Magellan Minerals (TSX-V: MNM)(OTCQX: MAGNF) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold). The Coringa project contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold).

For further information, please contact:

Magellan Minerals Ltd.
Alan Carter, President and CEO
Tel:  604.676.5663
e-mail: info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
e-mail: Jennifer@magellanminerals.com
www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Vancouver, BC, May 11, 2012 – Magellan Minerals Ltd. (TSX-V: MNM)(OTCQX: MAGNF) (“Magellan”) is pleased to announce an agreement whereby Magellan will grant Sandstorm Gold Ltd. (“Sandstorm”) a 2.5% net smelter returns royalty (“NSR”) on the Coringa gold project (“Coringa”) and a 1.0% NSR on the Cuiu Cuiu gold project (“Cuiu Cuiu”) both of which are located in Para state, Brazil. As consideration, Sandstorm will provide an upfront cash payment of US$7.5 million and will subscribe for one million shares of Magellan at a price of $0.50 per share. The share subscription is subject to approval from the TSX Venture Exchange. 

As part of the agreement, Magellan has provided Sandstorm with a right of first refusal on any future royalty or gold stream financing for both the Coringa and Cuiu Cuiu projects.

This transaction follows the termination of the recently announced royalty financing with Global Royalty Corporation (see press release dated 30th March 2012) regarding the Cuiu Cuiu project.

As part of the transaction, Magellan acquired the existing 2.5% royalty on the Coringa project from the royalty holder on April 30, 2012 for total consideration of US$2.7 million. 

“We are extremely pleased to have concluded this arrangement with Sandstorm Gold, a company with a strong management team and existing assets in Brazil. The agreement results in minimal shareholder dilution and allows us to advance Coringa through a revised scoping study and feasibility, as well as continuing to expand the resource base at Cuiu Cuiu”, said Magellan President & CEO Alan Carter.

About Coringa and Cuiu Cuiu

The Coringa gold project is located in Para State, 20 kilometres east of the BR-163 highway. Coringa is a narrow, high grade vein system extending over an eighteen kilometre strike with significant exploration upside. Magellan released a positive preliminary economic assessment on Coringa in May 2010, which is in the process of being updated, and will commence a feasibility study in the third quarter of 2012.    

Cuiu Cuiu is located 180 kilometres southwest of Itaituba in northern Brazil. Exploration work has identified a series of major gold soil anomalies and Magellan anticipates conducting a drilling program during the second half of 2012 with plans to release a revised resource estimate in Q1 2013.

(1) Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Dennis Moore, B.Sc., M. Eng., is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release

Magellan Minerals (TSX-V: MNM)(OTCQX: MAGNF) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold).  The Coringa project contains Measured and Indicated resources of 561,000oz of gold (3.35Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold).

For further information, please contact:

Magellan Minerals Ltd.
Alan Carter, President and CEO
Tel:  604.676.5663
e-mail:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
e-mail: Jennifer@magellanminerals.com
www.magellanminerals.com

Sandstorm Gold Ltd.
Denver Harris, Investor Relations
Tel: 604-628-1178
e-mail: dharris@sandstormltd.com
www.sandstormgold.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Separately, Magellan has granted stock options to directors, officers, employees and consultants of the Company. The options entitle the holders to purchase 2,455,000 common shares in the capital stock of the Company at a price of $0.50 per share.  The options are exercisable until April 26, 2017, subject to vesting over 24 months. 

Magellan Minerals (TSX-V: MNM) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold). The Coringa project contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold).

For further information, please contact:
Alan Carter, President and CEO
Tel: 604.676.5663
e-mail: info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 604 676 5660
e-mail: Jennifer@magellanminerals.com
www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Vancouver, BC, April 4, 2012 – Magellan Minerals Ltd. (TSX-V: MNM)(OTCQX: MAGNF) (“Magellan”) is pleased to report the results of continued prospecting work aimed at targeting high grade structures at its Cuiu Cuiu project located in the state of Para in northern Brazil. The Cuiu Cuiu project currently contains 3.4Mt @ 1.0 g/t (100,000oz) of Measured resources and 31Mt @ 1.2g/t gold (1,200,000oz) of Inferred resources (see press release dated 8th March 2011).

Highlights include:-

• 203.5 g/t gold in a grab sample from the previously unknown Quebrabunda showing located approximately 1km north of the Moreira Gomes deposit (0.7Moz comprising 14Mt @ 1.5g/t)  
• 46.4 to 128.6 g/t gold in linear 1 metre chip samples from the previously unknown 6 Irmaos zone which is located between 180 and 330m immediately south of the Moreira Gomes deposit
• 7.0 – 14.9 g/t gold in grab samples from the previously unrecognized Cuiabano zone located  500m north of Moreira Gomes and 300m NE of the Machiche showing which was previously tested with one hole (3.3m @ 7.4g/t gold)
• 10.9 g/t gold in a grab sample from the previously unknown Ivo zone located 800m north of Moreira Gomes and 900m east of the Jerimum de Baixo zone

Of 167 holes drilled at Cuiu Cuiu thus far, only 3 have targeted high grade vein structures at the Machiche (3.3m @ 7.4g/t gold) and Guarim showings (0.5m @ 30.2g/t gold). At least 20 high grade structures have been identified within the Cuiu Cuiu area to date.

The discovery of four new high grade and untested gold showings in the vicinity of the Moreira Gomes deposit confirms the potential for adding significant high grade resources at Cuiu Cuiu in the short term.

Of particular note are the Quebrabunda and Ivo showings which appear to be located on the same E-W trending structure. Quebrabunda returned a value of 203.5g/t gold and Ivo returned 10.9g/t gold. Both showings are located 1.4km apart along an E-W trending structure which is  parallel to Moreira Gomes and coincident with a magnetic low anomaly (see map on website). Previous sampling from nearby artisanal workings at the Cuiu-Cuiu showing 100m east of Ivo, returned 20.1 g/t gold.

The identification of the 6 Irmaos zone is perhaps the most significant discovery at Cuiu so far during 2012. Four samples from two separate structures located between 180 and 330m south of the Moreira Gomes deposit returned values of 46.4, 55.0, 122.2 and 128.6g/t gold. These results follow previous sampling from two other structures in the same area which returned 17.0 and 2.2 g/t gold. Hole 104 was previously drilled 250m east of the current samples and intersected 7.5m @ 18.8g/t gold.

Magellan has identified four distinct mineralized zones at Cuiu Cuiu which are anticipated to be amenable to open pit mining methods. These include Central, Central North, Moreira Gomes and Jerimum Baixo. The Central and Moreira Gomes deposits contain combined resources of 100,000oz of gold (3.4Mt @ 1g/t gold) in the Measured category and 1,200,000oz of gold (31Mt @ 1.2g/t) in the Inferred category. These resources were calculated on the basis of 25,957m of drilling. An additional 20,849m of exploration and step out drilling has been completed since the release of the initial resource.

Interpretation of data from the recently completed IP survey at Cuiu Cuiu together with surface prospecting and sampling at Cuiu Cuiu, is ongoing in advance of further drilling.

Magellan’s QA/QC program includes the insertion of standards, field duplicates and blank material into the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals (TSX-V: MNM) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold). The Coringa project contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold).

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com

www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements

Highlights of the arrangement are as follows:

• GRC will pay Magellan a total of $4.75 million for a 1.5% NSR royalty pertaining to the Cuiu Cuiu property which comprises 44,163ha
• Magellan shall pay GRC an advance royalty of $250,000 per year following the delivery of a positive Feasibility Study. The advance royalty shall be credited toward the payment of the royalty
• GRC shall subscribe for 1 million shares of Magellan at a price of $0.50 per share for proceeds of $500,000

Alan Carter, President & CEO commented “We are extremely pleased with this financing with Global Royalty Corp on our Cuiu Cuiu project, as it results in minimal dilution to our existing shareholders and places the Company in an excellent position to add to the current resources at both Cuiu Cuiu and Coringa. This arrangement also confirms the potential of the Cuiu Cuiu project where 20,000m of drilling has been completed since the release of the initial resource estimate in April 2011”.   

