MNM

Magellan Minerals Ltd. (TSX VENTURE: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 VENTURE: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).


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.


News Release #2012-10

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