Magellan Minerals Ltd.
TSX VENTURE : MNM

Magellan Minerals Ltd.

September 16, 2011 11:30 ET

Magellan Announces Filing of Technical Report on Minerals Rights in Mato Grosso Region, Brazil

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2011) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce that ECI Exploration and Mining Inc. has filed a National Instrument 43-101 technical report for the Poconé Gold Project, located in the Mato Grosso region of Brazil. ECI filed the technical report in connection with filing of ECI's preliminary prospectus for its initial public offering. The mineral rights underlying the Poconé Gold Project in the Mato Grosso region are owned by Magellan, ECI and Brasil Central Engenharia Ltda. pursuant to joint venture agreements described in news releases (see press release dated October 28, 2010 and press release dated February 7, 2011).

A copy of the technical report dated September 1, 2011 and entitled "NI 43-101 Technical Report on the Poconé Gold Project, Geology, Mineralization and Historic Exploration Results, Baixada Cuiabana - Mato Grosso, Brazil" can be downloaded from ECI's SEDAR profile, accessible at www.sedar.com. The technical report was prepared by M. Claiborne Newton, III, PhD, CPG, Donald E. Hulse, P.E., and Jennifer J. Brown, P.G. of Gustavson Associates, LLC.

About Magellan Minerals Ltd.

Magellan is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

About ECI Exploration and Mining Inc.

ECI is a private gold, silver and associated base metal exploration company with properties in Brazil, and Mexico. ECI filed a preliminary prospectus dated September 14, 2011 in connection with the initial public offering of its common shares.

Magellan Minerals Ltd. (TSX VENTURE:MNM) is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

News Release #2011-22

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

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