Colossus Minerals Appoints John Frostiak as Chairman Following
Planned Departure of Ari Sussman
TORONTO, ONTARIO -- (Marketwire) -- 10/12/12 -- 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
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 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. 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
Colossus Minerals Inc.
VP, Investor Relations
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