Colossus Minerals has announced the acquisition of the Cutia Property in Brazil from Cooperativa Mista do Garimpeiro de Cutia.
The property is located approximately thirteen kilometres to the southeast of its 75 percent owned Serra Pelada gold-platinum-palladium project. The Serra Pelada Project is a Colossus-COOMIGASP joint venture located in the State of Pará, Brazil.
“The relationship we’ve built with COOMIGASP and the community has led to opportunities to partner with other groups in order to expand our regional footprint around Serra Pelada,” commented Claudio Mancuso, president and CEO of Colossus.
“The Cutia Property, although grassroots in nature, exhibits promising geological potential,” he continued. “As we continue to develop Serra Pelada and come closer to commercial production in 2013, we feel that now is the time to begin building a pipeline of promising properties around Serra Pelada in order to leverage the investment in infrastructure and personnel we have made at our flagship property.”
Colossus will be the sole operator and will have full discretion over activities of the new company formed to hold the mineral rights, including designing and conducting the exploration program, submissions and applications to the Brazilian National Department of Mineral Production (DNPM), and determining whether to extend the exploration permit beyond its current expiry date in September 2013.
Toronto-based Colossus Minerals Inc. is a development-stage mining company focused on bringing its Serra Pelada project into production.
