Magellan Minerals Ltd. (TSX VENTURE:MNM)(OTCQX:MAGNF) ("Magellan") is pleased to
report drill results from eight additional diamond drill holes recently
completed at the Coringa project located in the southern part of Para state in
northern Brazil. These holes are part of the drill program announced in March
(see press release dated 12th March 2013) and were designed to test certain
portions of the resource that were designated as Inferred resources.


Highlights include:- 



--  1.5m @ 3.09 g/t gold including 0.5m @ 8.03 g/t gold in hole 161 from
    Serra. Hole 161 is the most southerly hole drilled in the Serra zone to
    date and demonstrates that the zone remains open to the south 
--  0.5m @ 7.74 g/t gold from hole 168 which was drilled in the centre of
    the Serra zone 
--  Holes 165 and 167 were drilled immediately north of the Serra zone and
    intersected 0.5m @ 2.98 g/t gold and 0.5m @ 3.34g/t gold respectively 



The eight holes reported here which total 2,434m, were drilled to a maximum
depth of 352m and were largely designed to test the Inferred resources at depth
and down dip at the Serra zone. All seven holes at Serra intersected the
mineralized structure at depth. Significant mineralization was intersected in
seven of the eight holes and included 1.5m @ 3.09 g/t gold including 0.5m @ 8.03
g/t gold in hole 161, and 1.5m @ 2.91 g/t gold including 0.5m @ 7.74 g/t gold in
hole 168 at Serra. 


Hole 161 is of particular significance since the hole was drilled 145m south of
the most southerly hole at Serra (DDH 153) which previously returned 1.5m @ 0.74
g/t gold. These results demonstrate that the mineralized structure at Serra
remains open to the south and at depth. 


Similarly, holes 165 and 167 were drilled 90m to the northeast and 130m north of
the most northerly hole at Serra (DDH 160 returned 1m @ 32.6 g/t gold) and
demonstrate that the mineralized zone similarly remains open to the north. 


The complete summary of significant intersections is as follows:-



----------------------------------------------------------------------------
                                                    Interval                
                        From              To           Width            Gold
Hole ID                  (m)             (m)          (m)(i)           (g/t)
----------------------------------------------------------------------------
Serra                                                                       
----------------------------------------------------------------------------
  DDH 161              254.8           256.3             1.5            3.09
----------------------------------------------------------------------------
  incl.                255.3           255.8             0.5            8.03
----------------------------------------------------------------------------
  DDH 162              276.7           277.7             1.0            1.73
----------------------------------------------------------------------------
                       316.1           316.6             0.5            0.97
----------------------------------------------------------------------------
  DDH 163              241.5           242.0             0.5            3.66
----------------------------------------------------------------------------
                       248.6           249.3             0.7            3.08
----------------------------------------------------------------------------
  DDH 164                        No significant results                     
----------------------------------------------------------------------------
  DDH 165              229.0           229.5             0.5            2.98
----------------------------------------------------------------------------
                       260.5           261.0             0.5            1.21
----------------------------------------------------------------------------
  DDH 167              141.5           142.0             0.5            3.34
----------------------------------------------------------------------------
                       194.0           194.5             0.5            1.24
----------------------------------------------------------------------------
  DDH 168              116.3           117.8             1.5            2.91
----------------------------------------------------------------------------
  incl.                117.3           117.8             0.5            7.74
----------------------------------------------------------------------------
Come Quieto                                                                 
----------------------------------------------------------------------------
  DDH 166               74.0            74.5             0.5            0.54
----------------------------------------------------------------------------
                       246.5           247.0             0.5            0.80
----------------------------------------------------------------------------
(i)   All holes were drilled at between -50 degrees and -75 degrees. Dips 
      of the intersected structure at Serra and Come Quieto are not known,  
      and intersection widths are not necessarily true widths               
(ii)  True widths at Serra are estimated at 75-95% of the drill             
      intersections.                                                        
(iii) True widths at Come Quieto are estimated at 60-80% of the drill       
      intersections.                                                        



Results are currently pending on an additional six holes from Serra, Come Quieto
and the Mae de Leite zones. These holes were also designed to test Inferred
resources.


Holes were drilled at between 50 and 75 degrees from horizontal. All core
samples (NQ 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 Itaituba 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 was pulverized to better than 85% minus
200 mesh. From Itaituba, ACME sent the pulp samples to Santiago, Chile for
assaying. Gold analyses were conducted on 30g representative sample cuts using
fire assay with an atomic absorption finish. Certain samples were crushed,
pulverized and sieved resulting in a 500g subsample. Two splits greater than 200
Mesh were then analysed using lead collection Fire-Assay Fusion, and one split
less than 200 Mesh was analysed using Lead collection fire assay 50g fusion -
gravity finish. ACME is an ISO 9001 registered laboratory and has a quality
control program in place which includes the insertion of standard, blank, and
duplicate samples, as well as conducting repeat analyses.


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.


In view of the continuing downturn in the mining sector and particularly in
exploration and development, Magellan has elected to temporarily suspend work on
the feasibility study at Coringa. Work is expected to resume in the next few
months once funding has been secured to complete the feasibility study.


Magellan also advises that Richard Zimmer has elected to step down from the
Magellan Board effective immediately as a result of potential conflicts since he
has accepted a consulting position with a private company that is also engaged
in mineral exploration and development in Brazil. The Board would like to thank
Rick for his counsel and advice and wishes him the very best in his new
endeavour.


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


Magellan Minerals (TSX VENTURE:MNM)(OTCQX:MAGNF) is a TSX Venture Exchange
listed exploration and development company with two advanced gold properties in
the Tapajos Province of northern Brazil. The Coringa project contains Measured
and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred
resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold). The Cuiu Cuiu project
contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and
1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold).


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


This news release contains forward-looking statements. 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. Particular risks applicable to this
press release include risks associated with achieving production on the project
within the parameters identified in the economic assessment, the ability of the
project to generate significant cash flow to the company and earnings to the
shareholders of the company. These statements are subject to risks due to
regulatory, technical, economic and other factors. In addition there is no
guarantee that additional exploration work will result in significant increases
to resource estimates. The reader is referred to the Company's most recent
annual and interim Management's Discussion and Analysis for a more complete
discussion of such risk factors and their potential effects, copies of which may
be accessed through SEDAR at http://www.sedar.com 


News release #2013-8 

FOR FURTHER INFORMATION PLEASE CONTACT: 
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com
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