Colossus Resources Announces Closing of First Tranche of Non-Brokered Private Placement Financing

VANCOUVER, BRITISH COLUMBIA – Colossus Resources Corporation (“Colossus” or the "Company") (TSX Venture Exchange: CLUS) today announced it has completed the first tranche of its previously announced non-brokered private placement by the issuance of 1,575,000 units (the “Units”) at a price of $0.16 per Unit for aggregate gross proceeds of $252,000.00 (the “Offering”).  Each Unit is comprised of one (1) common share and one-half of one (1/2) common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.30 for 24 months from closing of the Offering.