Colossus Minerals’ Development Remains On Schedule forInitial Production In Second Half of 2013

Toronto, Ontario, February 7, 2013 – Colossus Minerals Inc. (the “Company” or “Colossus”)(TSX: CSI)(OTCQX:COLUF) is pleased to provide a development update for its 75% owned Serra Pelada gold-platinum-palladium Mine. The Serra Pelada Mine is a joint venture between Colossus and Cooperativa de Mineração dos Garimpeiros de Serra Pelada (“COOMIGASP”) located in the State of Pará, Brazil.

Highlights

 The Company remains on track to start initial production early in the second half of 2013 at an initial rate of 250 tonnes per day (“tpd”) and continue the ramp up phase throughout the remainder of 2013 to 500 tpd. The current plan envisages two active mining faces for 250 tpd of production, three to five mining faces for 500 tpd of production and six to nine mining faces for 1,000 tpd of production. The Company expects to achieve 1,000 tpd of production by the end of the first quarter of 2014.

 Underground development is progressing well with a number of infrastructure projects necessary to support full-scale mining now complete or well underway. Development at the face continues through the mineralized zone.

 The rock quality during collection of the bulk sample remains within expected parameters from geotechnical work completed prior to first access to the mineralized zone. The Company continues with systematic and cautious development as this is the first time accessing the mineralized zone and it is providing valuable geotechnical information ahead of initial production.

 Dewatering is progressing well from both surface and underground while dewatering of the historic pit to within five metres of the solids level is 95% complete. Underground water inflow rates remain within expectations.

 Process plant construction remains on schedule for commissioning to begin early in the second half of 2013; the total project is currently 60% complete. More than 95% of engineering & procurement is complete, 55% of concrete has been poured and structural steel erection will commence by the middle of February.

 Other critical infrastructure construction also remains on schedule. The power line and power house are on track to be commissioned early in the second quarter of 2013 while the tailings dam is expected to be ready in conjunction with mill commissioning.