The net proceeds of the offering will be used to fund exploration and development of Magellan Mineral's mineral projects and for general working capital purposes.

Completion of the offering is subject to a number of conditions including completion of satisfactory due diligence investigations and receipt of all necessary regulatory approvals.

Magellan Minerals (TSX-V: MNM) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold).  The Coringa project contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold).

For further information, please contact:

Magellan Minerals Ltd.
Alan Carter, President and CEO
Tel:  604.676.5663
e-mail:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
e-mail: Jennifer@magellanminerals.com
www.magellanminerals.com

Global Royalty Corp.
Mark Kucher, President and CEO
Tel:  604.696.9720
e-mail:   mkucher@globalroyaltycorp.net

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Highlights include:-

• Total resources of 561,000 Measured and Indicated ounces of gold representing 3.17Mt @ 5.50 g/t gold and 534,000 Inferred ounces of gold representing 5.51Mt @ 3.02 g/t gold on an undiluted basis and using a 1 g/t gold cut-off

• An increase of 108% in the Measured and Indicated category and an increase of 444% in the Inferred category.  Measured and Indicated resources for the three main zones have increased by 104% due to additional intercepts on the lower portions of the structures. Inferred resources for the three main zones have increased 273% due to additional strike length of 3.8 km from step-out drilling

• Resources are contained within five areas which include Serra (42% of Measured and Indicated, 19% of Inferred), Valdette (2% of Measured and Indicated, 13% of Inferred), Meio - Come Quieto (42% of Measured and Indicated, 35% of Inferred), Galena - Mae de Leite (15% of Measured and Indicated, 14% of Inferred) and Demetrio (18% of Inferred) 

• Using a 2g/t gold cut-off, resources total 516,000 ounces of gold in the Measured and Indicated category representing 2.26Mt @ 7.22 g/t gold and 409,000 ounces of gold in the Inferred category representing 2.72Mt @ 4.68 g/t gold

The total resource at Coringa has increased by 108% in the Measured and Indicated category representing 561,000 oz gold (3.17Mt @ 5.50 g/t gold) and 444% in the Inferred category representing 534,000 oz gold (5.51Mt @ 3.02 g/t gold) at a 1g/t cut-off. Five main zones now form the basis of the resources at Coringa which were calculated based on 157 drill holes, totaling 23,836 meters.

Magellan’s President and CEO, Alan Carter stated, "We are delighted with the updated resource estimate for Coringa which is a vindication of our efforts thus far. All of the mineralized zones remain open at depth and along strike, and the recent identification of large gold-in-soil anomalies which are untested, suggest that Coringa has the potential to expand significantly beyond the current estimate.” 

Tables 1 and 2 show the resources calculated for each zone and category at Coringa using 1g/t and 2g/t gold cut-offs respectively.

Table 1   Coringa Mineral Resource, 1 g/t Gold Cut-Off Grade (Undiluted)

Table 2  Coringa Mineral Resource, 2 g/t Gold Cut-Off Grade (Undiluted)

NOTE: Mineral resources that are not reserves do not have demonstrated economic viability. An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. An Indicated Mineral Resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit.

The resource estimate used a density of 2.7 t/m3.  All numbers have been rounded to reflect their appropriate level of accuracy.

Magellan plans to update the preliminary economic assessment at Coringa which was released in May 2010 (see press release here) that returned a 34% Internal Rate of Return based on a 400tpd underground mine and a gold price of $950/oz.

Structural models for each of the mineralized gold veins or shear zones were created for each resource area.  Gold grades were confined to the mineralized zones and estimated using the inverse distance squared method capped at 50 g/t gold.

The Coringa mineral resource estimate was prepared under the supervision of Mr. Kevin J. Gunesch a registered Professional Engineer in the state of Alabama (27448) and Principal Mining Engineer of Global Resource Engineering Ltd. (GRE). Donald Hulse, associate of GRE, a registered Professional Engineer in the state of Colorado (35269), and Principal Mining Engineer for Gustavson and Associates participated in the Coringa NI 43-101 report preparation. The mineral resource estimate was prepared under Canadian Institute of Mining Metallurgy and Petroleum (CIM) Definition Standards (2010) and CIM Best Practice Guidelines for preparing mineral resources and mineral reserves. Mr. Gunesch is an "independent" and "qualified person" as such terms are defined in NI 43-101.

The complete NI 43-101 report on the Coringa project will be filed on SEDAR within the next 45 days.

Magellan Minerals (TSX-V: MNM) is a TSX Venture Exchange listed exploration and development company with a number of gold properties in the Tapajos Province of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
e-mail:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
e-mail: Jennifer@magellanminerals.com
www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Vancouver, BC, February 21, 2012 – Magellan Minerals Ltd. (TSX-V: MNM, OTCQX: MAGNF) (“Magellan”) is pleased to announce the results of 14 additional exploration holes recently drilled at the Jerimum Cima, Jerimum Baixo and Moreira Gomes zones at the Cuiu Cuiu project in northern Brazil.

Highlights include:-

• 4m @ 5.49 g/t gold and 1m @ 4.30 g/t gold in hole 161 at Jerimum Cima  which was drilled 325m east of hole 26 which intersected 39m @ 5.13 g/t gold
• 41m @ 0.56 g/t gold in hole 141 and 18m @ 0.39 g/t gold in hole 146 from Jerimum Baixo
• 0.6m @ 8.44g/t gold in hole 145 from the Machiche area north of Moreira Gomes

Jerimum Cima

Five additional exploration holes were drilled at Jerimum Cima during late 2011. Jerimum Cima is a strong gold-in-soil anomaly located 3km NE of the Central deposit and 4km NW of the Moreira Gomes deposit. Previous reconnaissance drilling on this target returned values of 39m @ 5.13 g/t gold in hole 26 and 18m @ 1.17 g/t gold in hole 24 associate with sheeted veins in a granitic host rock. This area is also known to have contained some of the richest alluvial gold deposits in the Cuiu Cuiu area. No resource has been calculated thus far at Jerimum Cima.

Previous surface mapping and an interpretation of the airborne magnetic data suggest a ENE-WSW orientation to the zone of sheeted veins previously intersected in holes 24 and 26. Of the five exploration holes drilled during 2011, three were designed to test the eastern extension of the zone over a strike extent of 500m, one hole was designed to test a magnetic target and one hole was drilled approximately 1km east of holes 24 and 26 under an abandoned garimpo placer working.

Of the three holes drilled along strike to the east of holes 24 and 26, one hole (161) intersected 1m @ 4.30 g/t gold and 4m @ 5.49 g/t gold including 0.5m @ 35.1 g/t gold and was drilled 325m east of hole 26 which intersected 39m @ 5.13 g/t gold. Hole 162 which was drilled 500m east of hole 26 cut 4.5m @ 0.80 g/t gold (see map on website).

Gold mineralization at Jerimum Cima has now been traced over approximately 550m and appears to be confined to narrower high grade structures compared to mineralization identified at Central, Central North, Moreira Gomes and Jerimum Baixo. Further infill drilling will be required along the ENE-WSW trending Jerimum Cima structure which is sub-parallel to the Moreira Gomes zone located 4km to the south east.

Drill hole intersections are summarized in the following table:

*   All holes were drilled at -50°.  Dips of the intersected structures are not known, and intersection widths are not necessarily true widths

Jerimum Baixo

Results have also been received on six additional exploration holes from the Jerimum Baixo target zone which is located 3km ESE of the Central deposit and 1.5km NW of the Moreira Gomes deposit. This brings the total number of holes completed to date at Jerimum Baixo to fifteen.

