Magellan Minerals Ltd.
TSX VENTURE : MNM

Magellan Minerals Ltd.

November 16, 2010 09:00 ET

Magellan Announces Filing of Final Prospectus

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2010) - Magellan Minerals Ltd. (TSX VENTURE:MNM)-

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Magellan Minerals Ltd. is pleased to announce that it has filed and received a receipt (the "Receipt") for its final short form prospectus dated November 12, 2010. The prospectus, filed with the securities regulatory authorities in the provinces of British Columbia, Alberta and Ontario, qualifies the distribution of 19.2 million common shares (the "Common Shares") of Magellan issuable pursuant to the exercise of 19.2 million previously issued special warrants (the "Special Warrants"). The Special Warrants were issued on October 29, 2010 pursuant to a private placement financing that was led by Scotia Capital Inc. and which included Mackie Research Capital Corporation and Toll Cross Securities Inc. In accordance with the terms of the indenture governing the Special Warrants, all Special Warrants are deemed to be exercised and the Common Shares are deemed to be issued effective 12:01 a.m. on November 19, 2010.

An electronic copy of the final prospectus may be obtained via SEDAR at www.sedar.com.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

Neither The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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