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Magellan Minerals Ltd. (MNM.V) Provides Update on Drilling Program in Brazil

Recently, Magellan Minerals Ltd. provided an update on the Company’s drilling program at the Coringa project in northern Brazil. Diamond drilling at Coringa is now in progress and 2552m (20 diamond drill holes) have undergone completion so far.

The Company also received results on five additional holes. Two of the five holes underwent drilling at the new target area of Mae de Leite, 2 kilometers along strike and to the north of the gold resource at the Meio Zone. These particular holes intersected a well-developed mineralized zone varying from 1.3 to 9.0m in width.

Hole 96 underwent drilling roughly 80m north of hole 98 and intersected 1.3m at 7.89g/t gold. Hole 98 intersected 9.0m of 1.05g/t gold. This included an interval of 1.0m of 13.86g/t gold. Four more holes are in the process of being completed to test the strike extension of this zone. However, initial indications are that Mae de Leite is a new mineralized zone that has the potential to add to the existing resource at Coringa.

Hole 94 underwent drilling south of Meio. This was into a previously untested anomaly parallel to, and 70m SW of the main mineralized structure. The hole returned 2.6m at 7.52g/t gold. This suggests the presence of a new mineralized structure. The strike extent of it is unknown at this time

Hole 95 underwent drilling 57m southeast of previously drilled hole 93 (0.5m at 7.48g/t) on the main Meio structure. It intersected 0.5m at 10.03g/t. This suggests the presence of a new ore shoot between the Meio zone and the Come Quieto area to the south.

Presently, drilling is continuing. Drill results are currently pending on five additional holes drilled at the new Mae de Leite zone. Drill results are also pending on another previously untested gold-in-soil anomaly 120m south-west of Mae de Leite.

Ian Gendall, COO, commented, “The discovery of the high grade zone at Mae de Leite, between the Meio and Galena resource blocks, is very encouraging for expanding the current gold resource at Coringa. Furthermore the discovery of a new mineralized gold bearing vein structure which is parallel to the main structure bodes very well for further expansions.”

Headquartered in Vancouver, British Columbia, Magellan Minerals Ltd. is a junior exploration company focusing on mineral exploration and development in the state of Para in northern Brazil. The Company is mainly focusing on the Cuiú Cuiú and Coringa projects. They acquired Coringa in September 2009 as part of the acquisition of Chapleau Resources Ltd.

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