Colossus Minerals Continues Strategic Evolution Toward Producer Status

- October 11th, 2011

Colossus Minerals Inc. (TSX:CSI) announced that with effect of October 17, 2011, Ari Sussman, Chairman, President and CEO has elected to take on the position of Executive Chairman, and the Board has named Claudio Mancuso, previously Colossus CFO, as the Company’s new President and CEO.

Colossus Minerals Inc. (TSX:CSI) announced that with effect of October 17, 2011, Ari Sussman, Chairman, President and CEO has elected to take on the position of Executive Chairman, and the Board has named Claudio Mancuso, previously Colossus CFO, as the Company’s new President and CEO.

As quoted in the press release:

Additionally, the Company is pleased to announce the appointment of Alden Greenhouse as the new Chief Financial Officer. Prior to joining Colossus, Mr. Greenhouse held various senior positions within RBC Capital Markets in commodity risk management, foreign-exchange and fixed income. Prior to joining RBC, Mr. Greenhouse was a Senior Analyst at Dominion Bond Rating Service. Mr. Greenhouse is a graduate of the Michael G. DeGroote School of Business at McMaster University (B.Com), the London School of Economics, University of London (M.Sc.), and he holds the CFA designation from the CFA Institute.

Colossus Minerals Executive Chairman, Ari Sussman commented:

“Over the past year it has been my mission to strengthen the senior management team and the Board of Directors in order to advance the Company’s strategy of bringing Serra Pelada into production. We welcomed David Anthony, Antenor Silva and Mel Leiderman to our Board of Directors; all three individuals have significant experience in mine construction, production and finance. We hired Paulo Fagundes, a seasoned mining executive with 30 years experience in the South American mining industry as our Chief Operating Officer. Paulo has done a fantastic job in taking charge of our Brazilian operations, community and partner relations, site construction and underground development. Under the direction of Claudio Mancuso, the finance teams in Toronto and Brazil were rebuilt. With this transformation now complete, the Board of Directors and I believe that this is the right time to transition the position of President and Chief Executive Officer to Claudio, while I actively continue to serve the Company as Executive Chairman. Since joining Colossus, Claudio has demonstrated outstanding judgment and the leadership skills required to manage Colossus through construction and into production. Colossus will no doubt continue to benefit as Claudio draws upon his experience from being involved in the construction and operation of six gold mines located in three different countries. I look forward to supporting this team in setting strategic goals, planning and marketing. Colossus is entering a very exciting time in its evolution as the business is at a point where the Company is ready to expand at a robust rate.”

Click here to read the Colossus Minerals (TSX:CSI) press release.

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