Previous drilling on this target has returned values of 105m @ 0.60 g/t gold including 41m @ 1.29 g/t gold in hole 94, 38m @ 0.67 g/t gold in hole 98, 57.4m @ 0.51 g/t gold in hole 10 and 25m @ 0.49 g/t gold in hole 137 (see press release dated 15th November, 2010). Significant holes reported here include hole 141 which was drilled 50m SE of hole 94 (which cut 105.2m @ 0.60 g/t gold) and intersected 41m @ 0.56 g/t gold from 17.1 to 58.1m depth and 33m @ 0.28 g/t gold from 92.1 to 125.1m depth (see map on website).

Hole 146 also intersected 18m @ 0.39g/t gold from 202.5 to 220.5m depth which almost certainly represents the same zone cut in holes 91 (30.4m @ 0.40 g/t gold) and hole 95 (54m @ 0.39g/t gold).

The 2011 drill program at Jerimum Baixo has confirmed the existence of a mineralized body which is currently smaller and lower grade than the nearby Moreira Gomes deposit located 1.5km to the south-east. More significantly, gold mineralization above the 0.3g/t gold cut-off grade is consistent over a strike length of 450m and remains open to the east. Further drilling is required to fully define the dimensions of the mineralized zone.

Moreira Gomes

Results were returned on three additional holes from Moreira Gomes.  Hole 149 was drilled on the eastern edge of the known mineralization at Moreira Gomes, 115m east of the previous most easterly hole 122 (8.2m @ 0.37 g/t gold and 18.4m @ 0.46 g/t gold (see press release dated August 31, 2011) and intersected 9m @ 0.34 g/t gold and 16m @ 0.26 g/t gold (see map on website). This is almost certainly the same zone and indicates that the Moreira Gomes body continues to remain open to the east. Drilling has now extended the Moreira Gomes mineralized zone a total of 250m beyond the eastern limit to the orebody as defined in the 43-101 resource estimate of early 2011 (see press release dated 8th March 2011).

Hole 145 was an exploration hole drilled north of the main Moreira Gomes zone and east of the main body. It intersected a narrow high grade vein structure which returned 0.6m @ 8.44 g/t gold from 216.0 to 216.6m depth. This intersection is a narrow vein located 100m SE of the Machiche vein structure which returned 3.3m @ 7.43 g/t gold in hole 52 (see map on website).

The Moreira Gomes and Central deposits at Cuiu Cuiu currently comprise published resources of 1.2Moz (31Mt @ 1.2 g/t) of gold in the inferred category and 0.1Moz (3.4Mt @ 1.0g/t) of gold in the indicated category. The published block model inventory for the Central and Moreira Gomes deposits at a 0.30 g/t gold cut-off comprises 3.5Mt @ 1.0 g/t gold for 110,000 oz of contained gold and 45Mt @ 1.0 g/t gold for 1.4Moz of contained gold.

Holes were drilled at 50 degrees from horizontal.  All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the Company’s office in Itaituba before shipping via secure transport to ACME preparation laboratory in Itaituba for sample preparation.  Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh.  From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying.  Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish.  Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS).  ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

Magellan’s QA/QC program also includes the insertion of standards, field duplicates and blank material in the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com
www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Vancouver, B.C., February 14th, 2012 - Magellan Minerals Ltd. (TSX-V: MNM, OTCQX: MAGNF) (“Magellan”) is pleased to report the results of a preliminary metallurgical study of ore from the Cuiu Cuiu project which was recently conducted by RDI (Resource Development Inc) of North Wheat Ridge, Colorado.

Highlights from this work include:-

• 94 – 97% gold recoveries in carbon-in–leach direct cyanidation tests at P80 = 200 mesh (75 microns) for composite oxide and sulphide samples from both the Central and Moreira Gomes deposits
• 93 – 95% gold recoveries in carbon-in-leach direct cyanidation tests at the relatively coarse grind of P80 = 100 mesh (150 microns) for composite oxide and sulphide samples from the Central deposit and 88 – 90% gold recoveries at P80 = 100 mesh for composite oxide and sulphide samples from the Moreira Gomes deposit
• Extractions were performed over 48 hours with cyanide consumptions generally in the range of 0.23 to 0.65kg/t
• Gravity testing also suggests that a portion of the gold (12.7 – 59.4%) is free and can be recovered via gravity

In total, 41 samples of drill core from the Central zone weighing a total of approximately 69.5kg, and drill core samples weighing 40.3kg from the Moreira Gomes zone were used for the testing. Samples from 18 holes were selected so as to be as representative as possible of the overall resource grade at Cuiu Cuiu.

Four composite samples representing oxide material and primary sulphide material from both the Central and Moreira Gomes deposits were compiled, with head grades ranging from 1.36 to 1.93 g/t gold. The four composite samples (1kg charges) were ground to P80 of 65, 100 and 150 mesh and subjected to gravity concentration using a laboratory Knelson concentrator. The gravity concentrate was subject to cleaner gravity concentration using a Gemeni table. The gold recovery in the Gemeni concentrate ranged from 12.7% to 59.4% while the concentrate assayed 4.9g/t to 175.8g/t gold.

Whole ore carbon-in-leach tests were performed on the four composites to determine the metal extraction and reagent consumptions for future potential ore processing. Each composite sample (1kg charge) was ground to P80  of 100 (150 microns) and 200 mesh (75 microns) and slurried with water to a density of 40% solids. The slurried sample was adjusted to a pH of 11 with lime, carbon added to 20 g/l and a cyanide concentration of 1 g/l. The samples were bottle rolled for 48 hours. The pH and NaCN concentration was adjusted to 11 and 1 g/l, respectively, at 6, and 24 hours for all the tests. After 48 hours, the samples were filtered after carbon removal and the residues were thoroughly washed and dried. The dry residues were then pulverized and assayed.

The results indicate that the gold extraction from the Central oxide material was over 95%, and the cyanide consumption was reasonable at 0.234 kg/t. The gold extraction for the Central primary material was +/- 93% and the cyanide consumption was 0.239 kg/t. At Moreira Gomes the gold extraction was dependent on grind size. Gold extraction of 94% to 96% was obtained at P80 of 200 mesh. The cyanide consumption was 0.653 kg/t to 1.249 kg/t.

Tables 1 and 2 summarize the results of the whole ore carbon-in-leach cyanidation test results.

Table 1 – Central deposit

Table 2 – Moreira Gomes deposit

Alan Carter, President & CEO commented, “We are extremely pleased with the results of the preliminary metallurgical test work from Cuiu Cuiu which indicate excellent gold recoveries via direct cyanidation. These results are comparable with results from the nearby Tocantinzinho deposit of Eldorado Gold which is currently undergoing a feasibility study.”

The Moreira Gomes and Central deposits at Cuiu Cuiu comprise current published resources of 1.2Moz (31Mt @ 1.2 g/t) of gold in the inferred category and 0.1Moz (3.4Mt @ 1.0g/t) of gold in the indicated category. The published block model inventory for the Central and Moreira Gomes deposits at a 0.30 g/t gold cut-off comprises 3.5Mt @ 1.0 g/t gold for 110,000 oz of contained gold and 45Mt @ 1.0 g/t gold for 1.4Moz of contained gold.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a Qualified Person in compliance with National Instrument 43-101. Test work at RDI was performed under the supervision of Deepak Malhotra, President and a Qualified Person.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration and development company with a number of gold exploration properties in the Tapajós region of northern Brazil, and is focused on the Cuiu Cuiu and Coringa projects.

