Colossus Minerals Releases Preliminary Resource Estimate - Seite 2

1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources are estimated at a cut-off grade of 5 g/t Au. Some blocks less than cut-off grade are included to maintain continuity in areas of Indicated Mineral Resources.
3. High assays are capped at 150 g/t gold, 100 g/t platinum and 100 g/t palladium.
4. Mineral Resources are estimated using a long-term gold price of US$1,500 per ounce, and a US$/C$ exchange rate of 1:1.
5. A minimum mining width of 3 m was used.
6. Bulk density is 2.3 t/m³ for the hinge zone and 2.5 t/m³ for the top and bottom limb zones.
7. Numbers may not add due to rounding.

The Mineral Resource estimate was carried out by William E. Roscoe, Ph.D., P.Eng., RPA Principal Geologist and Pierre Landry, P.Geo., RPA Geologist. Both are Qualified Persons as defined in National Instrument 43-101. Dr. Roscoe visited the Serra Pelada site from November 18 to 20, 2013. Dr. Roscoe is the Qualified Person who approved the scientific and all technical information contained in the preceding two paragraphs.

Graham Long, the Company's Vice President, Exploration, stated, "RPA has provided Colossus with a maiden NI 43-101 compliant resource calculation. The constrained RPA model identifies the areas where both underground and surface diamond drilling have left gaps in the block model and indicate where the mineralized deposit is open to potential expansion. Additional drilling from both surface and underground will be necessary in order to find the extents of the mineralization."

As previously announced, on Friday, December 20, 2013 the Company was advised by Arias Resource Capital Fund II L.P. and Arias Resource Capital Fund II (Mexico) L.P. (together, the "ARC Funds") that the ARC Funds would not be proceeding with the two tranche financing previously announced on December 18, 2013.

There can be no assurance that the Company will be able to raise the capital necessary to carry on business activities past December 31, 2013.

Cautionary Statement Regarding Forward-Looking Information

Forward-looking statements in this press release include statements regarding the ability of the Company to obtain financing or if obtained to obtain on commercially reasonable terms, 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.