TECHNICAL REPORT ON RECENT EXPLORATION AT THE SERRA PELADA GOLD-PLATINUM-PALLADIUM PROJECT IN PARÁ STATE, BRAZIL, FOR COLOSSUS MINERALS INC.

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1 ABN Fallon Drive DURAL NSW 2158 AUSTRALIA Tel: Mobile: TECHNICAL REPORT ON RECENT EXPLORATION AT THE SERRA PELADA GOLD-PLATINUM-PALLADIUM PROJECT IN PARÁ STATE, BRAZIL, FOR COLOSSUS MINERALS INC. Frontispiece: Mineralized zone exposed in the pit wall at Serra Pelada, 1982 Photo (looking north) courtesy of VALE David G Jones BSc., MSc., FAusIMM, FIMMM, MAIME, MGSA Effective Date: 31 st January 2010 i

2 2 TABLE OF CONTENTS 3 SUMMARY... VI PURPOSE... VI SCOPE... VI PRÉCIS... VI CONCLUSIONS... VII RECOMMENDATIONS... VIII 4 INTRODUCTION RELIANCE ON OTHER EXPERTS PROPERTY DESCRIPTION AND LOCATION PROPERTY DETAILS JOINT VENTURE TERMS PERMITS AND ROYALTIES... 3 Exploration licenses ENVIRONMENTAL REGULATION ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ACCESS CLIMATE LOCAL RESOURCES INFRASTRUCTURE PHYSIOGRAPHY HISTORY DISCOVERY AND OWNERSHIP PREVIOUS EXPLORATION PREVIOUS RESOURCE AND RESERVE ESTIMATES GEOLOGICAL SETTING REGIONAL GEOLOGY CARAJÁS MINERAL PROVINCE REGIONAL GEOPHYSICS LOCAL GEOLOGY Rio Fresco Group Quartzite Carbonates Metasiltstone Polymictic Metaconglomerate Intrusives Diorite Intrusions Mafic Dykes Metamorphism Supergene Alteration Structure DEPOSIT TYPES CORONATION HILL MINERALIZATION EXPLORATION ii

3 13 DRILLING CORE DRILLING REVERSE CIRCULATION ( RC ) DRILLING SURVEYING SAMPLING METHOD AND APPROACH VALE DRILL CORE COLOSSUS DRILL CORE COLOSSUS RC DRILLING SAMPLE PREPARATION, ANALYSES AND SECURITY VALE DRILL CORE Sample Preparation and Logging Analyses Security COLOSSUS DRILL CORE Sample Preparation and Logging Analyses Security COLOSSUS RC DRILLING Sample Preparation and Logging Analyses Security DATA VERIFICATION ADJACENT PROPERTIES MINERAL PROCESSING AND METALLURGICAL TESTING MINERAL RESOURCE AND RESERVE ESTIMATES OTHER RELEVANT DATA AND INFORMATION SPECIFIC GRAVITY ( SG ) DETERMINATIONS GEOTECHNICAL INVESTIGATIONS HYDROGEOLOGICAL INVESTIGATIONS ENVIRONMENTAL INVESTIGATIONS Air Monitoring Sampling Sediment Sample Results Water Sample Results MERCURY LEVELS IN DRILL CORE MERCURY LEVELS IN RC DRILL HOLES URANIUM LEVELS IN DRILL CORE PIT WATER PH ESTUDO DE IMPACTO AMBIENTAL (EIA) INTERPRETATION AND CONCLUSIONS RECOMMENDATIONS REFERENCES GLOSSARY OF TECHNICAL TERMS APPENDIX TENEMENT INFORMATION APPENDIX EIA EXECUTIVE SUMMARY (IN PORTUGESE) iii

4 Figures FIGURE 1. LOCATION AND REGIONAL ACCESS TO SERRA PELADA... 7 FIGURE 2. LOCAL ACCESS AND INFRASTRUCTURE... 8 FIGURE 3. AVERAGE MONTHLY TEMPERATURE AND RAINFALL AT MARABÁ... 9 FIGURE 4. POWER TRANSMISSION LINES IN THE VICINITY OF SERRA PELADA FIGURE 5. LOCAL ACCESS AND PHYSIOGRAPHY, SERRA PELADA FIGURE 6. SIMPLIFIED REGIONAL GEOLOGY, NORTH-EAST BRAZIL FIGURE 7. REGIONAL GEOLOGY OF THE ITACAIÚNAS SHEAR BELT, CARAJÁS MINERAL PROVINCE FIGURE 8. REGIONAL AEROMAGNETIC IMAGE (FILHO ET AL, 2008) FIGURE 9. FALSE-COLOUR TEM IMAGE (FILHO ET AL, 2008) FIGURE 10. IMAGE OF TOTAL GAMMA RADIATION COUNT (FILHO ET AL, 2008) FIGURE 11. SURFACE GEOLOGY PLAN, SERRA PELADA FIGURE 12. DIAGRAM LOOKING WEST ILLUSTRATING INITIAL D 1 COMPRESSION FIGURE 13. DIAGRAM LOOKING WEST ILLUSTRATING LATE D 1 COMPRESSION FIGURE 14. DIAGRAM SHOWING FORMATION OF RECUMBENT SERRA PELADA SYNCLINE FIGURE 15. LOCATION AND TECTONIC SETTING OF THE CORONATION HILL AU-PD-PT-U DEPOSIT FIGURE 16. GEOLOGICAL MAP OF THE CORONATION HILL AU-PD-PT-U DEPOSIT (WYBORN ET AL, 1990) FIGURE 17. SCHEMATIC SECTION THROUGH SADDLE HILL FIGURE 18. DIAGRAM ILLUSTRATING POSTULATED ORIGIN OF THE CORONATION HILL MINERALIZATION FIGURE 19. SOUTHWEST PLUNGING CMZ WITHIN THE SYNCLINE FIGURE 20. SKETCH SECTION LOOKING NORTHEAST ALONG SYNCLINE AXIS FIGURE 21. 3D MODEL LOOKING UP-PLUNGE TO NE SHOWING MINERALIZATION > 1/G/T AU IN YELLOW FIGURE 22. TYPICAL GEOLOGICAL CROSS SECTION OF THE SERRA PELADA DEPOSIT SHOWING INTERPRETED GEOLOGY, ALTERATION AND DRILL-DEFINED AU-PT-PD MINERALISATION FIGURE 23. COLLARS OF HOLES DRILLED BY COLOSSUS TO END OCTOBER FIGURE 24. VALE DRILL HOLE COLLARS AND DRILL TRACES FIGURE 25. COLLAR LOCATIONS OF HOLES TABULATED ABOVE FIGURE 26. DRILL COLLARS AND TRACES OF COLOSSUS PHASE 1 HOLES CHECKED BY GENALYSIS FIGURE 27. COLLAR LOCATIONS AND DRILL TRACES OF HOLES IN TABLE 4 ABOVE FIGURE 28. CROSS-SECTION THROUGH LINE 025 SW FIGURE 29. DIAGRAM SHOWING KNELSON GRAVITY CONCENTRATOR SEQUENCE FIGURE 30. DIAGRAM SHOWING FALCON GRAVITY CONCENTRATOR SEQUENCE FIGURE 31. LOCATION OF GEOTECHNICAL DRILL HOLES FIGURE 32. SPGT001: PINK IS LOW STRENGTH FIGURE 33. CONCEPTUAL PLAN OF POSSIBLE UNDERGROUND AND SURFACE FACILITIES FIGURE 34. CONCEPTUAL DEWATERING BORES FIGURE 35. LOCATIONS OF VALE WATER OBSERVATION BORES FIGURE 36. PH MEASUREMENTS OF WATER IN THE SERRA PELADA PIT iv