For further information, please contact:

Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com
www.magellanminerals.com
 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Highlights include:-

• 1.0m @ 32.6 g/t gold in hole 160 at Serra which was drilled on the northern strike extent of the Serra zone 50m north of hole 148  (1.5m @ 11.73 g/t gold)
• 4m @ 2.87 g/t gold including 0.5m @ 16.0g/t gold in hole 157 at Meio-Onca which is located 400m south of main Meio zone in an area with no previously reported values of interest.
• 2.9m @ 1.95 g/t gold including 1.0m @ 2.86g/t in hole 154 at Come Quieto located 95m north of hole 151 (2.0m @ 6.07g/t).

Serra

Results are reported here on the last two holes drilled along strike and down dip of the existing resource. Hole 160 was drilled on the northern strike extent of the Serra zone approximately 50m north of hole 148 (1.5m @ 11.73 g/t gold) and intersected 1.0m @ 32.6 g/t gold from 98.1 to 99.1m depth, including 0.5m @ 59.4 g/t gold from 98.6 to 99.1m (see longitudinal section on website). Hole 160 is the most northerly hole completed at Serra to date and demonstrates that the mineralized zone continues for an additional 200m along strike since the original 2009 resource calculation. More importantly, hole 160 demonstrates that the mineralized zone is still open to the north.

The mineralized zone at Serra zone has an existing resource of 161,731oz of gold in the Measured and Indicated categories (Measured; 210,405t @ 8.59 g/t gold and Indicated; 336,004t @ 9.59 g/t gold) and 94,294oz of gold in the Inferred category (280,794t @ 10.44 g/t gold). This initial resource, which was released in September 2009 was based on a mineralized structure which extended 900m along strike and to a depth of 80m. These results and those previously released from Serra during 2011 (see press releases dated 13th September 2011, 17th October 2011, 24th November 2011 and 12th January 2012) suggest that the mineralized zone currently extends at least 1100m along strike and to a depth of 180m below surface.

Analytical results from the Serra, Meio, and Come Quieto zones discussed in the text are tabulated below.

*   All holes were drilled at between -50° and -65°. Dips of the intersected structure at Come Quieto and Meio-Onca are not known, and intersection widths are not necessarily true widths
**   True widths at Serra and Meio are estimated at 60-95% of the drill intersections.

Meio

Results were returned from two holes at the main Meio zone and two holes from the Meio-Onca zone located 400m south of Meio and 700m north of Come Quieto. Hole 157 was drilled at Meio-Onca 400m south of Meio zone and returned 4.0m @ 2.87 g/t gold from 141.0 to 145.0m including 0.5m @ 16.0 g/t gold from 142.5 to 143m. Hole 157 was placed in a completely new untested zone. Hole 159 was drilled 200m north of hole 157, and returned 0.5m @ 2.54g/t gold from 114.7 to 115.2m showing the possible continuity of the mineralized zone found in hole 157 (see map on website).

At the main Meio zone, hole 156 which was drilled on the northern end of the mineralized zone, intersected 1.5m @ 1.2 g/t gold from 165.0 to 166.5m depth, demonstrating that the mineralized structure continues at depth (see longitudinal section on website).

The Meio zone has an existing resource of 70,100oz of Measured and Indicated resources (Measured; 173,710t @ 9.01 g/t gold, Indicated; 92,917t @ 6.61g/t gold) and 3,594oz of Inferred resources (41,715t @ 2.68 g/t gold).

Come Quieto

Results were returned on one additional hole from the Come Quieto zone south of Meio. Hole 154 was drilled 95m north of hole 151 (2.0m @ 6.07 g/t gold) and returned 0.4m @ 3.99g/t gold from 50.6 to 51m, 2.9m @ 1.95 g/t gold from 158.5 to 161.4m, 0.5m @ 2.03g/t gold from 163 to 163.5m and 1.0m @ 2.86g/t gold from 179 to 180m confirming the extension of the mineralized ore zone at Come Quieto which now extends over approximately 400m and remains open to the north (see map on website). The Come Quieto zone was not included in the September 2009 resource calculation.

Magellan is currently in the process of completing a 43-101 compliant updated resource estimate for the Coringa project which is expected to be released in March 2012. Global Resource Engineering Ltd. of Denver has been contracted to assist with this work. The initial resource estimate for Coringa which was released in September 2009 was based on 8,750m of drilling. A total of 14,091m of additional drilling was completed to the end of 2011 and following the initial resource estimate.

All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the Company’s office in Novo Progresso before shipping via secure transport to ACME preparation laboratory in Itaituba for sample preparation.  Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh.  From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying.  Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish.  Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS).  ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

Magellan’s QA/QC program also includes the insertion of standards, field duplicates and blank material in the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: jennifer@magellanminerals.com
www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Vancouver, BC, February 1st, 2012 - Magellan Minerals Ltd. (TSX-V: MNM, OTCQX: MAGNF) (“Magellan”) is pleased to announce the results of seven additional exploration holes recently drilled at the Central North zone at the Cuiu Cuiu project. Central North is located 300m - 600m north of the Central zone (comprising 3.4Mt @ 1.0 g/t of gold in the indicated category and 17Mt @ 0.9 g/t of gold in the inferred category) at Cuiu Cuiu.   

Highlights include:-

• 19m @ 0.49 g/t gold and 9m @ 0.94 g/t gold in hole 148 which was drilled as a scissor hole to hole 131 which intersected 39.4m @ 1.25 g/t gold
• 20m @ 0.59 g/t gold in hole 163 which was drilled in an ESE direction approximately 130m north of hole 131
• 6.1m @ 1.87 g/t gold in hole 159 located 75m north of hole 148
• 2m @ 5.97 g/t gold at depth in hole 163 drilled 150m N of hole 148

Central North

The seven holes reported here are all from follow-up holes designed to test the extent of the mineralization encountered in hole 131 which intersected 39.4m @ 1.25 g/t gold and is located 360m from the northern margin of the Central zone. All of the holes are exploration / step-out holes and are drilled outside of the known resource and between 300 and 600m north of the Central zone (see map on website)

Six of the seven holes reported here intersected gold mineralization in multiple intervals confirming the presence of another mineralized zone at Cuiu Cuiu and immediately north of the Central body. The gold mineralization reported here from Central North is all well above the 0.30 g/t grade cut-off used for the Cuiu Cuiu resource estimate (see press release dated March 8, 2011) The Central North zone has been traced for at least 350m and appears to trend NW-SE and is offset from the main Central body (see map on website). The zone remains open to the north-west and south east. Further drilling is planned during 2012 to more accurately define the extent of gold mineralization of Central North.

Alan Carter, President & CEO of Magellan commented, “These recent drill results confirm the presence of a new mineralized zone at Cuiu Cuiu 300 - 600m north of the existing Central zone. This zone together with the recently identified Jerimum Baixo zone located 3km SE of Central is outside the existing resource estimate and confirms the presence of multiple mineralized bodies at Cuiu Cuiu.”

Drill hole intersections are summarized in the following table:

*   All holes were drilled at -50°.  Dips of the intersected structures are not known, and intersection widths are not necessarily true widths

Magellan is currently conducting a program of ground IP geophysics over the Moreira Gomes and Central deposits at Cuiu Cuiu which collectively comprise current published resources of 1.2Moz (31Mt @ 1.2 g/t) of gold in the inferred category and 0.1Moz (3.4Mt @ 1.0g/t) of gold in the indicated category. The published block model inventory for the Central and Moreira Gomes deposits at a 0.30 g/t gold cut-off comprises 3.5Mt @ 1.0 g/t gold for 110,000oz of contained gold and 45Mt @ 1.0 g/t gold for 1.4Moz of contained gold.

