Colossus issues shares for debt, arranges financing

Mr. Charalambos Katevatis reports COLOSSUS RESOURCES ANNOUNCES DEBT SETTLEMENT AND NON-BROKERED PRIVATE PLACEMENT FINANCING Colossus Resources Corp. has entered into debt settlement agreements with various creditors to settle an aggregate amount of $248,990.50 in outstanding debt relating to loans, management fees and certain other outstanding obligations, through the issuance of an aggregate of 4,979,810 common shares of Colossus at a deemed price of five cents per common share. Closing of the share-for-debt transaction is subject to customary closing conditions, including the approval of the TSX Venture Exchange. The common shares to be issued pursuant to the share-for-debt transaction will be subject to a hold period of four months and one day following the date of issuance, in accordance with applicable securities laws and TSX-V policies. The company also announces a non-brokered private placement financing of up to 1.8 million units of securities at a price of five cents per unit for aggregate gross proceeds of up to $90,000 for general working capital. Each unit will comprise one common share and one-half common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of 10 cents for a period of two years from closing of the financing. The expiry date of the warrants may be accelerated if the company's common shares trade at or above 20 cents for 20 consecutive trading days following the expiry of the four month hold period. About Colossus Resources Corp. Colossus Resources is a relatively young junior mineral exploration company focused on maximizing shareholder value through the acquisition, discovery and advancement of high-quality copper-gold projects. We seek Safe Harbor.