March 22, 2012
Magellan Expands Coringa Resource by 108% in the Measured and Indicated Category and 444% in the Inferred Category
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2012) - Magellan Minerals Ltd. (TSX VENTURE:MNM)(OTCQX:MAGNF) ("Magellan") is pleased to announce a National Instrument 43-101 compliant updated resource estimate for the Coringa Project, Para State, Brazil, which has been completed by independent consultants, Global Resource Engineering (GRE) Ltd.
Highlights include:-
-- Total resources of 561,000 Measured and Indicated ounces of gold
representing 3.17Mt @ 5.50 g/t gold and 534,000 Inferred ounces of gold
representing 5.51Mt @ 3.02 g/t gold on an undiluted basis and using a 1
g/t gold cut-off
-- An increase of 108% in the Measured and Indicated category and an
increase of 444% in the Inferred category. Measured and Indicated
resources for the three main zones have increased by 104% due to
additional intercepts on the lower portions of the structures. Inferred
resources for the three main zones have increased 273% due to additional
strike length of 3.8 km from step-out drilling
-- Resources are contained within five areas which include Serra (42% of
Measured and Indicated, 19% of Inferred), Valdette (2% of Measured and
Indicated, 13% of Inferred), Meio - Come Quieto (42% of Measured and
Indicated, 35% of Inferred), Galena - Mae de Leite (15% of Measured and
Indicated, 14% of Inferred) and Demetrio (18% of Inferred)
-- Using a 2g/t gold cut-off, resources total 516,000 ounces of gold in the
Measured and Indicated category representing 2.26Mt @ 7.22 g/t gold and
409,000 ounces of gold in the Inferred category representing 2.72Mt @
4.68 g/t gold