Holes were drilled at 50 degrees from horizontal.  All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the Company’s office in Itaituba before shipping via secure transport to ACME preparation laboratory in Itaituba for sample preparation.  Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh.  From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying.  Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish.  Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS).  ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

Magellan’s QA/QC program also includes the insertion of standards, field duplicates and blank material in the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com
www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Magellan has retained Stifel, Nicolaus & Company, Incorporated to serve as the Company's Principal American Liaison ("PAL") and provide continued guidance on OTCQX requirements.

Alan Carter, President and CEO stated, "We are pleased to announce our trading on the OTCQX International Marketplace. The OTCQX will enhance liquidity by providing U.S. investors the ease of access to our stock through their U.S. regulated broker-dealers."

Investors can find current financial disclosure, real-time Level 2 quotes for Magellan's shares and further information at www.otcqx.com and www.otcmarkets.com. 

The Company's shares will remain listed and continue to trade on the TSX Venture Exchange under the symbol "MNM".

About the OTC Markets Group

OTC Markets Group Inc. (OTCQX: OTCM) operates the world's largest electronic marketplace for broker-dealers to trade securities not listed on a U.S. Stock Exchange. OTC's LinkTM platform supports an open network of competing broker-dealers that provide investors with the best prices in over 10,000 OTC securities. OTC Markets Group categorizes the wide spectrum of OTC-traded companies into three tiers - OTCQX (the quality-controlled marketplace for investor friendly companies), OTCQB® (the venture marketplace), and OTC Pink™ (the open marketplace) - so investors can identify the level and quality of information companies provide.

Magellan Minerals' Information to be available through S&P Capital IQ's Market Access Program

Magellan Minerals also announced today that its company information will be made available via S&P Capital IQ's Market Access Program, an information distribution service that enables subscribing publicly traded companies to have their company information disseminated to users of S&P Capital IQ's MarketScope Advisor.  The company information to be made available through this program includes share price, volume, dividends, shares outstanding, company financial position, and earnings.  MarketScope Advisor is an Internet-based research engine used by more than 100,000 investment advisors. A public version of the site is available at http://advisor.marketscope.com

In addition, information about companies in S&P Capital IQ's Market Access Program will be available via the firm's Stock Guide database, which is distributed electronically to virtually all major quote vendors.  As part of the program, a full description of Magellan Minerals will also be published in the Daily News section of Standard Corporation Records, a recognized securities manual for secondary trading in up to 38 states under their Blue Sky Laws. 

Magellan Minerals Ltd. (TSX-V: MNM) is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajós region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

For further information, please contact:

Alan Carter, President and CEO
Tel: 604.676.5663
Email: info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com
www.magellanminerals.com

OTCQX International Markets
Grace Keith, Public Relations
Tel: 212.896.4428
grace@otcmarkets.com

S&P Capital IQ
Richard Albanese, Customers
Tel: 212-438-3647
richard_albanese@standardandpoors.com

Or
Michael Privitera, Media Relations
Tel: 212-438-6679
michael_Privitera@standardandpoors.com

 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing of the commencement of trading on OTCQX. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Vancouver, BC, January 12, 2012 – Magellan Minerals Ltd. (TSX-V: MNM) (“Magellan”) is pleased to report results from eight additional drill holes from the Serra, Meio and Come Quieto zones at the Coringa project, Brazil. As with previous holes reported from the 2011 diamond drill program, these are all step-out and exploration holes aimed at expanding the existing resources of 269,450oz of gold in the measured and indicated categories (982,291t @ 8.53 g/t), and 98,224oz of gold in the inferred category (327,054t @ 9.34 g/t).

Highlights include:-

• 1.5m @ 11.73 g/t gold in hole 148 at Serra which was drilled on the northern strike extent of the Serra zone 100m north of hole 135  (0.5m @ 12.1 g/t gold)
• 5m @ 3.50 g/t gold including 2m @ 7.07g/t gold in hole 155 at Meio drilled on the northern end of the Meio zone in an area with no previously reported values of interest
• 2m @ 6.07 g/t gold in hole 151 at Come Quieto located 125m north of hole 126 which is the most northerly hole drilled to date at Come Quieto

Serra

Results are reported here on two additional holes drilled along strike and down dip on the existing structure. Hole 148 was drilled on the northern strike extent  of the Serra zone approximately 100m north of hole 135 (0.5m @ 12.1 g/t gold) and intersected 1.5m @ 11.73 g/t gold from 141.5 to 143.0m depth (see map and longitudinal section on website). Hole 145 is the most northerly hole completed at Serra to date and further expands the mineralized zone along strike and demonstrates that the mineralized zone is still open to the north.

Hole 153 was drilled 50m south of hole 129 on the southern extremity of Serra and cut 1.5m @ 0.56 g/t gold including 0.5m @ 1.89 g/t gold.

The mineralized zone at Serra zone has an existing resource of 161,731oz of Measured and Indicated resources (Measured; 210,405t @ 8.59 g/t gold and Indicated; 336,004t @ 9.59 g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44 g/t gold). This initial resource which was released in September 2009 was based on a mineralized structure which extended 900m along strike and to a depth of 80m. These results and those previously released from Serra during 2011 (see press releases dated 13th September 2011, 17th October 2011 and 24th November 2011) suggest that the mineralized zone currently extends at least 1000m along strike and to a depth of 180m below surface. Results are currently pending on two additional holes at Serra.

Analytical results from the Serra, Meio and Come Quieto zones discussed in the text are tabulated below.

*   All holes were drilled at between -50° and -65°. Dips of the intersected structure at Come Quieto are not known, and intersection widths are not necessarily true widths
**   True widths at Serra and Meio are estimated at 60-95% of the drill intersections

Meio

Results were returned from three holes at the Meio zone including hole 155 which was drilled on the northern end of the mineralized zone and intersected 5m @ 3.50 g/t gold from 91.0 to 96.0m depth including 2m @ 7.07 g/t gold from 91.0 to 93.0m depth. Previous shallow holes drilled in this section of the Meio zone failed to return any significant results of interest suggesting that gold grades are improving with depth.

Holes 149 and 152 were drilled in the southern part of Meio. Hole 152 cut 0.5m @ 3.78 g/t gold from 75.0 to 75.5m depth (see map on website). Results are pending on two additional holes from Meio.

The Meio zone has an existing resource of 70,100oz of Measured and Indicated resources (Measured; 173,710t @ 9.01 g/t gold and Indicated; 92,917t @ 6.61g/t gold) and 3,594oz of Inferred resources (41,715t @ 2.68 g/t gold).

Come Quieto and Domingo

Results were returned on one additional hole from the Come Quieto zone south of Meio. Hole 151 was drilled 150m north of hole 126 (8m @ 2.06 g/t gold) and returned 2m @ 6.07 g/t gold confirming the presence of a new ore zone at Come Quieto which now extends over approximately 300m and remains open to the north (see map on website).The Come Quieto zone was not included in the September 2009 resource calculation.

Results were returned on two additional holes (146 and 147) drilled on the Domingo structure. Hole 146 returned 1.5m @ 0.45 g/t gold whilst hole 147 cut no values of interest. No further drilling is planned at Domingo in the near term although the bulk of the +4km gold-in-soil anomaly remains untested.

All core samples (HQ diameter) were cut with a diamond saw.  One-half of the core was placed in numbered and sealed bags and sent via a secure transport agency to the Company’s office in Novo Progresso, and subsequently to ACME preparation laboratory in Itaituba for sample preparation.  Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh.  From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying. Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish.  Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS).  ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

Magellan’s QA/QC program includes the insertion of standards, field duplicates and blank material into the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajós region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com

www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements

Vancouver, BC, November 24, 2011 - Magellan Minerals Ltd. (TSX-V: MNM) (“Magellan”) is pleased to report results from thirteen additional drill holes from the Serra, Meio and Domingo zones at the Coringa project, Brazil. As with previous holes reported from the 2011 diamond drill program, these are all step-out and exploration holes aimed at expanding the existing resources of 269,450oz of gold in the measured and indicated categories (982,291t @ 8.53 g/t), and 98,224oz of gold in the inferred category (327,054t @ 9.34 g/t).

