======================================================================= News Release - May 7, 2012 Magellan Files NI 43-101 Compliant Technical Report Concerning Updated Resource Estimate for Coringa Project, Brazil ======================================================================= Vancouver, BC, May 7, 2012 � Magellan Minerals Ltd.

(TSX-V: MNM)(OTCQX: MAGNF)�("Magellan") announces that further to its news release dated March 22, 2012, it has filed today with the British Columbia, Alberta, Ontario and Nova Scotia Securities Commissions, a NI 43-101 Technical Report dated May 7, 2012 (the "Report") in connection with an updated resource estimate for the Coringa project, Brazil.

The Report was prepared by Kevin J.

Gunesch, P.E.

and Zachary J.

Black, E.I.T., SME registered member of Global Resource Engineering, Ltd.

The Report can be found on SEDAR at www.sedar.com�and on Magellans website at�www.magellanminerals.com. Separately, Magellan has granted stock options to directors, officers, employees and consultants of the Company.

The options entitle the holders to purchase 2,455,000 common shares in the capital stock of the Company at a price of $0.50 per share.�The options are exercisable until April 26, 2017, subject to vesting over 24 months.� Magellan Minerals (TSX-V: MNM) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil.

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).

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).

For further information, please contact: Alan Carter, President and CEO Tel: 604.676.5663 e-mail: Jennifer Duthie, Corporate Communications Manager Tel: 604 676 5660 e-mail: www.magellanminerals.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc.

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. ======================================================================= Click or copy and paste the link below to unsubscribe from this list http://dissemination.blendermedia.com:81/u?id=3951874T&n=T&l=magellanminerals_com =======================================================================