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Magellan Minerals Acquires 25.5% Interest in Mineral Rights in Mato Grosso

Oct 29 2010

Magellan Minerals Ltd. (TSX VENTURE:MNM) has announced that it has signed a formal agreement to give effect to its previously announced purchase of a 25.5% interest in certain mineral rights from Brasil Central Engenharia Ltda. in consideration for US$2.5 million.

The effective date of the purchase as reflected in the formal agreements is June 4, 2010. Magellan had previously announced that it had agreed to acquire the mineral rights, located in Mato Grosso state in Brazil, from Brasil Central, a private company incorporated under the laws of Brazil with a head office located in Cuiabá. Brasil Central is at arm's length to Magellan (see press release dated August 11, 2010).

Magellan, ECI Exploration Mining Inc. ("ECI"), and Brasil Central are currently evaluating their plans for these properties.

Source:

Magellan Minerals Ltd.

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