Magellan Minerals Ltd.

Magellan Minerals Ltd.

February 25, 2008 10:00 ET

Magellan Extends Drill Program at Cuiu Cuiu

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2008) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce that a second phase drill program currently in progress at its Cuiu Cuiu project in northern Brazil, has been extended from an initial 5000m to 7000m. A total of 27 holes have been completed as part of this program to date. This drilling is in addition to 10 holes that were completed during 2006.

The Cuiu Cuiu project covers an entire gold district with 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 exploring the entire district. Approximately 6500 soil samples have been collected to date resulting in the identification of five large (greater than 1km2) gold in soil anomalies (see website: for map), which currently form the focus of Magellan's exploration program. These anomalies are as follows:

1. Central - The largest gold-in-soil anomaly identified by Magellan so far extends NW-SE over a distance of 2km. Surface sampling at Central has identified sheeted veining and stockwork mineralization which has returned values of 16m @ 6.4g/t Au and 25m @ 3.7g/t Au. Magellan previously drilled nine holes into this anomaly which returned up to 134m @1.1g/t Au (see below).

2. Pao de Marenda - This anomaly is located approximately 2km NW of Central along the same trend and contains a number of garimpo workings which are coincident with the soil anomaly. Drilling of this anomaly is being conducted as part of the current program.

3. Jerimum de Cima - This gold-in-soil anomaly is located approximately 3km ENE of Central. A continuous channel sample taken across sheeted veining and stockwork mineralization within historic garimpo workings returned 84m @ 1.6g/t Au.

4. Jerimum de Baixo - This gold-in-soil anomaly is located approximately 1km south of Jerimum de Cima. Historic garimpo workings are located on the SE edge of the anomaly and stockwork and sheeted vein mineralization have been mapped at this location. Surface sampling of these workings returned 8m @ 5.0g/t Au and 42m @ 1.0g/t Au.

5. Moreira Gomes - This gold in soil anomaly is located 1.5km SE of Jerimum de Baixo covering an area of 1.5km x 650m. Narrow vein mineralization has been located in drainages below the anomaly but the source of the large gold in soil anomaly itself remains unknown.

Drilling by Magellan during late 2006 at the Central anomaly returned significant results including:

159.0m @ 0.91g/t Au from 31.0 - 190.0m in hole CC-02-06
incl. 96.8m @ 1.02g/t Au from 90.0 - 186.8m

134.5m @ 1.10g/t Au from 141.1 - 275.6m in hole CC-03-06

13.9m @ 2.49g/t Au from 63.0 - 76.9m in hole CC-07-06

2.0m @ 13.54g/t Au from 220.4 - 222.4m in hole CC-08-06

The current drill program is focused on determining the size and extent of the mineralisation previously intersected in the drilling at Central, as well as initial testing of the Jerimum de Cima and Pao de Marenda anomalies. Results are currently pending on 15 drill holes completed at Central. Results are also pending on 5 drill holes from the Pao de Marenda anomaly, and 7 drill holes from the Jerimum de Cima anomaly. Initial drill results are expected during late February / early March. Results are also pending on a number of surface samples.

The Cuiu Cuiu project 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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