Magellan Minerals Ltd.

Magellan Minerals Ltd.

February 28, 2008 09:00 ET

Magellan Drills 65.8m @ 3.54g/T at Central Target, Cuiu Cuiu Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce assay results on the first four holes of the drill program which is currently in progress at its 100% controlled Cuiu Cuiu project in northern Brazil. A total of 28 holes have now been completed as part of this program so far and results are still pending on 24 of these holes.

All four of the holes reported here were drilled as inclined holes in the Central area. Highlights from the current results include 65.8m @ 3.54g/t Au from 41.2m to 107.0m in hole CC-13-07 and 87.9m @1.11 g/t Au from 71.0 to 158.9m in hole CC-14-07. A summary of the results obtained from the initial four holes is as follows:-

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

CC-11-07 no significant results

CC-12-07 13.3 23.3 10.0 0.59
35.0 39.0 4.0 0.90
45.1 74.9 29.8 1.48
96.7 100.6(i) 3.9 1.59

CC-13-07 41.2 107.0 65.8 3.54
Incl. 57.9 64.0 6.1 23.53
130.3 136.3 6.0 1.47
165.2 177.5 12.3 4.25

CC-14-07 71.0 158.9 87.9 1.11

(i) hole CC-12-07 was lost at 100.6m depth. The final sample
interval returned 2.1m @ 2.53g/t Au

All four holes were drilled over a 200m strike length in the southern part of the Central soil anomaly where previous drilling by Magellan intersected 96.8m @ 1.02g/t Au and 134.5m @ 1.10g/t in holes CC-02 and CC-03 respectively. The zone remains open to the north and the south. Of particular importance is the presence of near surface high grade gold mineralization over good widths. Visible native gold was observed in core from both holes CC-12-07 and CC-13-07. The gold occurs as grains that are 0.1mm to 1.5mm diameter within sheeted grey quartz-calcite veinlets, usually associated with accessory base metal sulfides, and 1 to 3% pyrite.

President & CEO, Alan Carter stated "that Magellan is very pleased with these initial results and noted that this is just the first of several excellent targets to be drill tested at the Cuiu Cuiu project. We look forward to additional drill results from Central as well as the nearby Pao de Marenda and Jerimum de Cima targets".

Results are currently pending on an additional 12 diamond drill holes from the Central target as well as 5 drill holes from the Pao de Marenda anomaly, and 7 drill holes from the Jerimum de Cima target. Drilling at Central is currently ongoing. Additional drill results are expected to be released over the next two to three months. The main focus of the current drill program is to determine the extent and geometry of the mineralized body at Central as well as test two other significant gold-in-soil anomalies.

Drill holes were inclined at between 55 degrees and 65 degrees with a maximum of 286.5m core length. Core recovery for the mineralized intervals averaged greater than 95%.

Drill cores for assaying were taken at a minimum of 0.4m and maximum of 2.5m intervals. All core samples (BTW diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via secure transport for shipping 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 involved pulverizing 100% of the core samples to better than 95% minus 150 mesh and then splitting off 50g for analysis. . Gold analysis was by fire assay of the 50g split with an atomic absorption finish. 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 a quality control program in place which includes both standards duplicates and blanks.

The Cuiu Cuiu project covers an entire gold district, and has an estimated historic alluvial gold production of 1.5 to 2Moz. Magellan controls mineral exploration licenses totaling over 47,000 hectares ( greater than 470 km2) at Cuiu Cuiu and is focusing its exploration efforts on a series of SE to NW striking gold-in-soil anomalies which extend along a trend which is 17km in length and cuts across Magellan's license area. (see website: for map). Cuiu Cuiu is one of 13 projects (11 of which are 100% owned) currently held by Magellan in the Tapajos Mineral Province of northern Brazil. Other projects include; Uniao, Porquinho, Maranhense and Nhamunda.

This press release was prepared 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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