Magellan Minerals Ltd.
TSX VENTURE : MNM

Magellan Minerals Ltd.

September 14, 2009 09:15 ET

Magellan Provides Exploration Update on Cuiu Cuiu and Coringa Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2009) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to provide an update on its exploration activities at the Cuiu Cuiu and Coringa gold projects which are located in the Tapajos province of northern Brazil.

Cuiu Cuiu

Magellan has signed a drill contract with Energold Drilling Corp. to complete a minimum 2000m diamond drill program on the Central and Moreira Gomes targets at the Cuiu Cuiu gold project. Cuiu Cuiu is located 180km SW of the town of Itaituba in northern Brazil and previously produced an estimated 1.5 - 2.0Moz of alluvial gold. Previous drilling at the Central zone has returned values up to 220m @ 2.02g/t Au and the next program will be aimed in part at defining the limits to the mineralization.

Several drill holes are planned at the Moreira Gomes target which is located approximately 5km SE of Central and has not been previously drill tested. Previous soil sampling by Magellan in this area defined a gold-in-soil anomaly which extends for 1.5km in an E-W direction and is coincident with a magnetic low. Drilling is expected to commence in late September / early October 2009.

A program of mechanized deep auger sampling is in progress at Cuiu Cuiu which is designed to further define the dimensions of the gold soil anomalies at Central, Pau de Merenda, Jerimum Baixo, Jerimum Cima and Moreira Gomes.

Coringa

Magellan's wholly-owned subsidiary, Chapleau Resources Ltd., has contracted Global Resource Engineering Ltd of Colorado to complete an initial 43-101 compliant resource estimate of its Coringa gold project. Coringa is located approximately 65km SW of the town of Novo Progreso. The study will focus on estimating the resources within the Serra, Meio and Galena portions of the known vein system. Serra, Galena and Meio comprise approximately 1.8km of strike with approximately 10km of strike length along veins identified to date. The results of this study are expected during September 2009.

On-going reconnaissance sampling within the Coringa claim block continues to confirm the presence of gold in drainages to the west and north of the known vein structures. Anomalous gold values in streams extending a further 10km from the northern-most drill hole at Coringa have been identified. Interpretation of these data has revealed at least 9 additional large stream sediment anomalies within the Coringa claim block (see map on Magellan Minerals website).

Sampling and prospecting beyond the limits of the drilling completed to date also continues to identify previously unrecognized gold-bearing structures, the most recent being the Filao do Manual structure and a second parallel structure which are located 250m south of the Meio zone and 150m and 100m respectively into the footwall of the main structure (see map on Magellan Minerals website). Rock samples from these structures have returned gold values which include 19.1g/t. Previous drilling at Meio included 3m @ 65.77g/t gold in DDH62. Results are also currently pending on 550 soil samples which are aimed at further expanding the known vein mineralization.

Magellan continues to explore its other land holdings in the Tapajos region of Brazil as well as evaluate other opportunities.

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 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