5 Photos PHOTO 1. HYDRO POWER LINE AT UTM ZONE ME, MN, 15KM NW OF SERRA PELADA PHOTO 2. MASSIVE QUARTZITE EXPOSED IN ROAD CUTTING 2.5KM NNW OF THE SERRA PELADA PIT PHOTO 3. RED METASILTSTONE, SERRA PELADA PIT HIGHWALL PHOTO 4. CROSS-BEDDING IN RED METASILTSTONE PHOTO 5. PROGRESSIVE CARBON METASOMATISM OF RED METASILTSTONE PHOTO 6. BROWN METASILTSTONE PHOTO 7. METACONGLOMERATE EXPOSURE PHOTO 8. METADIORITE OUTCROP, DRILL PAD SPD PHOTO 9. FOLDING AND S 2 CLEAVAGE IN RED METASILTSTONE PHOTO 10. PHOTOMICROGRAPH OF HIGH-GRADE MINERALIZATION PHOTO 11. REFLECTED-LIGHT IMAGE OF HIGH-GRADE MINERALIZATION PHOTO 12. ENERGOLD RIG DRILLING TAILINGS PHOTO 13. CORE TRANSFERRED FROM CORE BARREL INTO TRAY BY DRILLER AND MARKERS INSERTED PHOTO 14. CORE BOXES DELIVERED FROM RIG TO SERRA PELADA COMPOUND PHOTO 15. CORE TRAY WEIGHED ON ARRIVAL AT COLOSSUS PARAUAPEBAS COMPOUND PHOTO 16. PREPARING FOR CORE TRAY PHOTOGRAPH PHOTO 17. CUTTING SOFT CORE WITH A KNIFE (ASSISTED BY A HAMMER) PHOTO 18. MANUAL CORE SPLITTER FOR HARD LITHOLOGIES PHOTO 19. HIGH-GRADE PT STANDARDS PHOTO 20. SEALED FEDEX CONSIGNMENT PHOTO 21. COLOSSUS COMPOUND IN PARAUAPEBAS PHOTO 22. SECURED PULP STORAGE AREA PHOTO 23. CORE STORAGE BAYS, PARAUAPEBAS PHOTO 24. SPD-034 BOX 63 AS RECEIVED FROM DRILL RIG PHOTO 25. SPD-034 BOX 59 AS OBSERVED BY D G JONES AFTER SAMPLING PHOTO 26. CRYSTALLINE GOLD RECOVERED FROM M IN VALE HOLE FD PHOTO 27. CLOSE-UP OF AREA OUTLINED IN RED ABOVE PHOTO 28. CRYSTALLINE GOLD RECOVERED FROM SAMPLE AT LEFT PHOTO 29.SAMPLE FROM FD-032, M PHOTO 30. SELECTING CORE FOR SG DETERMINATION PHOTO 31. SG SAMPLES READY FOR WEIGHING PHOTO 32. SELECTED SG SAMPLE PHOTO 33. WEIGHING SG SAMPLE DRY PHOTO 34. WAXED SAMPLE (WHITE) RETURNED TO TRAY AFTER SG DETERMINATION PHOTO 35. BOX CUT FOR PORTAL ESTABLISHED BY VALE PHOTO 36. POWER LINE TO PROPOSED PLANT SITE PHOTO 37. DRILL RIG CLEANING OUT OLD VALE WATER BORE SPWB PHOTO 38. REMNANT TAILINGS DUMP ADJACENT TO GROTA RICA CREEK NORTH OF THE SERRA PELADA PIT PHOTO 39. SLUICING TAILINGS INTO GRAVEL PUMP PHOTO 40. WASHING CU PLATE WITH ACID Tables TABLE 1. SIGNIFICANT RE-ASSAY RESULTS FROM CONTINUOUS INTERVALS OF VALE CORE TABLE 2. GENALYSIS CHECK ASSAYS TABLE 3. SELECTED ASSAY RESULTS FROM CONTINUOUS INTERVALS IN COLOSSUS PHASE 2 DRILLING TABLE 4. COLOSSUS CHECK SAMPLING AND ASSAYING FOR AU, VALE HOLE FC TABLE 5. COLOSSUS CHECK SAMPLING AND ASSAYING FOR PT & PD, VALE HOLE FC TABLE 6. PRELIMINARY KNELSON RESULTS FROM SAMPLE D TABLE 7. PRELIMINARY FALCON RESULTS FROM SAMPLE D v