Highlights include:-

• 7m @ 6.10 g/t gold including 2m @ 18.03 g/t gold in hole 145 at Serra which was drilled 50m south and 130m down dip of hole 127 (2m @`10.81g/t gold)
• 0.6m @ 17.60 g/t gold in hole 139 at Serra drilled 50m to the north and 120m down dip of hole 124 (1.5m @ 10.23 g/t gold)
• 1m @ 11.52 g/tgold and 0.5m @ 8.80 g/t gold in hole 130 at Meio located 225m SE of the existing resource at Meio and 40m SE of hole 94 (2.6m @ 7.52g/t gold)
• 1.5m @ 17.74 g/t gold also in hole 130 at Meio
• 2m @ 12.05 g/t gold in hole 144 also at Meio and 100m down-dip of previous drilling in the central part of the Meio zone

Serra

Results are reported here on five additional holes drilled down dip on the existing structure. Hole 145 was drilled approximately 50m south and 130m down dip of hole 127 (2m @ 10.81 g/t gold) and intersected 7.0m @ 6.10 g/t gold from 209.0 to 216.0m depth including 2m @ 18.03 g/t gold from 213.0 to 215.0m depth (see map and longitudinal section on website). Hole 145 is the deepest hole completed at Serra to data and confirms the high grade continuity of the mineralized zone down dip and at depth.

Hole 139 was drilled 50m north and 120m down dip of hole 124 (1.5m @ 10.23 g/t gold) at Serra in the central part of the Serra zone and returned 0.6m @ 17.60 g/t gold.

The Serra zone has an existing resource of 161,731oz of Measured and Indicated resources (Measured; 210,405t @ 8.59 g/t gold and Indicated; 336,004t @ 9.59g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44 g/t gold). These results build on previous results (see press releases dated 13th September 2011 and 17th October 2011) and continue to expand the mineralized zone at depth and along strike. Results are currently pending on an additional three deep holes at Serra and drilling continues.

Analytical results from the Serra, Meio and Domingo zones discussed in the text are tabulated below.

*   All holes were drilled at between -50° and -65°. Dips of the intersected structure at Domingo are not known, and intersection widths are not necessarily true widths
**   True widths at Serra and Meio are estimated at 60-95% of the drill intersections

Meio

Results were returned from five holes at the Meio zone including hole 130 which was drilled approximately 225m SE of the main Meio zone and intersected 1m @ 11.52 g/t gold from 39.5 to 40.5m depth, 0.5m @ 8.80 g/t gold from 197.0 to 197.5m depth, 1.5m @ 4.80 g/t gold from 246.0 to 247.5m depth and 1.5m @ 17.74 g/t gold from 254.6 to 256.1m depth (see map on website). Hole 130 is a significant hole because it intersected at least four high grade structures at depth in an area to the south and well beyond the existing resource, suggesting the presence of several high grade parallel veins.

Hole 144 was drilled in the central part of Meio at depth, and intersected 2m @ 12.05 g/t gold from 261.5 to 263.5m depth. The hole was drilled at least 100m down-dip and below nearby drill holes and confirms the presence of high grade mineralization at depth at Meio (see map on website).

The Meio zone has an existing resource of 70,100oz of Measured and Indicated resources (Measured; 173,710t @ 9.01 g/t gold and Indicated; 92,917t @ 6.61g/t gold) and 3,594oz of Inferred resources (41,715t @ 2.68 g/t gold). These results continue to expand the mineralized zone both at depth and along strike. Results are currently pending on an additional three deep holes at Meio and drilling continues.

Domingo and Valdette

Results were returned from two initial holes at the Domingo structure which is located 4km west of the main structure at Coringa (see press release dated 22nd September 2011). Hole 142 returned 0.5m @ 2.78 g/t gold and hole 143 which was drilled 300m to the south-east returned 1m @ 0.90 g/t gold and results are pending on an additional two holes. The bulk of the gold-in-soil geochemical anomaly at Domingo which is 3.8km in length, remains untested (see map on website).

Results were returned on one additional hole drilled at Valdette structure and failed to cut any results of significant interest.

Drilling is currently in progress on the down dip extensions of the Meio and Serra structures which contain the bulk of the resource at Coringa as well as at Come Quieto. The 2011 drill program at Coringa is aimed at significantly expanding the existing resource which was initially reported in September of 2009.

All core samples (HQ diameter) were cut with a diamond saw.  One-half of the core was placed in numbered and sealed bags and sent via a secure transport agency to the Company’s office in Novo Progresso, and subsequently to ACME preparation laboratory in Itaituba for sample preparation.  Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh.  From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying. Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish.  Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS).  ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

Magellan’s QA/QC program includes the insertion of standards, field duplicates and blank material into the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

Share options

Further to the Company's November 14, 2011 news release, the Company's Board of Directors have determined not to proceed with the grant of stock options as announced.  Accordingly, the Company has cancelled 2,810,000 stock options, of which 1,400,000 stock options were granted to officers and directors of the Company, exercisable at a price of $0.70 per common share, for a period of five years

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com

www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com
Website: www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Magellan’s new land acquisition covers parts of the Tocantinzinho trend along a strike length of over 125km.  The new claims are located peripherally to the Magellan’s Cuiú Cuiú and Bom Jardim properties, and now link the two project areas with contiguous claims.   Additional ground was also acquired south of Eldorado’s Tocantinzinho deposit.

Reconnaissance stream sediment sampling and prospecting is planned for these areas as part of Magellan’s ongoing generative program in the Tapajós region.

At Cuiú Cuiú exploration drilling is currently in progress with three rigs, and is aimed at expanding the current resources.  An airborne magnetic and radiometric geophysical survey has recently been completed on the Bom Jardim property and a large program of soil geochemistry, mapping and ground geophysics is currently underway.  Drilling is planned to start at Bom Jardim before the New Year.

Magellan also currently has three drill rigs operating at the Coringa project which has a Measured and Indicated Resource of 0.27 Moz (982,291t @ 8.53 g/t) and an Inferred Resource of 0.1 Moz of gold (327,054t @ 9.34 g/t).

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Highlights include:-

• 4m @ 7.16 g/t gold including 1m @ 16.34 g/t gold in hole 132 at Serra drilled 100m north of hole 121 and 100m below previous holes
• 0.5m @ 12.1 g/t gold in hole 135 drilled 70m north of hole 121 at the northern limit of Serra
• 3m @ 5.10 g/t gold in hole 122 at Come Quieto suggesting the presence of another mineralized zone along the main structure at Coringa
• 8m @ 2.06 g/t including 4m @ 3.55 g/t gold and 0.5m @ 10.10 g/t gold in hole 126 also drilled at Come Quieto 100m NW of hole 122. The area extending 600m NW from hole 126 has never been previously drill tested  

Serra

Results are reported here on two additional holes drilled down dip on the existing structure. Hole 132 was drilled 100m south of hole 121 and 100m down dip of previous drilling and intersected 0.5m @ 4.4g/t gold from 117.0 to 117.5m depth and 4m @ 7.16g/t gold from 136.4 to 140.4m depth including 2m @ 5.99g/t gold and 1m @ 16.34g/t gold (see map and longitudinal section on website). Hole 121 previously intersected 1m @ 118.27 g/t gold (see September 13th, 2011 news release)

Hole 135 was drilled on the northern limit of the Serra zone and returned 1.1m @ 2.78 g/t and 0.5m @ 12.1g/t gold). Hole 135 was drilled 70m north and 40m down dip of hole 121 and expands the strike length of the Serra zone to the north by a minimum of 70m.

