MAGELLAN COMPLETES $7.5 MILLION BROKERED PRIVATE PLACEMENT

Vancouver, British Columbia, June 3, 2010 ? Magellan Minerals Ltd. (TSX-V: MNM) is pleased to announce that it has successfully completed a $7.5 million brokered private placement.  The financing was comprised of 10 million common shares issued at a price of $0.75 per common share, which are subject to a 4 month hold period expiring on October 4, 2010. The securities were offered through Dundee Securities Corporation and Toll Cross Securities Inc. as co-lead agents (the ?Agents?).

In connection with the sale of the units, Magellan paid a total cash commission of $450,000 to the Agents, and issued 600,000 Agents? warrants. Each Agents? warrant may be exercised to acquire one common share of Magellan, at a price of $0.75 per common share for a period of 12 months from the closing of the offering.

The proceeds from the sale of the common shares will be used to fund exploration on the Company?s projects and for general working capital.

For further information, please contact:

Alan Carter

President and CEO

or

Paul Hansed

Chief Financial Officer

Tel:       604.676.5660    

Email:   info@magellanminerals.com