6 3 SUMMARY Purpose To review the geology and exploration potential of the Serra Pelada Gold-Platinum-Palladium Project located near Marabá in Pará State, Brazil, for Colossus Minerals Inc. Scope At the request of Dr. Vic Wall, Director, and Vice-President of Exploration for Colossus Minerals Inc. ( CMI ), Vidoro Pty Ltd ( Vidoro ) was commissioned in October 2009 to prepare a Technical Report on the Serra Pelada Gold-Platinum-Palladium Project ( the Project or Serra Pelada ) compliant with National Instrument This report updates the previous report completed in December 2007 entitled Technical Report on the Serra Pelada Gold-Platinum-Palladium Project in Para State, Brazil, for Colossus Minerals Inc. ( the 2007 Report ). Colossus Geologia e Participações Ltda. ( Colossus ) is a limited liability Brazilian company that is a wholly-owned subsidiary of CMI. CMI is a company duly organized and existing under the laws of the Province of Ontario, Canada. The scope of the inquiries and of the report included the following: An audit of drilling, sampling and assaying procedures currently employed by Colossus A review of recent exploration and other work by Colossus in advancing the Project A review of the deposit model in the light of new information generated by exploration carried out since 2007 An opinion of the proposed program and budget for future work at the Serra Pelada Gold-Platinum-Palladium Project Vidoro has not been requested to provide an Independent Valuation, nor has Vidoro been asked to comment on the Fairness or Reasonableness of any vendor or promoter considerations, and therefore no opinion on these matters has been offered. Précis This report is a review of the Serra Pelada Gold-Platinum-Palladium Project located near Marabá in Pará State, Brazil. Colossus holds a 75% interest in a joint venture company called Serra Pelada Companhia de Desenvolvimento Mineral ( SPCDM ). The other 25% is held by Cooperativa de Mineração dos Garimpeiros de Serra Pelada ( COOMIGASP ). A formal request for the transfer of title over the tenement covering Serra Pelada to SPCDM was accepted by Departamento Nacional de Produção Mineral ( DNPM ) and the title transfer took effect on 14 September Serra Pelada is located in the Carajás Mineral Province, an Archean nucleus that is part of the Amazon Craton. The Carajás Mineral Province is composed mostly of granites and greenstone belts and hosts the largest gold deposits in the Amazon Craton, including Serra Pelada and the Salobo and Igarahapé Bahia Cu-Au deposits. The oldest rocks in the Carajás Basin are volcano-sedimentary rocks of the Itacaiúnas Supergroup that accumulated in the Late Archean about 2,700 Ma. The Itacaiúnas Supergroup is overlain unconformably by siliclastic marine platform sandstones and siltstones of the Águas Claras Formation and the late Archean Rio Fresco Group. The mineralization at Serra Pelada is hosted by metasedimentary rocks of the Rio Fresco Group. The lithologies include metaconglomerate, metasandstone, dolomitic carbonate and metasiltstone. The Serra Pelada Au-Pt-Pd mineralization is located in the hinge zone of a recumbent syncline. Dolomitic carbonate occurs at the base and is conformably overlain by meta-siltstones. The morphology of the mineralization broadly follows the contact between dolomitic carbonate and a vi

7 carbon-altered meta-siltstone. The rocks have undergone supergene oxidation to depths in excess of 300m below surface. In 1979, a farm worker found gold at Serra Pelada, within a tenement held by Companhia Vale do Rio Doce ( CVRD ). On 29 November 2007 CVRD announced a change of name to VALE, and throughout this report the official name VALE will be employed. VALE began exploration drilling in the vicinity of Serra Pelada in 1980 immediately after the discovery was made. From the commencement of exploration until mid-1998, a total of 195 core holes were drilled by VALE inside the area being exploited by artisanal miners ( garimpeiros ), together with two metallurgical test holes. On 21 May 1980, the federal government of Brazil excised an area of 100 hectares from the tenement held by VALE. This area is now the tenement held by SPCDM. Since November 2007, Colossus and its joint venture partner have carried out an intensive diamond core drilling program that has verified the continuation of high-grade Au-Pt-Pd mineralization below the base of the previously mined pit and for a distance of at least 500m beyond the old pit. More than 40 diamond core holes for 11,000m have been drilled by the joint venture, additional to the previous 40,000m in 200 holes drilled in the past by VALE. Colossus has submitted more than 6,000 samples for analysis, principally for Au, Pt and Pd, with additional multi-element suites of analyses being completed on selected intervals. The database to the end of December 2009 contained in excess of 163,000 assays from 61,000 samples. Major milestones passed on the path to the granting of a mining concession to the joint venture include: Submission and approval of the Final Exploration Report Submission of a Mining Plan and ore resource estimate to the DNPM Submission of the Environmental Impact Study and Plan for Recovery of Degraded Areas ( EIA/Rima ), and the completion of public hearings into the EIA/Rima. Conclusions The investment by Colossus in earning its 75% share of the Serra Pelada joint venture has been entirely justified by the excellent results achieved to date in the systematic drill testing of the deposit. Exploration by VALE to 2007 and by Colossus since November 2007 has identified potentially economic mineralization below the depth reached by past garimpeiro mining. The exploration by Colossus has been carried out to standards in excess of industry norms. In particular, the attention to sample security and chain of custody between the drill rig and the assay laboratory has been exemplary. The extraordinarily high grades achieved in some drill intersections, over many metres of contiguous samples, have been verified by Quality Assurance and Quality Control ( QA/QC ) procedures adopted by Colossus and its laboratory contractors that are far more stringent than those normally used in exploration. Preliminary gravity separation studies indicate that >85% of the gold can be recovered quickly and cheaply into a gravity concentrate using a single-pass Falcon concentrator. Preliminary geotechnical and mining studies indicate that underground access by an exploration decline is technically feasible at Serra Pelada. Environmental studies to date indicate that neither mercury nor uranium is present in quantities that will require special measures to be implemented. The water in the pit is unusually clean, and meets the World Health Organization ( WHO ) standards for potable drinking water. Drill core analyses to date of trace elements indicate that no deleterious elements are present in quantities that will present environmental problems. For example, vii

