Magellan Minerals Ltd.: Trench Results From Coringa Expand Valdette Zone and Identify New Structure at Demetrio
Published : May 17, 2011
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Keywords :   Brazil | Diamond | Gold | Market | Recovery |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2011) - Magellan Minerals Ltd. (News - Market indicators) ("Magellan") is pleased to announce trench results from several additional trenches at the Valdette soil anomaly as well as three initial trenches at the Demetrio zone.

Valdette

The Valdette structure was identified on the basis of a recently identified gold-in-soil soil anomaly that extends 3.8km in length and is located west of the main structure at Coringa (see press release dated 25th January 2011).

Results on six additional sets of trenches across this anomaly have been received and include gold values of 6m @ 4.63g/t gold, 7m @ 1.40g/t gold and 6m @ 0.80g/t gold. These additional trenches have now confirmed the presence of at least one, possibly two parallel structures at Valdette that extend over a strike length of at least 1.75km. The zone remains open to both the north and south.

One rig is currently drilling at Valdette. A map showing the results obtained to date is available at the Magellan website (see current drill map for Valdette). All surface samples were of saprolitic material.

Demetrio

Three trenches were recently completed at the Demetrio gold-in-soil anomaly which is 1km in length and 350m to 550m in width. The anomaly is located south of Valdette and approximately 700m west of the Bravo-Escorpion zone on the main Coringa structure. The three trenches were oriented ENE-WSW and were dug approximately 100m apart. Results from the three trenches include 4m @ 4.5g/t, 6m @ 0.8g/t and 3m @ 0.86g/t and confirm the presence of a gold bearing structure at Demetrio which is at least 200m in length and open both to the north and south.

A second rig is currently drilling on this anomaly and results are pending (see current drill map for Demetrio).

The objective of the 2011 Diamond drilling program at Coringa is to significantly expand on the existing resource of 269,450 oz of gold in the Measured and Indicated category which has an average grade of 8.53 g/t and the Inferred material which averages 9.34 g/t gold and totals 98,224oz.

This press release was reviewed by Guillermo Hughes, B.Sc., a member of AusIMM and a qualified person in compliance with National Instrument 43-101.

Magellan is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos Province of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects where drilling is currently in progress.

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.

News Release #2011-10

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

Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com
or
Magellan Minerals Ltd.
Jennifer Duthie
Corporate Communications Manager
778.370.0519
Jennifer@magellanminerals.com
www.magellanminerals.com
Data and Statistics for these countries : Brazil | All
Gold and Silver Prices for these countries : Brazil | All

Magellan Minerals Ltd

EXPLORATION STAGE
CODE : MNM.V
ISIN : CA55908M1086
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Magellan is a gold exploration company based in Canada.

Its main exploration properties are PORQUINHO, CORINGA, MARANHENSE, MATO VELHO, JERIMUM BAIXO, UNIÃO, NHAMUNDÁ and CUIU CUIU in Brazil.

Magellan is listed in Canada. Its market capitalisation is CA$ 15.4 millions as of today (US$ 12.0 millions, € 10.5 millions).

Its stock quote reached its highest recent level on December 17, 2010 at CA$ 1.94, and its lowest recent point on January 22, 2016 at CA$ 0.03.

Magellan has 205 850 000 shares outstanding.

