- Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) (the "Company" or "Colossus") is pleased to announce that in connection with its previously announced overnight marketed public offering (the "Offering") of equity securities, it has today entered into an underwriting agreement between the Company and a syndicate of underwriters co-led by GMP Securities L.P. ("GMP"), and Dundee Securities Ltd. (together with GMP, the "Co-Lead Underwriters"), together with Canaccord Genuity Corp., Clarus Securities Inc., and TD Securities Inc. (together with the Co-Lead Underwriters, the "Underwriters") to sell 44,000,000 units (the "Units") of the Company at a price of $0.75 per Unit for aggregate gross proceeds of C$33,000,000. Each Unit consists of one common share ("Unit Share") and one half of a common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder thereof to purchase one common share of the Company ("Warrant Share") at a price of $0.90 per Warrant Share at any time prior to 5:00 p.m. (Toronto time) on or before the date that is 24 months from the closing date of the Offering ("Closing Date"). The Warrants will be governed by a warrant indenture that provides for, among other things, standard anti-dilution provisions and other terms and conditions customary for such agreements.

In addition, the Company has granted the Underwriters an over-allotment option (the "Over-Allotment Option"), exercisable in whole or in part at the sole discretion of the Underwriters for a period of 30 days from and including the Closing Date, to purchase additional Unit Shares and/or Warrants, such number of additional Unit Shares and/or Warrants not to exceed 15% of the aggregate number of Unit Shares and Warrants sold on the Closing Date pursuant to the Offering.

The Units will be offered by way of a short form prospectus to be filed in all of the provinces of Canada, except Quebec. The short form prospectus will also qualify the grant of the Over-Allotment Option and the distribution of the Over-Allotment Securities.

The net proceeds of the Offering are intended to be used to fund development expenditures at the Serra Pelada gold-PGM project including the completion of the process plant, to fund operating losses up to and including production ramp-up, to fund the costs associated with increasing the capacity of its dewatering system, and for working capital and for general corporate purposes.

The Offering is expected to close on or about August 13, 2013 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

The securities being offered have not been, nor will they be, registered under the

- 2 -

- 3 -