8 arsenic levels are very low, generally <20ppm As, and the arsenic is present as oxide, a safer compound that sulphide. In Vidoro s opinion, the CAD $25M budget for Serra Pelada proposed for 2010 by Colossus is sensible and justified given the advanced state of the Project. The excellent infrastructure in this historic mining district is a significant positive factor in the potential development of the Serra Pelada Project. Recommendations The Serra Pelada Gold Platinum Palladium Project has reached a stage where significantly increasing the current 25m line spaced drill density from surface will be costly and time prohibitive. An exploration decline to provide underground access for closer-spaced drilling is likely to prove more cost-effective than drilling long holes from surface. The CAD $8M expenditure proposed by Colossus to establish underground access in 2010 is reasonable and endorsed by Vidoro. The additional $5M proposed expenditure on exploration drilling from underground is practical and entirely justified. More metallurgical test work is required. The early gravity separation test work is extremely encouraging but requires optimization. Various flotation parameters should be examined as well as leaching, in order to recover the valuable platinum group elements ( PGEs ). The budget of $250,000 proposed for 2010 by Colossus is modest and may require supplemental funding. The proposed exploration decline will be necessary to detail the distribution of high grade subzones ahead of production as well as clarifying mining methods and optimizing the metallurgical plant. The design of the decline and related underground development, as proposed by Colossus, will facilitate bulk sampling for such purposes and facilitate timely production. The ongoing geotechnical and mining studies are appropriate for a project at this stage of its evaluation and should be continued. The 2010 budget proposed by Colossus includes $3M on site works, which Vidoro agrees will be absolutely necessary to support the ambitious programme. viii

9 4 INTRODUCTION This report is a review of the Serra Pelada Gold-Platinum-Palladium Project located near Marabá in Pará State, Brazil. Colossus holds a 75% interest in a joint venture company called Serra Pelada Companhia de Desenvolvimento Mineral ( SPCDM ). The other 25% is held by Cooperativa de Mineração dos Garimpeiros de Serra Pelada ( COOMIGASP ). A formal request for the transfer of title over the tenement covering Serra Pelada to SPCDM was accepted by Departamento Nacional de Produção Mineral ( DNPM ) and the title transfer took effect on 14 September Colossus is a limited liability Brazilian company that is a wholly-owned subsidiary of CMI, a company duly organized and existing under the laws of the Province of Ontario, Canada. Colossus and COOMIGASP signed a Partnership Agreement on 16 July 2007 to form a joint venture company. At the request of Dr. Vic Wall, Director, and Vice-President of Exploration for Colossus Minerals Inc. ( CMI ), Vidoro Pty Ltd ( Vidoro ) was commissioned in October 2009 to prepare a Technical Report on the Serra Pelada Gold-Platinum-Palladium Project ( the Project or Serra Pelada ) compliant with National Instrument This report updates the previous report completed in December 2007 entitled Technical Report on the Serra Pelada Gold-Platinum-Palladium Project in Para State, Brazil, for Colossus Minerals Inc. ( the 2007 Report ). The scope of the inquiries and of the report included the following: An audit of drilling, sampling and assaying procedures currently employed by Colossus A review of recent exploration and other work by Colossus in advancing the Project A review of the deposit model in the light of new information generated by exploration carried out since 2007 An opinion of the proposed program and budget for future work at the Serra Pelada Gold-Platinum-Palladium Project Vidoro has not been requested to provide an Independent Valuation, nor has Vidoro been asked to comment on the Fairness or Reasonableness of any vendor or promoter considerations, and therefore no opinion on these matters has been offered. This report is based on technical data provided to Vidoro by Colossus, as well as discussions with geologists on site during a field inspection of the property. Colossus provided open access to all personnel and records necessary, in the opinion of Vidoro, to enable a proper assessment of the Project. Colossus has warranted in writing to Vidoro that full disclosure has been made of all material information and that, to the best of Colossus knowledge and understanding, such information is complete, accurate and true. Readers of this report must appreciate that there is an inherent risk of error in the acquisition, processing and interpretation of geological and geophysical data. Vidoro s Project Co-coordinator was Mr. David Jones, who was also responsible for the geological interpretation. Mr. Jones carried out a field review of current exploration at the property in November Additional relevant material was acquired independently by Vidoro from a variety of sources. The list of references at the end of this report lists the sources consulted. This material was used to expand on the information provided by Colossus and, where appropriate, confirm or provide alternative assumptions to those made by Colossus. Six weeks were spent on data collection and analysis and preparation of this report. David Jones spent four days at Serra Pelada between November 2009 carrying out the geological audit and examining key areas. Appraisal of all the information mentioned above forms the basis for this report. The views and conclusions expressed are solely those of Vidoro. When conclusions and interpretations credited specifically to other parties are discussed within the report, then these are not necessarily the views of Vidoro. 1

