Colossus is a Canadian-based exploration and development company focused in the mineral prolific Carajas region of Para State, Brazil.

Colossus has contacted several investor groups for additional funding and discussions are still ongoing. However, the existence of the current COOMIGASP legal challenge has estopped the Company's ability to raise capital from investors. Accordingly, without reasonable access to capital, the Board of Colossus has made a decision to place Serra Pelada on a care and maintenance schedule; all mine operations and expenditures will be halted. Upon swift resolution of the COOMIGASP legal challenge and legislative bill issues, Colossus looks forward to re-starting normal mine operations and continuing with Serra Pelada mine development activities.