🕐24.11.11 - 16:27 Uhr

DRILLING AT SERRA INTERSECTS 7M @ 6.10G/T GOLD AT CORINGA PROJECT, BRAZIL



======================================================================= News Release - November 24, 2011 Drilling at Serra Intersects 7m @ 6.10g/t Gold at Coringa Project, Brazil ======================================================================= Vancouver, BC, November 24, 2011 � Magellan Minerals Ltd.

(TSX-V: MNM) (�Magellan�) is pleased to report results from thirteen additional drill holes from the Serra, Meio and Domingo zones at the Coringa project, Brazil.

As with previous holes reported from the 2011 diamond drill program, these are all step-out and exploration holes aimed at expanding the existing resources of 269,450oz of gold in the measured and indicated categories (982,291t @ 8.53 g/t), and 98,224oz of gold in the inferred category (327,054t @ 9.34 g/t).

Highlights include:- - 7m @ 6.10 g/t gold including 2m @ 18.03 g/t gold in hole 145 at Serra which was drilled 50m south and 130m down dip of hole 127 (2m @`10.81g/t gold) - 0.6m @ 17.60 g/t gold in hole 139 at Serra drilled 50m to the north and 120m down dip of hole 124 (1.5m @ 10.23 g/t gold) - 1m @ 11.52 g/t gold and 0.5m @ 8.80 g/t gold in hole 130 at Meio located 225m SE of the existing resource at Meio and 40m SE of hole 94 (2.6m @ 7.52g/t gold) - 1.5m @ 17.74 g/t gold also in hole 130 at Meio - 2m @ 12.05 g/t gold in hole 144 also at Meio and 100m down-dip of previous drilling in the central part of the Meio zone Serra Results are reported here on five additional holes drilled down dip on the existing structure.

Hole 145 was drilled approximately 50m south and 130m down dip of hole 127 (2m @ 10.81 g/t gold) and intersected 7.0m @ 6.10 g/t gold from 209.0 to 216.0m depth including 2m @ 18.03 g/t gold from 213.0 to 215.0m depth (see map and longitudinal section on website - http://www.magellanminerals.com/www/_resources/maps/coringa/111123-SERRA-VN1.jpg).

Hole 145 is the deepest hole completed at Serra to data and confirms the high grade continuity of the mineralized zone down dip and at depth. Hole 139 was drilled 50m north and 120m down dip of hole 124 (1.5m @ 10.23 g/t gold) at Serra in the central part of the Serra zone and returned 0.6m @ 17.60 g/t gold.

The Serra zone has an existing resource of 161,731oz of Measured and Indicated resources (Measured; 210,405t @ 8.59 g/t gold and Indicated; 336,004t @ 9.59g/t gold) and 94,294oz of Inferred resources (280,794t @ 10.44 g/t gold).

These results build on previous results (see press releases dated 13th September 2011 and 17th October 2011) and continue to expand the mineralized zone at depth and along strike.

Results are currently pending on an additional three deep holes at Serra and drilling continues. Analytical results from the Serra, Meio and Domingo zones discussed in the text are tabulated below. To read the complete news release, please see the following link:http://www.magellanminerals.com/news/news_releases/index.php?&content_id=167
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