10 5 RELIANCE ON OTHER EXPERTS The opinions expressed in this report have been based on information supplied to Vidoro by Colossus, its associates and their staff, as well as the additional information listed in the References. Vidoro has exercised all due care in reviewing the supplied information, including a recent visit to key sites in the Serra Pelada Gold-Platinum-Palladium Project area. Although Vidoro has compared key supplied data with expected values, the accuracy of the results and conclusions from this review are reliant on the accuracy of the supplied data. Vidoro has relied on this information and has no reason to believe that any material facts have been withheld, or that a more detailed analysis may reveal additional material information. The author has not relied on reports, opinions or statements of legal or other experts who are not qualified persons for information concerning legal, environmental, political or other issues and factors relevant to this report. 6 PROPERTY DESCRIPTION AND LOCATION 6.1 Property Details On 27 February 2007 the Ministério de Minas e Energia (Ministry of Minerals and Energy - MME ) issued to COOMIGASP Exploration License No under the process designated DNPM /90. Exploration Licenses are administered by the Departamento Nacional de Produção Mineral ( DNPM ), the Brazilian National Department of Mineral Production. This Exploration License is located 90 km southeast of the town of Marabá in Pará State, Brazil. The license, which covers the Serra Pelada Gold-Platinum-Palladium Project, comprises an area of 100 hectares located partly within a larger license, /69 held by VALE, and includes the Serra Pelada pit. Bounding coordinates of Exploration License No.1485, determined by Resource and Exploration Mapping Ltd. from DNPM title documents are (UTM Zone 22, South American Datum 1969): Latitude 5 56'22.28" South; Longitude 49 39'39.24" West Latitude 5 56'22.28" South; Longitude 49 40'11.94" West Latitude 5 56'54.65" South; Longitude 49 40'11.94" West Latitude 5 56'54.65" South; Longitude 49 39'39.24" West A legal opinion dated 13 November 2007 was provided to Colossus Minerals Inc., from Silva Martins Vilas Boas Lopes e Frattari ( SVLF ). SVLF are lawyers qualified to carry out the practice of law in the Federative Republic of Brazil. Copies of the SVLF legal opinions were provided in Appendix 1 to the 2007 Report (Jones & Hall, 2007). According to SVLF, the Mineral Rights at the time were valid and in good standing to 1 st March Following the ratification of the Amended Agreement (see below) between Colossus and COOMIGASP on 6 September 2009, the Final Exploration Report was submitted by and in the name of the new Joint Venture Company Serra Pelada Companhia de Desenvolvimento Mineral ( SPCDM ) with DNPM on 9 September Colossus holds a 75% interest in SPCDM and therefore in Exploration License No The request for transfer of title from COOMIGASP to SPCDM was accepted by DNPM and approved on 14 September 2009 (see Appendix 1 of this report). 6.2 Joint Venture Terms Details of the partnership agreement dated 16 July 2007 executed by COOMIGASP and Colossus were set out in the 2007 Report (Jones & Hall, 2007). On 12 November 2009, Colossus announced that it had amended its agreement ( Amended Agreement ) with COOMIGASP. The Amended Agreement was executed following ratification via a series of open meetings of the members of COOMIGASP and a vote passed by the members of 2

11 COOMIGASP. The Amended Agreement was stamped by the authorities in Curionópolis on 6 September Pursuant to the original agreement between Colossus and COOMIGASP dated July 16, 2007, Colossus had the right to earn up to a 75% interest in SPC, which operates the Serra Pelada Project, by spending R $18.0 million (US $10.6 million) on exploration and development of the Serra Pelada Project. In addition, to earn its interest, Colossus was required to make staged premium payments to COOMIGASP based on the mineable gold reserve proven by exploration work accepted by the Brazilian National Department of Mines in the Plano de Aproveitamento Economico. Colossus has now met the R $18.0 million expenditure commitment. Pursuant to the terms of the Amended Agreement, Colossus will be required to make a monthly payment to COOMIGASP of R$350,000 (US$206,000) and will finance COOMIGASP s portion of development costs until production commences. Reimbursement of funds advanced on COOMIGASP s behalf by Colossus will commence on the second year of production and will be payable in equal quarterly instalments over a two year period. Additionally, the above referenced premium payments have been amended such that Colossus will make a life-of-mine premium payment to COOMIGASP per kilogram of precious metal sold from mine production in Brazilian Reals as follows: * Precious metal is defined as any one of gold, platinum, palladium, rhodium, osmium, ruthenium or iridium **R$ 1 = US $ (November 9, 2009) 6.3 Permits and Royalties The legal framework for the development and use of mineral resources in Brazil was established by the Federal Constitution, which was enacted on October 5, Later, on August 15, 1995, Brazilian Congress approved Constitutional Amendments Nos. 6 and 9, which allow the participation of the private sector in joint ventures and/or private investment in the mining sector from both domestic and foreign investors. DNPM is responsible for regulating and implementing the Mining Code of Brazil. Mineral exploration licenses and mining concessions are issued and administered by the DNPM which also monitors exploration, mining, and mineral processing. To apply for and acquire mineral rights, a company must be incorporated under Brazilian law and have its head office and administration in Brazil. The process of acquiring title to mineral property is a phased procedure involving progressive steps as exploration and development work on a property advances. Tenure is secure as long as the titleholder meets clearly defined obligations over time, but the process of acquiring a mineral right can be lengthy. Exploration licenses are granted for a maximum period of three years, provided that all requirements are met and the area of interest does not overlap with an existing license. There is an annual fee (R$1.90 per hectare during the initial period, and R$2.87 during an extension period) on mineral rights to be paid to the Brazilian government. Exploration licenses can be extended for a second period no longer than three years. The renewal is left at the DNPM's discretion. 3

12 Experimental mining authorization can be applied for and is granted by the DNPM for the purpose of establishing resources/reserves through processing of large scale bulk sampling (by a plant). It is allowed within a specific area of an exploration license before a mining concession is granted. The experimental mining authorization is granted provided an agreement has been reached with the surface right holder. It is also subject to receiving an underlying environmental license to be granted by the relevant environmental agency. Mining concessions can be applied for following a final exploration report to be submitted to, and approved by the DNPM by the final expiry date of the exploration license. The report must conclude and demonstrate that an economic mineral resource has been delineated and measured. Normally, a mining plan and feasibility study must be presented within a year. A licence of installation and a licence of operations are then issued by the applicable environmental agency as a prerequisite to the granting of the mining concession. A mining concession is granted for a period covering the mine life until the mineral reserves of the deposit are exhausted. A mining concession does not convey title to a mineral deposit but provides the holder with the right to extract, process, and sell minerals extracted from the deposit in accordance with a plan approved by the DNPM and environmental authorities. The holder of a mining concession must pay the government the Financial Compensation for the Exploitation of Mineral Resources ("CFEM"), a federal royalty, which is established at 1.0% of the net sales of gold ore or 0.2% of the net sales of other precious metals. In addition, a royalty must be paid to the landowner if the surface rights do not belong to the mining titleholder. This royalty amounts to 50% of CFEM. However, it is common practice to negotiate a separate compensation agreement that is satisfactory to both parties as this amount may not be sufficient for the land owner. Surface rights in Brazil are distinct from mining rights and must be acquired separately. The land owner has no title to the sub-soil or minerals contained therein. The Brazilian mining code provides for some form of expropriation of privately held surface rights subject to fair compensation. The holder of a mineral right is entitled to use the surface to conduct mining operations, including the construction of facilities required for such operations. The access to the land and reclamation of disturbed areas must be negotiated with each individual surface right holder. However, the landowners are obliged by law to provide access to the mineral licence holder to conduct exploration. If an agreement cannot be reached by negotiation there are legal mechanisms in place to allow courts to dictate an arrangement. 6.4 Environmental Regulation General environmental rules and obligations are relatively similar to those applicable in Canada. The Brazilian environmental policy is the responsibility of the Ministry of the Environment and is executed at three levels: federal, state, and municipal. The environmental legislation applied to mining is basically consolidated in the following environmental requirements: EIA (Study of Environmental Impacts), LP (Previous License), LI (Installation License), and LO (Operational License) and a PRAD (Rehabilitation Plan for Degraded Areas). An EIA is required as a condition for obtaining the LP for any activity which potentially causes substantial environmental impact The LP, LI and LO are mandatory for installing, expanding, and operating any mining activity, except exploration, under the systems of mining concession or licensing. A PRAD requires suitable technical solutions to rehabilitate the soil and other aspects of the environment that might be degraded by mining operations. In recognition that the preparation of an EIA can represent a substantial financial burden for a smaller projects, a company can undertake a less detailed form of EIA called "Environmental Diagnostic Report" in certain cases. The Serra Pelada Technical Report is submitted to the SEMA Secretaria de Meio Ambiente which has the authority to waive the need for a full EIA. Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováreis, the federal environmental agency, is in charge of the licensing of activities with environmental impacts in more than one state or in federal waters, while SEMA is in charge of the licensing of activities with environmental impacts within the State of Para. The determination of competence between the two environmental bodies may cause overlap which may result in some cases in problems and delays for mining companies. Currently in Brazil, DNPM does not require any action concerning environmental actions or remediation of damage caused by previous operators of a particular license. However, DNPM does 4

