Magellan Minerals Ltd.

Magellan Minerals Ltd.

March 26, 2008 09:00 ET

Magellan Appoints New Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2008) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") announces that effective March 25, 2008, the Company's Chief Financial Officer, Gordon Holley resigned his position to pursue other business activities.

Alan Carter, Magellan's President, stated, "We would like to thank Gord for his contributions to the Company, and in particular in connection with the initial public offering of Magellan's shares by way of Prospectus dated January 22, 2008. We wish Mr. Holley every success in his future endeavours."

Magellan has appointed Paul T. Hansed as its new Chief Financial Officer. Mr. Hansed has 20 years of accounting experience including 5 years with KPMG in Canada followed by 14 years with KPMG in Poland. He began his career in 1987 in the audit practice of KPMG in Richmond, BC. In 1992, he transferred to the Warsaw, Poland office of KPMG where he joined the Transaction Services group. In 1993, he was appointed head of the group and in 1996, was appointed partner. Mr. Hansed left KPMG and returned to Canada in 2006. He holds an undergraduate degree in Business Administration (Simon Fraser University) and is a Chartered Accountant.

Magellan also announces the grant of options, under its Option Plan, to Mr. Hansed to purchase up to a total of 100,000 common shares at a price of $1.45 per share. The options are exercisable for a five year period and are subject to certain vesting provisions.

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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