Magellan Commences Drilling at Coringa as Part of Feasibility Study

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2013) - Magellan Minerals Ltd. (TSX VENTURE:MNM)(OTCQX:MAGNF) ("Magellan") is pleased to announce the commencement of diamond drilling at its Coringa project located in the southern part of Para state in Brazil.

The drill program forms part of the ongoing feasibility study at Coringa (see press release dated 15^th January 2013). The specific objectives of this program are to upgrade the inferred resources at the Serra, Come Quieto and Mae de Leite zones and expand the total resource base at Coringa. The program will consist of an initial 2500m with an option to increase the total to 5000m. A total of 16 initial holes are planned initially with results anticipated during the second quarter of 2013.

An update on the ongoing feasibility study at Coringa is planned for late March 2013, with an anticipated completion of September / October 2013.

This press release was reviewed by Guillermo Hughes, B.Sc., a member of the AIG and the AUSIMM, a qualified person in compliance with National Instrument 43-101.

Magellan Minerals (TSX VENTURE:MNM)(OTCQX:MAGNF) 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).

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, the preparation of a feasibility study on the project, 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. Readers should not assume that the company's plans to prepare a feasibility study mean that a feasibility study can or will be prepared. There is no guarantee that a feasibility study will be prepared or, if prepared, that it will be commenced in the timeframe set out in this news release.

News Release #2013-04