Magellan Minerals Ltd.

Magellan Minerals Ltd.

April 30, 2008 09:00 ET

Magellan Intersects High Grade Gold Mineralization at Jerimum De Cima, Cuiu Cuiu Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2008) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce assay results on seven drill holes from the Jerimum de Cima zone at its Cuiu Cuiu project in northern Brazil. Jerimum de Cima is located approximately 3.2 km ENE of the Central target where recent drilling has resulted in a significant gold discovery (see press releases dated 28 February and 17 March 2008) and approximately 5km ESE of the Pau da Merenda zone (see press release dated 15 April 2008).

Jerimum de Cima is one of five large gold-in-soil anomalies identified by Magellan at Cuiu Cuiu. The Jerimum de Cima anomaly occurs within the headwaters of Jerimum Creek, and was one of the richest alluvial workings within the Cuiu Cuiu area as documented by several Brazilian Geologic Survey (CPRM) reports dating from the 1990's. Significantly, the Jerimum de Cima mineralization occurs on a separate structure from the NW striking shear zone that hosts the Central and Pau da Merenda mineralized zones. Previous channel samples taken along the northwestern side of the Jerimum de Cima pit returned 84m @ 1.6 g/t Au and 5m @ 5.04 g/t Au.

Drill hole CC-26-07 at Jerimum de Cima returned 39m @ 5.13 g/t Au from (73.9m-112.9m). The mineralized zone comprises a packet of eight discrete, sub-parallel, quartz-sulfide veins, and includes 1.5m @ 117.26 g/t Au. Also included within the 39m interval are zones which returned 0.9m @ 5.42 g/t Au; 1.1m @ 4.71 g/t Au; 0.9m @ 3.47 g/t Au; and 1.3m @ 1.73 g/t Au. It is estimated that that the true width is at least 90% of the intersected width in the drill core.

Magellan drilled seven reconnaissance holes at Jerimum de Cima inclined between 50 degrees and 66 degrees and ranging in depth from 161.5m in hole CC-27-07, to a maximum of 287.9m in hole CC-24-07. In addition to the 39m @ 5.13 g/t Au mentioned above, other highlights include 18.0m @ 1.17 g/t Au from 243.0m to 269.0m in hole CC-24-07 and 4.2m @ 1.83 g/t Au in hole CC-27-07. A summary of the results obtained from holes CC-24-07 to CC- 30 -07 is as follows:

From To Width Gold
Drill Hole (m) (m) (m) g/t

CC-24-07 93.0 93.9 0.9 3.17
169.5 170.0 0.5 1.21
182.5 183.2 0.7 1.16
224.3 225.8 1.5 1.04
236.4 237.3 0.9 1.92
243.0 269.0 18.0 1.17

CC-25-07 no significant results

CC-26-07 13.7 15.2 1.5 1.00
57.4 58.5 1.1 1.35
73.9 112.9 39.0 5.13
incl. 73.9 75.2 1.3 1.73
and 90.9 91.8 0.9 5.42
and 97.3 98.1 0.8 1.53
and 101.6 103.1 1.5 117.26
and 106.2 107.3 1.1 4.71
and 112.0 112.9 0.9 3.47
117.6 118.5 0.9 2.52
169.0 169.8 0.8 1.99
195.4 200.9 4.9 1.97
incl. 199.9 200.9 1.0 7.67

CC-27-07 108.4 112.6 4.2 1.83
122.5 123.2 0.7 1.78

CC-28-07 no significant results

CC-29-07 lost at 62m

CC- 30 -07 156.3 157.6 1.3 2.02

Holes 24, 25, 26, 27 and 28 were all drilled in the vicinity of the former Jerimum de Cima pit, but only holes 24 and 26 intersected the mineralization known to occur there. Holes 25, 27, and 28 missed the targeted mineralization because prior to drilling, the true strike of the mineralized zone was poorly understood. Holes 29 was and 30 were drilled into a north-northwest trending 1000m x 500m soil anomaly located some 300m to the northeast of the former pit area. Hole 29 was lost at 62m, and hole 30 intersected a narrow vein that returned 1.3m @ 2.0 g/t Au, which is not believed to be the cause of the overlying soil anomaly. The mineralization causing this soil anomaly has not yet been intersected in any drill hole, as the geometry and orientation of the mineralized zone is unknown due to thick lateritic soil cover.

The discovery of a packet of high grade quartz-sulfide veins occurring over significant widths at Jerimum de Cima is important and suggests that these veins may be the source of at least some the rich alluvial and colluvial material formerly exploited in the Jerimum de Cima pit and Jerimum creek. While the style of mineralization is somewhat different from that discovered at Central (discrete veins vs. sheeted veinlets in a wide shear zone) the width of the zone along with the high grade nature of the veins suggests the mineralization may be amenable to bulk underground or possibly open-cast, mining methods.

Dennis Moore, Vice President Exploration, stated, "We are very encouraged by these initial drill results from Jerimum de Cima. This area was always known as one of the richest alluvial workings in Cuiu Cuiu, and we have identified what we think is one of the sources of the gold shedding from the area. The current drill program intersected bonanza grade gold mineralization but the bulk of the soil anomaly remains untested. A second phase drill program will clearly be required at Jerimum de Cima."

Results are currently pending on ten diamond drill holes from the Central target and an additional later drill hole from Jerimum de Cima.

Drill core samples were taken for assaying at a minimum of 0.4m and maximum of 3.1m intervals and core recovery for the mineralized intervals averaged greater than 95%. All core samples (BTW and NTW diameter) were cut in half using a diamond saw, with one-half of the core stored on site for future reference, and one half sent to an independent laboratory for analysis. The half core for analysis is placed in bags, numbered, sealed and then sent via secure transport directly to the SGS Geosol prep facility in Itaituba, with the pulverized splits being air-freighted to the SGS Laboratory in Belo Horizonte for subsequent fire assay. The preparation procedure involves crushing the core to minus 5mm, then pulverizing a one kilogram split of the samples to minus 150 mesh and splitting off 50g for laboratory analysis. Gold analysis was by fire assay of the 50g split with an atomic absorption finish. Samples containing visible gold and adjacent samples are analyzed by metallic screen assay, which involves pulverizing the entire sample, screening the sample through a 150 mesh sieve, and fire assaying both the coarse and fine fractions. The final result combines both the fine and coarse assay results based on the weight of each individual fraction. The Company's QA/QC program, which is intended to check laboratory precision and accuracy, involves inserting a series of blanks and internationally recognized standards in the sample stream which is sent to the laboratory. SGS Geosol is an ISO 9001:2000 and ISO 14001: 2004 registered laboratory and has its own a quality control program in place.

The Cuiu Cuiu project covers an entire gold district, and has an estimated historic alluvial gold production of 1.5 to 2.0 Moz. Magellan controls mineral exploration licenses totaling over 47,000 hectares (greater than 470 km2) at Cuiu Cuiu, which is one of thirteen projects currently held by Magellan in the Tapajos Mineral Province and surrounding areas of northern Brazil. Eleven of these areas are 100% owned; other projects include; Uniao, Porquinho, Maranhense and Nhamunda (see website:

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

Magellan is a recently listed and well financed mineral exploration company with a principal focus on exploring for gold in the Tapajos 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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