The Serra zone has an existing resource of 161,731oz of Measured and Indicated resources (Measured; 210,405t @ 8.59g/t gold and Indicated; 336,004t @ 9.59g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44 g/t gold). These results continue to expand the mineralized zone at depth and along strike. Results are currently pending on an additional four deep holes at Serra.

Analytical results from the Come Quieto, Serra and Valdette zones discussed in the text are tabulated below.

*   All holes were drilled at between -50° and -65°. Dips of the intersected structures at Come Quieto and Valdette are not known, and intersection widths are not necessarily true widths
**   True widths at Serra are estimated at 60-95% of the drill intersections
*** Results are pending on holes 129, 130 and 134

Come Quieto

Results were returned from two holes (122 and 126) at the Come Quieto target which is located approximately 1.7km SE of the Meio zone and is not part of the existing resource at Coringa. Hole 122 was drilled approximately 100m NW of hole 120 and intersected 1m @ 4.90 g/t gold from 51.0 to 52.0m depth and 3m @ 5.10 g/t gold from 133.0 to 136.0m depth (see map on website).

Hole 126 was drilled 100m NW of hole 122 and intersected 8m @ 2.06 g/t gold from 127.0 to 135.0m depth including 4m @ 3.55 g/t gold from 129.0 to 133.0m and 0.5m @ 10.10 g/t gold from 185.0 to 185.5m depth.

The zone to the north of hole 126 remains open for a strike length of at least 600m raising the possibility of a new mineralized zone along the main structure at Coringa. This part of the structure has a number of old workings but never been previously drill tested and will require further drilling. 

Valdette

Results were returned on three additional holes drilled on the Valdette structure. Hole 128 intersected 7m @ 0.87 g/t gold (see map on website) and was drilled 140 m south of hole 110 which intersected 1m @ 2.38 g/t, 2m @ 1.43 g/t and 1m @ 2.80 g/t gold (see July 12th, 2011 news release).  Hole 128 marks the southern-most hole drilled at Valdette and extends the mineralized zone a further 140m to the south.

Hole 131 was drilled on the northern limit of Valdette 170m north of hole 119 and intersected 5m @ 0.86g/t gold. Hole 133 was drilled between holes 119 and 131 and cut 1m @ 1.14 g/t, 1m @ 2.35 g/t and 0.5m @ 1.77g/t gold.

These results from Valdette confirm the presence of a mineralized structure of at least 1000m in length which remains open both to the north and south and at depth.

Drilling is currently in progress on the down dip extensions to the Meio and Serra structures which contain the bulk of the resource at Coringa and at the recently discovered Domingo structure.

All core samples (HQ diameter) were cut with a diamond saw.  One-half of the core was placed in numbered and sealed bags and sent via a secure transport agency to the Company’s office in Novo Progresso, and subsequently to ACME preparation laboratory in Itaituba for sample preparation.  Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh.  From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying. Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish.  Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS).  ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

Magellan’s QA/QC program includes the insertion of standards, field duplicates and blank material into the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com

www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements

During the past few months, field crews have been engaged in a systematic field sampling program aimed at following up anomalies identified from stream sediment sampling and the airborne magnetic survey. This work led to the identification of both the Valdette and Demetrio zones at Coringa and has now resulted in the identification of a gold-in-soil anomaly named Domingo which is 4km west of the main structure at Coringa. The anomaly is approximately 300m in width and extends NW-SE for a distance of 3.8km (see map on website).

One possible source of the Domingo gold-in-soil anomaly has been identified as a quartz vein/shear zone structure of unknown width that has been traced for 350m in a NW-SE direction (see map on website). The structure remains open in all directions. Reconnaissance rock chip sampling of this structure returned values of 0.1g/t, 3.6g/t, 4.0g/t, 6.7g/t, 13.6g/t and 22.0g/t gold and average 8.3g/t gold. Further reconnaissance work is in progress aimed at extending the Domingo mineralized structure on surface in advance of drilling.

Drilling at Coringa is currently in progress at the recently identified Valdette zone and down dip on the Meio and Serra zones. Recent drilling down dip at the Serra zone at Coringa returned a value of 1m @ 118.3 g/t gold (see press release dated 13th September 2011).

All soil samples were placed in bags, numbered and sealed then sent via a secure transport agency to the Company's office in Novo Progresso before shipping via secure transport to ACME preparation laboratory in Itaituba for sample preparation. Soil samples were dried and sieved up to 100g to minus 80 mesh with a analysis of a 30g sample by fire assay and atomic absorption finish at ACME Laboratory in Santiago, Chile. ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes standards, blanks, repeats, and duplicates

Magellan’s QA/QC program includes the insertion of standards, field duplicates and blank material into the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com
www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements

Vancouver, BC, September 20th, 2011 - Magellan Minerals Ltd. (TSX-V: MNM) ("Magellan") is pleased to announce the results of seven additional step-out and exploration holes at the Cuiu Cuiu project including 27m @ 6.94 g/t gold located 600m South East of the Central zone. 

Highlights include:-

• 27m @ 6.94 g/t gold in hole 138 located 600m south east of the Central zone and 400m SE of hole 121 (7.8m @ 8.44g/t gold), which represents another new zone of gold mineralization and has been named Central South East
• 25m @ 0.49 g/t gold in hole 137 at Jerimum Baixo which is located between Central and Moreira Gomes. Gold mineralization at Jerimum Baixo has now been traced consistently over an area of 350 x 35m and remains open in several directions 
• 19m @ 0.48 g/t gold in hole 140 located close to the western margin of the Moreira Gomes zone

Central SE

Hole 138 was drilled 600m SE of the Central zone in the Central SE gold-in-soil anomaly and intersected 27.0m @ 6.94 g/t gold from 20.0 to 47.0m depth in saprolitic granite (see map on website), including 2m @ 84.3g/t gold. The hole was drilled 400m SE of hole 121 which intersected 7.8m @ 8.44g/t gold (see press release dated 21st July 2011) and may be the same mineralized structure. Holes 132 and 134 failed to intersect significant mineralization.

The identification of a second high grade drill intersection in the Central SE gold-in-soil anomaly suggests the presence of a potentially significant new mineralized zone at Cuiu Cuiu immediately SE of the Central zone. Significant gold mineralization has been intersected in two out of three holes along strike and extends over a distance of at least 400m. These results come after the recent announcement of a new mineralized zone at Central North which is located a minimum of 360m north of the Central body (see press release dated 8th September 2011). Further drilling at both Central SE and Central North is in progress.

Alan Carter, President & CEO of Magellan commented, "hole 138 is a significant intersection by any measure and is important because it is located 600m south of the Central zone which contains an Inferred resource of 500,000 oz and an Indicated resource of 100,000 oz of gold. These results come on the heels of the recent announcement regarding the discovery of a new zone at Central North and supports our strategy of drilling step-out and exploration holes beyond the existing resources. This drilling is aimed at identifying additional mineralized zones at Cuiu Cuiu".

Drill hole intersections discussed in the text are summarized in the following table:

*   All holes were drilled at -50°.  Dips of the intersected structures are not known, and intersection widths are not necessarily true widths

Jerimum Baixo

Results were received on two exploration holes from Jerimum Baixo, which is located between the Central and Moreira Gomes deposits and is not currently part of the resource at Cuiu Ciuu. Previous reconnaissance drilling on this anomaly has returned results up to 105.2m @ 0.6 g/t including 41m @ 1.3g/t gold.

Hole 137 was drilled  50m west of hole 135 and intersected 7m @ 0.76g/t from 0 to 7m, 2m @ 0.69g/t gold from 29.6 to 31.6m, 25m @ 0.49g/t gold from 41.6 to 66.6m and 59m @ 0.28g/t gold from 73.6 to 132.6m depth (see map on website). The mineralized zones intersected in hole 137 are almost certainly the same zones recently reported from hole 135 (see press release dated 8th September 2011). Hole 139 was drilled 110m W of hole 137 and cut no values of interest.