13 require that environmental licenses be presented. When these licenses are issued, the environmental bodies in general require the current operator to remediate the damages left by previous activities. In respect of the Serra Pelada Property, the Corporation does not expect that these requirements would be significant. The EIA/Rima for Serra Pelada was submitted to the Pará Secretaria Estadual de Meio Ambiente (Pará State Secretariat for the Environment Sema ) in September Public hearings concluded in December 2009 and the Pará State authorities are considering the submissions made at those hearings before issuing the environmental licence. 5

14 7 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 7.1 Access The Serra Pelada Gold-Platinum-Palladium Project is located near the town of Marabá in the State of Pará, part of the Amazonia region of Brazil. The State capital, Belém, is located at the mouth of the Tocantins River on the South Atlantic Ocean coast about 600km NNE of Serra Pelada. The nearest major airport is at Marabá (population 157,000 in the 2005 census), a town on the Tocantins River situated about 90km NE of Serra Pelada. There are daily jet services to and from Brasília operated by both Tam Linhas Aereas ( TAM ) and also by Gol Transportes Aereos. During the 1960s and 1970s successive Brazilian governments made great efforts to build an infrastructure and encourage settlement in the Amazon region. One of the first roads built stretches from the capital Brasília to Belém, some 2,100km long. Dwarfing this highway and probably the most famous and controversial road is the TransAmazon Highway. This runs from Estreito on the Brasília-Belém road north through Marabá and Altamira, westwards to Rio Branco and on to Cruzeiro do Sul in the far western state of Acre. 6

15 Figure 1. Location and regional access to Serra Pelada Figure compiled by D G Jones 7

16 From Marabá, a local paved road leads due south and then west, for a total of 100km to the turn-off east of Curionópolis (population 18,000). A 30km stretch of formed gravel road provides access to the Serra Pelada mine. The journey from Marabá takes about 2½ hours. Carajás airport is located half-way between the closed town of Carajás and the city of Parauapebas. TAM s affiliate TRIP operates a weekday service to Carajás airport from Brasilia using ATR72 prop-jet aircraft. The 18km journey from the airport to Parauapebas takes only 15 minutes. Colossus has a local base in Parauapebas (official 2007 population 119,000), as does Intertek, the laboratory used by Colossus for preparation of the Serra Pelada samples. Figure 2. Local access and infrastructure Figure compiled by D G Jones 7.2 Climate Situated only 6 o south of the equator, the climate at Serra Pelada is typically equatorial with little variation in mean monthly temperatures throughout the year. The average maximum temperature for Marabá is 31.6 o C while the average minimum is a steady 22 o C. There are two distinct seasons; the winter is warm and dry while the summer is wet and humid. Three-quarters of the annual precipitation falls from December through April. In July, average rainfall for the month is 21 mm, while in February and March the monthly rainfall exceeds 350 mm. Rainfall intensity can be quite severe. The graphs below show climate data for Marabá. Annual rainfall average is 2,082mm. 8

17 7.3 Local resources Figure 3. Average monthly temperature and rainfall at Marabá Compiled by D G Jones from data provided by Weather Underground The economy of the region is heavily dependent on mining, principally from the iron ore mines of Carajás. VALE is developing five projects in Southern Pará located within a radius of 90 km from Carajás, three of them to the southeast and two to the northeast. The Sossego project involved an investment of US$413 million and in June 2004 commenced production of 140,000 tpa of copper concentrate and 100,000 oz/year of gold. The project is VALE's first venture into copper production and includes a mine, mill and beneficiation plant and transport for the concentrate produced. The other projects should begin operations in 2010, producing an estimated 690,000 tpa of copper. Marabá is the market centre for the region and a hub for road, rail and river transport. Together with the mining industry, the city economy relies also on agriculture, cattle raising, handcraft production and commerce. There are many experienced miners in the vicinity and the university in Marabá is focused on training professionals for the mineral industry. The Tocantins River and its tributaries are of vital economic importance to the region, both as a source of fresh water for the population and industry, and as a source of hydro-electric power. The Serra Pelada Gold-Platinum-Palladium Project area is in a region of moderately fertile red-yellow podsols. Agricultural products include rice, corn, beans, palm oil, banana, tomato, watermelon, coffee, avocado, guava and cashew. Throughout the region there is extensive cattle-ranching, producing both milk and meat; using natural pastures that are annually burnt to stimulate young growth of herbs and grasses. Total stock numbers include up to 400,000 head of cattle and 50,000 pigs. The remaining forest areas have been intensively exploited for fuel wood for domestic use and especially for the production of charcoal. This is an important material for the production of pig iron from small plants in Marabá. 7.4 Infrastructure The burgeoning mining industry in the Carajás Mineral Province has required a massive investment in infrastructure and to create transport routes for industrial and agricultural exports. One of the biggest mining projects in Brazil is based on the iron ore deposits in the Serra dos Carajás near Parauapebas. With an estimated 18 billion tonnes of ore this is one of the biggest iron deposits in the world. The Projeto Grande Carajás Mining and Industrial Zone ( PGC ) is gazetted over an area of 400,000 sq km and involves a total investment of US $62 billion. The town of Carajás has been completely rebuilt and is closed to all but VALE workers. VALE constructed a heavy-duty rail line 892 9