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Financings of Magellan Minerals Ltd
12/24/2009Completes $21 Million Brokered Private Placement
6/3/2010Completes $7.5 Million Brokered Private Placement
12/11/2009Announces $20 Million Brokered Private Placement
Nominations of Magellan Minerals Ltd
7/5/2011Gord Allen Joins Magellan as Head of Regional Exploration
Project news of Magellan Minerals Ltd
4/8/2015(Coringa).: Feasibility Study Resource Estimate at Coringa Returns In...
8/29/2013(Coringa)Reports Results from Infill Drilling at the Coringa Project,...
6/27/2013(Coringa)Confirms Metallurgical Results as Part of Feasibility Study ...
4/17/2013(Coringa)Provides Update on Feasibility Study at the Coringa Project,...
3/12/2013(Coringa)Commences Drilling at Coringa as Part of Feasibility Study
2/5/2013(Cuiu Cuiu)Reports Results from Exploration Drilling at Cuiu Cuiu Proje...
1/15/2013(Coringa)Announces the Initiation of a Feasibility Study for the Cori...
10/11/2012(Cuiu Cuiu).: Channel Sample Results From Ivo Zone at Cuiu Cuiu Return ...
6/28/2011(Coringa)Adds Third Drill Rig at Coringa Project and Identifies New M...
4/12/2011(Coringa)Surface sampling at Coringa project extends main structure 3...
4/8/2011(Coringa)Trench Results from the New Valdette Zone at Coringa, Brazil...
4/8/2011(Coringa)Trench results from the new Valdette zone at Coringa, Brazil...
3/8/2011(Cuiu Cuiu)Announces Initial Resource Estimate at Cuiu Cuiu Project, Br...
6/8/2010(Cuiu Cuiu)Drills 136.2m at 0.91g/t Gold and Extends Central Zone by 23...
5/27/2010(Coringa)Extends Meio Zone at Coringa Project and Expands Drill Progr...
5/18/2010(Coringa)Options an Additional 1,917 Hectares East of Coringa Gold Pr...
4/7/2010(Coringa)Provides Update on Coringa Project
9/28/2009(Cuiu Cuiu)Commences Drilling at Cuiu Cuiu
9/14/2009(Cuiu Cuiu)Provides Exploration Update on Cuiu Cuiu and Coringa Project...
Corporate news of Magellan Minerals Ltd
1/19/2016Magellan Makes US$500,000 Troy Payment
12/18/2015Magellan Extends Troy Agreement; Ken Nilsson Joins Magellan ...
11/3/2015Magellan Expands Non-Brokered Private Placement to $1,100,00...
9/24/2015Magellan Pays Troy Deposit Regarding Andorinhas Processing P...
9/23/2015Magellan Appoints Zengliang Li to Board of Directors
8/26/2015Magellan Agrees to Acquire Andorinhas Processing Plant, Asso...
8/4/2015Magellan Announces $500,000 Non-Brokered Private Placement
4/8/2015Feasibility Study Resource Estimate at Coringa Returns Incre...
4/8/2015Magellan Minerals Ltd.: Feasibility Study Resource Estimate ...
12/2/2014Magellan Completes Third and Final Tranche of $3,000,000 Pri...
10/17/2014Magellan Completes Second Tranche of $3,000,000 Private Plac...
9/23/2014Magellan Completes First Tranche of $3,000,000 Private Place...
9/4/2014Magellan Announces $3,000,000 Private Placement
8/11/2014Magellan Completes Shares for Debt Settlement
7/31/2014Magellan Enters Into Debt Settlement Agreement
5/6/2014Termination of Letter of Intent on Pocone Project, Brazil
9/11/2013(Coringa)Drills 3m @ 12.58 g/t Gold and Extends Three Key Zones at th...
6/12/2013(Coringa)Agrees Financial Advisory Role with Endeavour Financial for ...
12/12/2012(Coringa)Announces the Filing of a Preliminary Economic Assessment fo...
11/14/2012(Cuiu Cuiu)Commences Drilling at Ivo and Ratinho Targets, Cuiu Cuiu Pro...
11/1/2012(Coringa)Announces Positive Preliminary Economic Assessment for the C...
10/23/2012(Cuiu Cuiu)Trenching Returns 5m @ 54.8g/t Gold from the Ivo Zone at Cui...
7/12/2011(Coringa)Reports Initial Drill Results Including 36.7m @ 0.79g/t Gold...
5/31/2011Announces Voting Results of 2011 Shareholders Meeting
5/17/2011(Coringa).: Trench Results From Coringa Expand Valdette Zone and Iden...
5/12/2011(Cuiu Cuiu)Drills 24m @ 4.06 g/t Gold at Eastern Extension to Moreira G...
4/29/2011Adopts Shareholder Rights Plans and Grants Stock Options
4/8/2011is Pleased to Announce that National Bank and Mackie Researc...
8/18/2010Drills 84m @ 1.24 gold and extends mineralized zone by 600m ...
7/22/2010Drills 112m of 1.70g/t Gold at Moreira Gomes
7/8/2010Drills 53.6m @ 1.3g/t Gold and Continues to Expand Central Z...
6/23/2010Drills 32.1m @ 1.05g/t gold at Moreira Gomes
11/18/2009Signs Deal to Acquire Majority Interest in Creporizinho Gold...
5/14/2010Announces up to $7.5 Million Equity Financing
1/28/2010Drills 82.5m @ 1.02 g/t Gold and Extends Central Zone
1/5/2010Commences Preliminary Economic Assessment at Coringa
10/8/2009Reports Initial Resource Estimate at Coringa Project
9/1/2009Completes Plan of Arrangement with Chapleau
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