NEWS ANNOUNCEMENTSee news announcement today. Please take note of the parts I've underlined.
Not sure how this is a very exciting time for us shareholders. We've watched our stock drop from $1.94 to .90 cents. I for one am not happy at that. In fact I'm downright PO'd. I did not short the stock. (Wish I did) I've stayed long because I was told that we were going to see nothing but PR's and updates on a continual basis. We've had rigs going since February.
I'm sure that we will prove up more ounces. Maybe in my lifetime. As far as Gord Allen coming to Magellan, I'm not so sure it has anything to do with the quality & potential of our lands. He lost his job at Farwest and now secured a paying job at Magellan. Wow....if he was so good at Farwest what exactly did he do after the discovery of Santo Domingo 8 years ago. That project was constantly in slow motion. Where was there any other good discoveries at Farwest. NONE.
I'm not so sure why they released this press release.
Where are the news announcement that have some MEAT to them already.
July 5, 2011
Vancouver, BC, July 5th, 2011 - Magellan Minerals Ltd. (TSX-V: MNM) ("Magellan") is pleased to report that Gord Allen has joined Magellan as regional geologist and will be responsible for all of Magellan´s generative gold exploration programs in Brazil outside Cuiu Cuiu and Coringa.
Gord Allen graduated from the University Of British Columbia with a B.Sc. (Honours) in Geology in 1975. Since then he has worked for a number of different companies in a variety of locations including Canada, U.S., Latin America and Africa. Gord was instrumental in the discovery of the Santo Domingo Cu-Fe deposit of Far West Mining (now Capstone) in Chile that has an indicated mineral resource of 486Mt at a copper-equivalent grade of 0.57% and an additional inferred mineral resource of 61Mt at a copper-equivalent grade of 0.46%.
Gord joins a technical team at Magellan that includes Guillermo Hughes and Dennis Moore which so far has three grass-roots gold discoveries in Brazil to its credit, including the Central and Moreira Gomes deposits at Cuiu Cuiu and the Coringa deposit.
Alan Carter, President & CEO commented, "We are extremely pleased to have Gord join us at a very exciting time for Magellan and its shareholders. We currently have six rigs drilling at Cuiu Cuiu and Coringa as well as an extensive land position in the Tapajos region of Brazil which produced an estimated 20-30 Moz of placer gold between 1978 and 1995. Our ability to attract a senior geologist of Gord´s calibre and track record speaks to the quality and potential of our projects and we look forward to Gord´s input as we attempt to add to our current portfolio of gold discoveries in Brazil".