TORONTO, ONTARIO--(Marketwire - Oct. 12, 2012) - Colossus Minerals Inc. ("Colossus") (TSX:CSI)(OTCQX:COLUF) announces that John Frostiak, Director will assume the role of Chairman from Ari Sussman who is resigning effective October 15, 2012. Mr. Frostiak is a highly respected and experienced international mining executive who has served on Colossus' Board since September 2007.
Mr. Sussman has been Chairman since December 15, 2006 and oversaw the Company's acquisition, exploration and development of the 75% owned Serra Pelada Gold-Platinum-Palladium property. Mr. Sussman leaves Colossus fully financed and within one year of production. Mr. Sussman also oversaw the listing of Colossus in February 2008, on the Toronto Stock Exchange.
Ari Sussman commented, "After seven years of dedication to Colossus I believe the time is right to hand over the role of Chairman to someone like John who possesses an impressive combination of technical experience and business acumen. John has been part of the Colossus Board of Directors for five years and is well versed in all aspects of Colossus' affairs. Given his recent retirement from Barrick Gold Corporation, after a long and illustrious career, I am confident John is the right person to lead Colossus through the balance of construction, start up and into production. I wish him and the rest of the Board, the senior management and all the employees well for the future and look forward to following, as a shareholder, the transition from developer to high-grade Brazilian precious metal producer.
Concurrent with Mr. Sussman's resignation, Mr. Claudio Mancuso has been appointed a director of Colossus to serve until the next meeting of shareholders, at which point he will stand for election to the Board of Directors.
"On behalf of the Board, I would like to acknowledge the enormous contribution that Ari has made to Colossus, and thank him for his guidance, insight, energy and drive as Chairman over the past six years. I would also like to thank the Board for the appointment as a director and I look forward to working with John in his new role as Chairman as we develop Serra Pelada into a producing mine," said Claudio Mancuso, President and Chief Executive Officer."
John Frostiak, incoming Chairman of the Board of Directors, is a registered professional engineer in the province of Ontario and a member of the Canadian Institute of Mining Metallurgy and Petroleum. Mr. Frostiak recently retired as Corporate Project Manager for Barrick Gold Corporation where he was responsible for the Kabanga Ni project (Xstrata Ni is the operator), capital project risk assessment and the Barrick Development System, which governed the minimum standards required for conducting studies and executing projects. In prior years, he held other positions within Barrick Gold Corporation and was responsible for numerous technical accomplishments, including leading the development of the process plant and surface facilities for the Pierina mine in Peru, the Bulyanhulu mine in Tanzania, and the Cowal mine in Australia.
John Frostiak commented, "I would like to thank my fellow directors for their vote of confidence and look forward to maximizing shareholder value both at Serra Pelada and as we add to our asset base in the future."
Colossus is a development-stage mining company focused on bringing its Serra Pelada project into production. Serra Pelada, located in the mineral prolific Carajas region in the State of Pará, 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. Coverage of this famous mining rush by 60 Minutes can be viewed by following the link below. Colossus Minerals shares, warrants and notes trade on the Toronto Stock Exchange (TSX) under the symbols CSI, CSI.WT.A 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.