Results have now been received on four holes at Jerimum Baixo during 2011 bringing the total number of holes drilled in this zone to twelve. Gold mineralization at Jerimum Baixo is now known to be continuous over an area of at least 350m x 35m and trends in an ESE - WNW direction. The mineralized zone remains open, particularly to the south and results are currently pending on three additional step-out holes.

Moreira Gomes

Results have been returned on two additional holes from the western part of the Moreira Gomes zone which contains an inferred resource of 700,000 oz of gold (14Mt @ 1.5 g/t gold). (see map on website). Hole 140 was drilled between holes 62 and 49 and cut 19m @ 0.48g/t gold from 64 - 83m depth demonstrating the continuity of gold mineralization over the western part of Moreira Gomes.

Hole 136 cut no values of interest and was drilled as an 80m step-out hole west of hole 133 which was the most westerly drill hole at Moreira Gomes.  

   
Magellan currently has three drill rigs operating at Cuiu Cuiu, with drilling expected to continue at least until the end of 2011. Results are currently pending on additional step-out and exploration drill holes from Central North, Central SE and Jerimum Baixo, all of which are targeting areas outside the current resources.

Current resources at Cuiu Cuiu total 1.2Moz (31Mt @ 1.2 g/t) of gold in the inferred category and 0.1Moz (3.4Mt @ 1.0g/t) of gold in the indicated category.

Holes were drilled at 50 degrees from horizontal.  All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the Company's office in Itaituba before shipping via secure transport to ACME preparation laboratory in Itaituba for sample preparation.  Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh.  From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying.  Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish.  Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS).  ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

Magellan's QA/QC program also includes the insertion of standards, field duplicates and blank material in the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com
www.magellanminerals.com

Vancouver, BC, September 16th, 2011 – Magellan Minerals Ltd. (TSX-V: MNM) (“Magellan”) is pleased to announce that ECI Exploration and Mining Inc. has filed a National Instrument 43-101 technical report for the Poconé Gold Project, located in the Mato Grosso region of Brazil.  ECI filed the technical report in connection with filing of ECI’s preliminary prospectus for its initial public offering. The mineral rights underlying the Poconé Gold Project in the Mato Grosso region are owned by Magellan, ECI and Brasil Central Engenharia Ltda. pursuant to joint venture agreements described in news releases (see press release dated October 28, 2010 and press release dated February 7, 2011).

A copy of the technical report dated September 1, 2011 and entitled “NI 43-101 Technical Report on the Poconé Gold Project, Geology, Mineralization and Historic Exploration Results, Baixada Cuiabana - Mato Grosso, Brazil” can be downloaded from ECI’s SEDAR profile, accessible at www.sedar.com.  The technical report was prepared by M. Claiborne Newton, III, PhD, CPG, Donald E. Hulse, P.E., and Jennifer J. Brown, P.G. of Gustavson Associates, LLC. 

About Magellan Minerals Ltd.

Magellan is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

About ECI Exploration and Mining Inc.

ECI is a private gold, silver and associated base metal exploration company with properties in Brazil, and Mexico. ECI filed a preliminary prospectus dated September 14, 2011 in connection with the initial public offering of its common shares.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com
www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements

Highlights include:-

• 1m @ 118.27 g/t gold in hole 121 at Serra down dip of the existing Measured and Indicated resource confirming that the Serra resource is high grade and remains open at depth
• 2m @ 10.81 g/t gold in hole 127 and 1.5m @ 10.23 g/t gold in hole 124 also at Serra. Both holes are again located down dip at Serra. Holes 121, 124 and 127 are drilled over a strike length of approximately  480m
• 14.3m @ 0.90 g/t gold in hole 125 at Valdette

Serra

Results are reported here on three holes drilled down dip on the existing structure and all three returned high gold grades including hole 121 which was drilled close to the known northern limit of the Serra zone and intersected 1m @ 118.27 g/t gold from 90.3 to 91.3m depth. This drill intersection contains the highest gold grades thus far encountered from any drill hole at Serra. The hole also cut 1m @ 4.42 g/t between 46.0 and 47.0m depth. The hole was designed to test the down dip extensions on the northern part of the Serra zone which has an existing resource of 161,731oz of Measured and Indicated resources (Measured; 210,405t @ 8.59g/t gold and Indicated; 336,004t @ 9.59g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44g/t gold). Hole 121 demonstrates that the mineralized zone at Serra remains open to the north and at depth (see map and longitudinal section on website).

Holes 124 and 127 were drilled approximately 40m down dip of previous holes in the  southern  central part of Serra structure and  370m and  480m SE of hole 121. Hole 124 cut 1m @ 3.41g/t gold from 99.5 to 100.5m depth and 1.5m @ 10.23 g/t gold from 119.5 to 121.0m depth. Hole 127 cut 2m @ 10.81g/t gold from 102.4 to 104.4m depth (see map and longitudinal section on website). These results confirm that the mineralized zone has excellent continuity both at depth and along strike and remains open at depth.

Alan Carter, President & CEO of Magellan commented, “Hole 121 is the highest grade drill hole that we have so far encountered at Serra and confirms the presence of bonanza gold grades at depth. We are optimistic that these results and the ongoing drill program at Coringa will significantly add to the existing resource base.”

Valdette

Results were returned on two additional holes drilled on the Valdette structure. Hole 125 intersected 14.3m @ 0.90 g/t gold (see map on website) and was drilled 115 m south of hole 112 which intersected 28m @ 0.64 g/t gold (see July 12th, 2011 news release).  Hole 123 was drilled 75m north of hole 114 (36.7m @ 0.79 g/t gold) and failed to intersect significant gold mineralization.

The latest results from Valdette confirm the presence of a relatively wide but lower grade mineralized structure which currently extends over 750m along strike and is open both to the north and south and at depth.

Come Quieto

Results were returned from one hole (120) on the Come Quieto target which is located approximately 1.7km SE of the Meio zone and returned no values of interest. Results are pending on two additional holes; 122 and 126.  

Analytical results from the Serra and Valdette zones discussed in the text are tabulated below.

*   All holes were drilled at -50°.  Dips of the intersected structures are not known, and intersection widths are not necessarily true widths
**  Results are pending on holes 122 and 126

Drilling is currently in progress at Valdette and on the down dip extensions to the Meio and Serra structures which contain the bulk of the resource at Coringa. Results are currently pending on an additional 14 holes.

All core samples (HQ diameter) were cut with a diamond saw.  One-half of the core was placed in numbered and sealed bags and sent via a secure transport agency to the Company’s office in Novo Progresso, and subsequently to ACME preparation laboratory in Itaituba for sample preparation.  Core samples were crushed down to 2 mm and a 1 kg split was pulverized to better than 85% minus 200 mesh.  From Itaituba, ACME sent the pulp samples to Santiago, Chile for assaying. Gold analyses were conducted on 30g representative sample cuts using fire assay with an atomic absorption finish.  Other sample cuts were subjected to a 4 acid digestion and analysed for silver and an additional 35 elements using inductively coupled plasma mass spectrometry (ICP-MS).  ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.

Magellan’s QA/QC program includes the insertion of standards, field duplicates and blank material into the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., a member of AIG,  AUSIMM, and the SEG, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals Ltd. (TSX-V: MNM)  is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

For further information, please contact:
Alan Carter, President and CEO
Tel:  604.676.5663
Email:   info@magellanminerals.com

Jennifer Duthie, Corporate Communications Manager
Tel: 778.370.0519
Email: Jennifer@magellanminerals.com
www.magellanminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements