Colossus Minerals Inc. Clarifies Events at Serra Pelada
August 26 2013 - 08:30AM
Marketwired
Colossus Minerals Inc. (TSX:CSI)(OTCQX:COLUF) (the "Company" or
"Colossus") recently became aware that a protest was being
organized at the Company's property for Sunday, August 25th, 2013.
The protest was organized by a group that is vying for control of
Cooperativa de Mineracao dos Garimpeiros de Serra Pelada
("COOMIGASP") but who are not recognized by the courts of the State
of Para, Brazil as being the legitimate leaders of the cooperative.
The Company took the appropriate preventative steps with Brazilian
authorities to ensure the safety of its employees and security of
the mine. Public forces were deployed and they prevented the
attempted protest from reaching the mine gates. There have been no
reports of injury, no damage was sustained and development work was
unaffected. The majority of the protesters came from outside the
Village of Serra Pelada and community leaders voiced their
opposition to the attempted protest.
Claudio Mancuso, Chief Executive Officer commented, "Police
responded quickly against this attempted protest. We would like to
thank the State of Para for providing a rapid response to protect
residents of the Village of Serra Pelada and Colossus employees. We
are confident that the legal and judicial system in Brazil will do
everything possible to bring the people responsible for these
actions to justice."
The Company will provide further updates if warranted.
About Colossus Minerals Inc. (TSX:CSI)
Colossus is a development-stage mining company focused on
bringing its 75% owned Serra Pelada Gold-Platinum-Palladium Mine to
production. The Serra Pelada Mine is a joint venture between
Colossus and Cooperativa de Mineracao dos Garimpeiros de Serra
Pelada (COOMIGASP) located in the State of Para, Brazil. Serra
Pelada, located in the mineral prolific Carajas region in the State
of Para, Brazil, is host to one of the highest grade gold and
platinum group metals deposits in the world. Between 1980 and 1986
Serra Pelada was host to the largest precious metals rush in Latin
American history. Colossus Minerals shares, warrants and notes
trade on the Toronto Stock Exchange (TSX) under the symbols CSI,
CSI.WT.A, CSI.WT.B, and CSI.NT respectively and in the United
States its Common Shares trade on the OTCQX under the symbol COLUF.
The Company is headquartered in Toronto, Canada.
Cautionary Statement Regarding Forward-Looking Information
Forward-looking statements in this press release include
statements regarding 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.
Except for statements of historical fact relating to Colossus,
certain statements in this press release relating but not limited
to the Company's exploration and development plans, activities and
intentions, constitute "forward-looking information" within the
meaning of the Securities Act (Ontario) or "forward-looking
statements" within the meaning of the United States Private
Litigation Reform Act of 1995. These forward-looking statements
represent management's best judgment based on current facts and
assumptions that management considers reasonable. Forward-looking
statements are frequently characterized by words such as "target",
"plan", "expect", "project", "intend", believe", "anticipate" and
other similar words, or statements that certain events or
conditions "appear to", "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at
the date the statements are made, and are subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. The factors include but are not limited
to risks related to the Company's relationship with COOMIGASP
and/or those seeking to control it, the joint venture operation,
actual results of exploration activities, the inherent risks
involved in the exploration and development of mineral properties,
changes in project parameters as plans continue to be refined,
delays in obtaining government approvals, the uncertainties of
project cost overruns or unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing
needed in the future, the uncertainties inherent to conducting
business in Brazil and the rest of Latin America, the availability
of equipment and supplies, unexpected adverse climate conditions,
the reliance on only a few key members of management, as well as
those factors discussed in the section entitled "Risk Factors" in
the Company's most recent Annual Information Form filed with
Canadian provincial securities regulatory authorities and other
regulatory filings which are posted on SEDAR at www.sedar.com.
Unless required by law, Colossus undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements.
Contacts: Colossus Minerals Inc Ann Wilkinson VP, Investor
Relations (416) 643-7655awilkinson@colossusminerals.com
www.colossusminerals.com