Magellan Minerals Ltd.

Magellan Minerals Ltd.

February 10, 2010 13:01 ET

Magellan Elects Not to Proceed With Creporizinho Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2010) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") announces that it has elected not to proceed with the acquisition of a 51% interest in the Creporizinho gold project in Brazil. Due diligence work conducted by Magellan included extensive surface sampling, drilling and ground geophysics. All proceeds from the December sale of subscription receipts currently held in trust by Olympia Trust will be returned to subscribers.

Magellan will continue to advance its Cuiu Cuiu project, where recent drilling discovered a new mineralized zone at Moreira Gomes (see press release dated 19th January 2010), and the Coringa project where a scoping study is currently in progress and additional drilling will commence during February 2010.

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.

Contact Information