Magellan Minerals Ltd.

Magellan Minerals Ltd.

January 25, 2011 09:00 ET

Magellan Extends New Soil Anomaly to 3.8km Length at Coringa Project, Brazil

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2011) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to report the results from additional soil sampling at its Coringa project in the state of Para, in northern Brazil.

The presence of significant gold-in-soil anomalies west of the main structure at Coringa has been previously noted by Magellan (see press releases dated 27th May 2010 and 12th August 2010). However, recent additional soil sampling has extended one such NW-SE trending anomaly to a length of 3.8km and an average width of 300m. The anomaly is coincident with a low magnetic anomaly (see maps on website).

The soil results are better than those associated with the main structure which is located several hundred metres to the east. Surface trenching on this anomaly is currently in progress.

Drilling at Coringa has been temporarily suspended whilst results are received on trenching of this new anomaly. Drilling is expected to recommence during February. 

Magellan advises that it is considering a range of options in order to maximize the value of its joint venture interests in the state of Mato Grosso. Management is preparing a recommendation to the Board.

This press release was reviewed by Dennis Moore, B.Sc., M.Eng., member of AusIMM & SEG., a qualified person in compliance with National Instrument 43-101.

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.

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

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