MNM

Magellan Minerals Ltd. (TSX VENTURE:MNM)(OTCQX:MAGNF) ("Magellan") is pleased to
announce the results of continued surface sampling at the recently identified
Ivo prospect located at the Cuiu Cuiu project in the state of Para in northern
Brazil. The Cuiu Cuiu project currently contains 3.4Mt @ 1.0 g/t gold
(100,000oz) of Indicated resources and 31Mt @ 1.2 g/t gold (1,200,000oz) of
Inferred resources (see press release dated 8th March 2011).


Highlights include:-



--  2m @ 104.0 g/t gold 80m east of an area with previous maximum recorded
    grab samples of 2m @ 10.9 g/t gold 
--  2m @ 31.0 g/t gold immediately east of the above channel samples 
--  Numerous other high grade channel samples including 2m @ 16.1 g/t, 2m @
    10.9 g/t, 2m @ 8.8 g/t, 1m @ 14.6 g/t, 1m @ 9.7 g/t, 0.5m @ 18.2 g/t and
    0.5m @ 13.1 g/t gold over an exposed length of approximately 200m 
--  20m @ 0.52g/t gold indicating that the narrow high grade zone at Ivo is
    surrounded by a wider more extensive lower grade envelope that remains
    open in all directions 



The Ivo target is located approximately 800m north of the Moreira Gomes gold
deposit and is characterized by a gold-in-soil anomaly and a pronounced E-W
trending magnetic anomaly that closely resembles the geophysical and geochemical
signature at Moreira Gomes (see map on website). No drilling has been conducted
thus far on this target. Mapping of recent surface workings at Ivo have revealed
a pronounced zone of quartz stockwork / sheeted veining extending over at least
240m along strike that is very similar to Moreira Gomes. The magnetic and
geochemical data suggest that the structure may extend to the Quebrabunda
prospect located 1.4km to the east where surface sampling recently returned a
value of 203.5 g/t gold.


Surface mapping and sampling suggests the presence of a narrow high grade zone
at Ivo surrounded by a lower grade envelope that may be 50 - 100m wide. Channel
sampling of the narrow high grade structure returned values that include 2m @
104.0 g/t, 2m @ 31.0 g/t, 2m @ 16.1 g/t, 2m @ 10.9g/t, 2m @ 8.8 g/t, 1m @ 14.6
g/t, 1m @ 9.7 g/t, 0.5m @ 18.2 g/t, 0.5m @ 13.1 g/t, 2m @ 4.7 g/t, 2m @ 4.2 g/t,
2m @ 4.0 g/t and 2m @ 3.9 g/t gold (see map on website for complete set of
results)


In addition, a series of 1 to 2m channel chip samples taken across part of the
zone at the eastern end of the Ivo showing returned 20m @ 0.52 g/t gold. Mapping
suggests that the mineralized zone is wider to both the north and south. The
last sample of this series to the north returned 1m @ 1.4 g/t gold and two
samples taken just to the south-east returned 1m @ 14.6 g/t gold and 1m @ 3.8
g/t gold.


Given the indications that the zone may be significantly wider than the surface
workings currently suggest, Magellan has excavated three trenches immediately
north, south and west of the Ivo showing (see map on website). Results on
channel samples from these trenches are expected by the end of October.


Guillermo Hughes, Chief Geologist, commented, "these surface results from Ivo
are the most important so far at Cuiu Cuiu and indicate the possible presence of
a significant mineralized zone only 800m north of the Moreira Gomes gold
deposit. The combination of high grades and intense quartz stockwork veining
mean that this is a high priority target for follow-up drilling." 


This press release was reviewed by Guillermo Hughes, B.Sc., a member of the AIG
and the AUSIMM, a qualified person in compliance with National Instrument
43-101.


Magellan Minerals (TSX VENTURE: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 @ 1.0 g/t gold) and
1,200,000oz of gold in the Inferred category (31Mt @ 1.2 g/t gold). The Coringa
project contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @
5.5 g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0 g/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, the preparation of a feasibility study on the project, 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. Readers should not assume
that the company's plans to prepare a feasibility study mean that a feasibility
study can or will be prepared. There is no guarantee that a feasibility study
will be prepared or, if prepared, that it will be commenced in the timeframe set
out in this news release.

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