MAGELLAN PROVIDES UPDATE ON CORINGA PROJECT, BRAZIL

Vancouver, BC, April 7, 2010 - Magellan Minerals Ltd. (TSX-V: MNM) ("Magellan") is pleased to provide an update on its Coringa project in northern Brazil. 

Diamond drilling at Coringa is currently in progress with a total of 820m and six holes completed to date. Initial results are expected during May 2010. The objectives of this program are outlined in the press release dated 2nd March 2010 and include increasing the existing resource as well as testing additional mineralized zones identified on surface.

The preliminary economic assessment (PEA) study which is currently being undertaken by GRE will be delayed for a month and is now expected by the end of April.  The two main reasons for the delay are a backlog of work at the laboratory which is undertaking the metallurgical test work and some additional engineering studies. 

The Par� State Environmental Authority (SEMA) has granted Magellan's wholly owned Brazilian subsidiary Chapleau Explora��o Mineral Ltda. the permit to extract 50 000 tons of ore for metallurgical studies at Coringa.   The permit is valid for one year.   This permit does not allow for the installation of a plant to process any of the ore.  Assuming a positive conclusion to the Preliminary Economic Assesment (PEA) Study, Magellan will apply for additional environmental licences to further advance the project.

For further information, please contact:

Alan Carter

President and CEO

Tel:     604.676.5663

Email: info@magellanminerals.com