18 km long from the iron mines to the Atlantic port of São Luís (see Figure 1 above). The nearest railhead to Serra Pelada is at Carajás, 50 km by road from Serra Pelada. In October 2009 VALE announced that during 2010 it would invest a further US$8.2 billion capital expenditure in Brazil, including US$1.2 billion in the Carajás Serra Sul (S11D) iron ore mine. A further $600 million will be spent on the Salobo copper project, which has design capacity to produce 127,000 tonnes per annum of copper in concentrate. Project implementation is underway, and civil engineering has begun. Construction is scheduled for completion during the second half of Other minerals such as gold, copper, nickel, manganese and bauxite have also been found in significant quantities in the Carajás Mineral Province and more reserves of minerals are discovered each year. Much is exported in its raw form but there has been some attempt at refining it in the region. Industrial plants utilizing these reserves include the aluminum smelter in Belém (the largest industrial plant in Latin America) and a steel mill in São Luís. Mining developments have led to increased energy demands, spurring the construction of dams for the generation of hydroelectric power. Just downstream from Marabá, the Tucuruí hydro-electric dam in 2005 had its capacity boosted to lift output to 8,370 MW and is the largest hydro-electric project in the world. Three other hydro-electric plants on the Tocantins River have a combined capacity of 2,630 MW and an additional plant is near completion. Seven more hydro-electric plants on the Tocantins River are planned. Figure 4. Power transmission lines in the vicinity of Serra Pelada A branch of the main 230kv hydro-electric power transmission line from Tucuruí to Carajás supplies power to the Serra Pelada Gold-Platinum- Palladium Project area. Photo 1. Hydro power line at UTM Zone mE, mN, 15km NW of Serra Pelada 10

19 7.5 Physiography The Carajás Mineral Province lies within the South Pará Plateau, in which altitudes vary from 500m to 700m. A series of NNE-SSW trending ranges project above the plateau, remnants of an older surface that was eroded to a peneplain and uplifted during the Paleozoic. Serra Pelada lies on the south-east flank of one of these, the Serra Sereno mountain range, with peaks up to 600m above sea level. The stream banks are terraced and capped with iron-aluminous laterite, currently being actively eroded. The drainage of the area flows into the Sereno Gorge, part of the Rio Parauapebas system. A tributary of the Sereno Gorge flows north-east from Serra Pelada. Figure 5. Local access and physiography, Serra Pelada Cleared areas in red; forest areas in green. The vegetation was originally dense evergreen tropical rain forest. Around the Serra Pelada mine, all of the original vegetation has been cleared for pasture and subsistence cultivation. 11

20 8 HISTORY 8.1 Discovery and Ownership The discovery and history of the Serra Pelada mine were discussed in detail in the 2007 Report (Jones & Hall, 2007). Aspects of the garimpeiro operations during the 1980s have been covered by an excellent 1983 BBC documentary Amazon Gold, and the Australian 60 Minutes television program Treasure of Serra Pelada broadcast in November 1985 which can still be viewed through the following video link: The classic images of Serra Pelada captured by the Brazilian photojournalist Sebastião Salgado are included in his book Workers: Archaeology of the Industrial Age published in On 27 February 2007, COOMIGASP was issued Exploration License No.1485 designated under DNPM Process /90. The license was published in the government gazette by DNPM on 1 st March 2007 (DNPM, 2007). COOMIGASP was also obliged to present to the government its proposed exploration program, and within three years, a feasibility and environmental impact study, and mining program. The Final Exploration Report including the environmental, mining and feasibility studies was submitted by and in the name of the new Joint Venture Company Serra Pelada Companhia de Desenvolvimento Mineral ( SPCDM ) with DNPM on 9 September Colossus holds a 75% interest in SPCDM and therefore in Exploration License No The request for transfer of title from COOMIGASP to SPCDM was accepted by DNPM on 14 September 2009 and is being processed, according to the DNPM website (see Appendix 1 of this report). 8.2 Previous Exploration The previous work by VALE on the property was discussed in detail in the earlier NI report (Jones & Hall, 2007). 8.3 Previous Resource and Reserve Estimates Various historical estimates for the remaining resources at Serra Pelada have been reported. These historical estimates however are not reported in accordance with NI They were discussed in the 2007 Report (Jones & Hall, 2007). 12

21 9 GEOLOGICAL SETTING 9.1 Regional Geology The Brazilian Shield extends over much of South America east of the Andes Mountains. The major tectonic units of the Shield are the Mesoproterozoic Amazon, São Francisco and the Rio de la Plata Cratons, surrounded by Neoproterozoic orogenic belts. There are many smaller cratonic fragments, such as the São Luís Craton. Paleoarchean rocks occur as small cratonic nuclei in north-eastern Brazil. The cratons contain voluminous 2,600-3,000 Ma granitic and greenstone belts and a large volume of Paleoproterozoic rocks. The Neoproterozoic orogenic belts are dominantly derived from reworking of older Archean crust but also include Mesoproterozoic sediments and volcanogenic sediments. Major orogenic activity ceased in the Cambrian. Deformation of the Shield in the Phanerozoic is limited to re-activation of older sub-vertical shear zones. Figure 6. Simplified regional geology, north-east Brazil Figure supplied by Colossus 13

