NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES.


Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce
that it has entered into a debt settlement agreement with its single largest
creditor, a provider of drilling services to Magellan in connection with the
Coringa feasibility study.


The principal terms of the agreement are as follows:



--  Magellan will issue 4,602,030 common shares (the "Shares") to the
    creditor at a deemed price of $0.13 per Share in full satisfaction of
    the total amount owing of R$ 1,212,998.13 (being $598,263.96 applying
    the agreed foreign exchange rate of 2.02753). 
--  The Shares will be subject to a four month hold period. 
--  Various conditions have been agreed between Magellan and the creditor
    concerning any sale of the Shares by the creditor. 
--  The agreement is subject to TSX-V approval.



Magellan Minerals Ltd. (TSX VENTURE:MNM) 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 mineral resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and
Inferred mineral resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold) and is
currently undergoing a bankable feasibility study. The Cuiu Cuiu project
contains mineral resources of 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 TSX Venture Exchange nor its Regulation Services Provider (as 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. The use the words "will",
"subject to" and similar expressions are intended to identify forward-looking
statements. Such forward-looking statements should not be unduly relied upon. In
particular, this document contains forward-looking statements and assumptions
pertaining to the granting of regulatory approval. Actual results achieved may
vary from the information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors. The forward-looking
statements contained in the document are expressly qualified by this cautionary
statement. These statements speak only as of the date of this document and
Magellan does not undertake to update any forward-looking statements that are
contained in this document, except in accordance with applicable securities
laws.


The technical information in this press release has been reviewed by Magellan's
Chief Geologist, Guillermo Hughes (B.Sc., a member of the AIG and the AUSIMM), a
Qualified Person as defined by National Instrument 43-101. See NI 43-101
Technical Report Coringa Project, State of Para, Brazil dated December 6, 2012
and Resource Estimate and Technical Report for the Cuiu Cuiu Project, Tapajos
Region, North-Central Brazil dated April 19, 2011, available from Magellan's
profile at www.sedar.com for further information on the Coringa and Cuiu Cuiu
projects.


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

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