🕐01.02.12 - 15:27 Uhr

MAGELLAN REPORTS DRILL RESULTS FROM EXPLORATION DRILLING AT CENTRAL NORTH ZONE,
CUIU CUIU PROJECT, BRAZIL



======================================================================= News Release - February 1, 2012 Magellan Reports Drill Results from Exploration Drilling at Central North Zone, Cuiu Cuiu Project, Brazil ======================================================================= Vancouver, BC, February 1st, 2012 � Magellan Minerals Ltd.

(TSX-V: MNM, OTCQX: MAGNF) (�Magellan�) is pleased to announce the results of seven additional exploration holes recently drilled at the Central North zone at the Cuiu Cuiu project.

Central North is located 300m � 600m north of the Central zone (comprising 3.4Mt @ 1.0 g/t of gold in the indicated category and 17Mt @ 0.9 g/t of gold in the inferred category) at Cuiu Cuiu.

Highlights include:- - 19m @ 0.49 g/t gold and 9m @ 0.94 g/t gold in hole 148 which was drilled as a scissor hole to hole 131 which intersected 39.4m @ 1.25 g/t gold - 20m @ 0.59 g/t gold in hole 163 which was drilled in an ESE direction approximately 130m north of hole 131 - 6.1m @ 1.87 g/t gold in hole 159 located 75m north of hole 148 - 2m @ 5.97 g/t gold at depth in hole 163 drilled 150m N of hole 148 Central North The seven holes reported here are all from follow-up holes designed to test the extent of the mineralization encountered in hole 131 which intersected 39.4m @ 1.25 g/t gold and is located 360m from the northern margin of the Central zone.

All of the holes are exploration / step-out holes and are drilled outside of the known resource and between 300 and 600m north of the Central zone (see map on website http://www.magellanminerals.com/_resources/maps/2012_02_01Central_Northb.jpg) Six of the seven holes reported here intersected gold mineralization in multiple intervals confirming the presence of another mineralized zone at Cuiu Cuiu and immediately north of the Central body.

The gold mineralization reported here from Central North is all well above the 0.30 g/t grade cut-off used for the Cuiu Cuiu resource estimate (see press release dated March 8, 2011) The Central North zone has been traced for at least 350m and appears to trend NW-SE and is offset from the main Central body (see map on website http://www.magellanminerals.com/_resources/maps/2012_02_01_Central.jpg).

The zone remains open to the north-west and south east.

Further drilling is planned during 2012 to more accurately define the extent of gold mineralization of Central North. Alan Carter, President & CEO of Magellan commented, �These recent drill results confirm the presence of a new mineralized zone at Cuiu Cuiu 300 � 600m north of the existing Central zone.

This zone together with the recently identified Jerimum Baixo zone located 3km SE of Central is outside the existing resource estimate and confirms the presence of multiple mineralized bodies at Cuiu Cuiu.� Drill hole intersections are summarized in the following table: To read the complete news release, please see the following link: http://www.magellanminerals.com/news/news_releases/index.php?&content_id=177
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