22 The Amazon Craton is the largest preserved block in the Brazilian Shield. Deformation is concentrated along the Neoproterozoic Araguaia orogenic belt on the eastern flank of the south Amazon craton. Gold deposits are concentrated in the Archean and Paleoproterozoic terranes, including the Archean Carajás Mineral Province of the Amazon Craton. The Carajás Mineral Province is composed mostly of granites and greenstone belts and hosts the largest gold deposits in the Amazon Craton, including Serra Pelada and the Salobo and Igarahapé Bahia Cu-Au deposits. 9.2 Carajás Mineral Province The Carajás Mineral Province is an Archean nucleus that has been divided into two different tectonic units, the northern and the southern blocks. The southern block is the older and is known as the Rio Maria granitoid-greenstone terrain (Hunh et al, 1988). It contains greenstone belts of the Andorinhas Supergroup and the associated Rio Maria, Mogno and Parazônia Archean intrusive granitoids (Ronze et al, 2000). The northern tectonic block is referred to as the Itacaiúnas Shear Belt (Araújo et al, 1988). The basement is mainly composed of gneisses and migmatites of the Xingú Complex dated at 2,800 Ma and east-west trending orthogranulites of the 3,000 Ma Pium Complex (Machado et al, 1991). The basement is overlain by the Carajás Basin, which is host to most of the mineral deposits in the Carajás Mineral Province. The formation of the Carajás Basin was initiated by regional extension of continental crust late in the Archean forming major dextral strike-slip faults. The same faults were later reactivated by sinistral transpression (Ronze et al, 2000). Figure 7. Regional geology of the Itacaiúnas Shear Belt, Carajás Mineral Province. Figure supplied by Colossus The oldest rocks in the Carajás Basin are volcano-sedimentary rocks of the Itacaiúnas Supergroup that accumulated in the Late Archean about 2,700 Ma and were metamorphosed to greenschistamphibolite facies. Included within the Itacaiúnas Supergroup is the Rio Novo Sequence (Hirata, 1982) of mafic-ultramafic schists with minor felsic rocks, banded iron formation ( BIF ) and chert. The Rio Novo Sequence is intruded by differentiated mafic-ultramafic plutons of the Luanga Complex, 14

23 dated at 2,763 ±6 Ma by Machado et al (1991). The Luanga Complex contains chromite and platinum group element ( PGE ) mineralization (Suita and Nilson, 1988). The Itacaiúnas Supergroup is overlain unconformably by siliclastic marine platform sandstones and siltstones of the Águas Claras Formation and the Rio Fresco Group, dated at 2,670 Ma (Cabral et al, 2002a & b). The Carajás Basin is intruded by Archean granites and diorites of the Plaquê Suite dated at 2,740 Ma and alkaline granites of the Estrela Complex and the Old Salobo Granite (2,763 ± 7 Ma; Barros et al. 2001). The 2,550 Ma Estrela granite crops out as an EW elongated elliptical body concordant with the regional structures. During the Proterozoic, around 1,880 Ma, anorogenic granite plutons of the Central Granite and the Cigano Granite were intruded. The anorogenic Cigano Granite (1,883 ± 2 Ma; Machado et al. 1991) is exposed about 15 km west of the Serra Pelada Au Pd Pt deposit. Dioritic and granodioritic plugs and gabbro dikes of uncertain age also occur in the area. 9.3 Regional Geophysics Published airborne geophysical data was acquired on behalf of the Brazilian Government in two separate surveys. Magnetic and electromagnetic data were obtained by Geoterrex-Dighem in March 1999, using a CASA C-212 aircraft. Flight lines were E-W oriented, perpendicular to the general N-S trend of the Rio Novo Group rocks, with lines spaced 250m apart. Control flight lines were N-S oriented and spaced 5km apart. Flying height was 120 m above the ground. Figure 8. Regional aeromagnetic image (Filho et al, 2008) Magnetic field anomalies highlight the structural framework and main geological features in the area. High signal values are associated with meta-ultramafic rocks of the mafic-ultramafic complexes and magnetite-rich shear zones related to the Serra Pelada Divergent Splay (SPDS). The meta-ultramafic rocks include dunite, meta-peridotite, serpentinite, sulphide-rich zones with pyrrhotite, and shear zones with magnetite. Formation of magnetite in meta-peridotite occurs simultaneously with talc and serpentine as a product of olivine alteration. The axes of the anomalies appear as anastomosed features that are ductile shear zones. Magnetiterich, sub-parallel splays related to the Cinzento Transcurrent Shear Zone (CTSZ) cross-cut the Luanga ultramafic complex, centred 10km ESE of Serra Pelada. Magnetic highs are associated with 15

24 magnetite-enriched meta-ultramafic rocks, such as dunite, peridotite, serpentinite, and talc-schist, as well as shear zones that truncate these complexes and remobilized the magnetite from the metaultramafic units. Platinum group metal ( PGM ) mineralization in the mafic ultramafic Luanga Complex is associated with pyrrhotite-rich meta-pyroxenite and chromitite layers next to the contact between meta-pyroxenite and peridotite/serpentinite. Discrete circular anomalous highs can be seen in the central part of the area. These highs are associated with shallow magnetic banded iron formation sources such as the Serra Leste iron deposit 5km SE of Serra Pelada. Discontinuities in the high values of the NS or NNW anomaly patterns likely represent magnetiteenriched gabbroic dikes, which are widespread in the Itacaiúnas Supergroup. The time-domain electromagnetic map shows conductive zones in: (a) the NE portion of the map, where there are NE-trending aligned features (part of the Serra Sereno), which may represent carbonate and manganese-rich phyllite of the Rio Fresco Group; (b) the surroundings of the Formiga deposit, highlighting the thick alteration mantle, the meta-ultramafic rocks of the Formiga complex as well as banded magnetite-rich formations; (c) the mafic ultramafic Luanga complex; (d) the Serra Pelada Au Pd Pt deposit, where high conductive zones occur due to the presence of carbonaceous meta-siltstone and to the thick alteration mantle generated by dissolution of the carbonate-rich metasandstone of the Rio Fresco Group. Figure 9. False-colour TEM image (Filho et al, 2008) Gamma-ray spectrometric data was acquired by GEOMAG in June 1993, using a 212 Bell helicopter. The GR-820 Exploranium gamma-ray spectrometric system measured the natural gamma-ray spectrum in 256 channels at a height of 60 m. 16

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