples of 66 g/t Au, 10 g/t Ag and >0.5% Cu; Colossus has completed airborne geophysics indicating 4.8km trend across the property in addition to suggesting numerous lineaments that may represent fault and shear structures. A mapping and prospecting program to confirm these geophysical interpretations will provide drill targets to be followed up."

The Gold Report Interview with Michael Gray (12/16/11) "Colossus Minerals Inc.' 75%-owned Serra Pelada Au-Pt-Pd project, in Para State, Brazil, is one of the highest-grade precious metal deposits on the planet. We conducted a site visit to Serra Pelada in mid-October. On metallurgy, the flow sheet for a conventional gravity recovery plant appears to be in place and would recover about 95% of the gold. Construction for that gravity plant is scheduled to start this quarter. For platinum and palladium metallurgy, the company has been working on the optimal flow sheet, which may involve calcining to burn off the carbon. This metallurgical work is still in progress and will rely on the evaluation of the bulk sample to be collected in the second half of 2012. We're currently modeling 65% recovery of the platinum and palladium.

There have been a number of [management] changes starting with, most recently, Ari Sussman becoming chairman of the board. He was the chief executive of two companies and now he's focused just on Continental Gold Ltd. Claudio Mancuso was the chief financial officer and now is the chief executive. He will be able to focus all his energies on leading the company. . .Colossus has hired Paulo de Tarso Serpa Fagundes as its new COO, who previously worked with Yamana as the general manager for its Mercedes Mine in Mexico. . .Having been on the ground in mid-October, it was a chance for us to meet the entire team and gain an appreciation for its skill set and ability to work together. We were satisfied that the current team is prepared for the challenges that lie ahead associated with the project."

Morning Coffee (12/16/11) "Colossus Minerals Inc. released drill results from Serra Pelada project in Brazil. . .the drill results extend the high grade subzones of the Central Mineralized Zone (CMZ) and expand the GT zone. Hole SPD-120 at CMZ returned from one of the areas that will be subject to bulk sampling upon completion of the underground workings: The hole intercepted 74m grading 15.45 g/t gold, 4.54 g/t platinum and 7.04 g/t palladium. . .Serra Pelada is one of the highest-grade gold projects in development and it is one of the few equities that offers significant platinum group metal leverage outside of South Africa."

Ron Stewart, Dundee Securities (12/15/11) "Colossus Minerals Inc. released the results from 14 drill holes recently completed on the 75%-owned Serra Pelada project in Brazil; the results, specifically those from the Central Mineralized Zone, reinforce our view that there is considerable metal in the rock at Serra Pelada; the distribution of metal in the intercepts themselves suggest to us that the Serra Pelada deposit is composed of structurally controlled, bonanza grade shear zones surrounded by a low(ish) grade, alteration halo. We remain confident that Colossus will be able to profitably mine these structures and recover the majority of the gold, platinum and palladium."

• Corporate Presentation (1/16/12)
• Fact Sheet (7/15/11)

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