MAGELLAN EXTENDS MEIO ZONE AT CORINGA PROJECT, BRAZIL, AND EXPANDS DRILL PROGRAM

Vancouver, BC, May 27, 2010 ? Magellan Minerals Ltd. (TSX-V: MNM) (?Magellan?) is pleased to provide an update on its drilling program at the Coringa project in northern Brazil. 

Diamond drilling at Coringa is currently in progress and 2216m (17 diamond drill holes) of the proposed 2500m program have been completed to date.  Results for 12 holes have been received.  Nine holes were drilled on the immediate extensions of the Meio resource block and three holes (87,88 and 89) in a new target area approximately 800m to the southeast of the Meio zone (see Figures on website: www.magellanminerals.com). Holes 82 and 83 drilled over a 150m strike and immediately to the southeast of the Meio gold resource (see press release on October 8, 2009 and PEA study, May 5, 2010), returned 2.0m at 10.12g/t Au and 1.1m at 10.02g/t Au. Lower grade gold mineralization and characteristic chloritic-hematiitic and sericitic alteration associated with the Meio structure were intersected for another 300m along strike and south of Hole 83 (see Figures on website: www.magellanminerals.com).  A table of results for the Meio extension is shown below.

Table of Results: Meio Extension Zone

Recent soil sampling has identified several new gold-in soil anomalies which are parallel and immediately to the west of the main structure. One of these anomalies extends for 2.5km and is still open. None have been drilled previously and will be the focus of three additional diamond drill holes which will extend the total drill program  by an additional 500m to a total of 3000m. Drilling at Coringa is expected to be completed by the end of June.

Ian Gendall, Chief Operating Officer of Magellan stated that ?we are very pleased to be able to report the southern expansion of the Meio zone at Coringa, and whilst some of the holes did not return economic values, the results returned to date will result in an expanded resource estimate. In addition, the recent identification of several parallel gold-in-soil anomalies raises the possibility of parallel, and as yet untested gold bearing structures?

Holes were drilled at angles of 50 to 60 degrees.  All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the Company?s office in Novo Progresso before shipping via secure transport to ACME preparation laboratory in Itaituba for sample preparation.  Core samples were crushed down to 2 mm and a 1 kg split taken and pulverized to better than 85% minus 200 mesh.  From Itaituba, ACME sent the pulp samples to Vancouver, Canada  for assaying.  Gold analysis was by fire assay of a 30 g sample and atomic absorption finish.  Silver and additional 35 elements using a 4 acid digestion were analyzed by Inductively Coupled Plasma Mass Spectrometry (ICP-MS).  ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes standards, blanks, repeats, and duplicates.

Magellan?s QA/QC program also includes the insertion of standards, field duplicates and  blank material in the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy, and to identify problems caused by poor sampling, preparation, assaying errors and possible sample contamination.

Ian Gendall (Pr. Sci. Nat.), Magellan?s Chief Operating Officer and a "qualified person" within the definition of that term in NI 43-101, has prepared and reviewed the technical information contained in this news release.

For further information, please contact:

Alan Carter                                                                           Ian Gendall

President and CEO                                                             COO

Tel:     604.676.5663                                                           Tel: 604 676 5660

Email: info@magellanminerals.com                                              Email: info@magellanminerals.com