Magellan Minerals Ltd.
TSX VENTURE : MNM

Magellan Minerals Ltd.

January 28, 2010 09:15 ET

Magellan Drills 82.5m @ 1.02 g/t Gold and Extends Central Zone at Cuiu Cuiu Project, Brazil

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2010) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce that it has received drill results for the last two diamond drill holes completed during late 2009 at the Company's Cuiu Cuiu project in northern Brazil. Drill hole CC54-09 was completed to test the northern limit of the Central zone, and hole CC52-09 was designed to test the down dip extent of the previously untested Machiche structure.

Central zone

Drill hole CC54-09 was designed to test the northern limit of the Central zone and was drilled in a NE-SW orientation and located 50m north-west of hole CC13-07 which previously returned 65.8m @ 3.54 g/t gold. Results from hole CC54-09 are shown below and clearly demonstrate that the Central zone remains open to the north. The Central zone is characterized by a strong geophysical anomaly which extends for a further 500m to the north-west of hole CC54-09. This zone is also characterized by soil samples which are highly anomalous in gold (see Magellan website for drill plan).

Drill results are summarized as follows -



From To Interval Au grade
Drill hole (m) (m) (m) (g/t)

CC54-09 47.7 161.3 113.6 0.90
incl. 47.7 130.2 82.5 1.02


Further drilling at the Central zone will be aimed at testing the area immediately north of drill hole CC54-09 as well as several other peripheral targets in the immediate vicinity of the Central zone.

Machiche zone

Machiche is a high grade vein structure located 4.5km SE of Central and 0.6km NW of the recently discovered Moreira Gomes zone where drilling recently returned 17.3m @ 13.69 g/t gold. Machiche is a sub-vertically dipping vein structure which extends in a NE-SW direction and has never been drill tested. Surface sampling previously returned 5.8m @ 16.02 g/t gold.

Drill results are summarized as follows -



From To Interval Au grade
Drill hole (m) (m) (m) (g/t)

CC52-09 86.2 89.5 3.3 7.43
123.5 124.0 0.5 3.80


Further work at Machiche will include detailed ground geophysics prior to any additional drilling. In the short term drilling will focus on the nearby Moreira Gomes zone as well as the Central area.

Dennis Moore, VP Exploration stated, "We are highly encouraged by the results from hole 54-09 at Central which clearly demonstrate that the Central zone remains open to the north. Further drilling is planned to start shortly at both Central and Moreira Gomes."

The Company is currently preparing a detailed drill program for Cuiu Cuiu which is expected to commence during the month of February.

This press release was prepared by Dennis Moore, B.Sc., M.Eng., member of AusIMM & SEG., a qualified person in compliance with National Instrument 43-101.

Magellan is a well financed mineral exploration company with a principal focus on exploring for gold in the Tapajos Mineral Province of northern Brazil.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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