Magellan Outlines Large New Gold-In-Soil Anomaly, West of Main Structure at Coringa, Brazil

Vancouver, British Columbia -- (Marketwire - Aug. 12, 2010) - Magellan Minerals Ltd. (TSX VENTURE: MNM) ("Magellan") is pleased to report that reconnaissance soil sampling one kilometer to the west of the known vein structures has delineated a soil anomaly extending over 1000m of strike length at the Coringa project in northern Brazil.

The reconnaissance soil sampling program was to follow-up on gold identified in drainages to the southwest of the Mae de Leite target area. A total of 455 samples along 11.8 kilometers of soil lines were taken and a greater than 100ppb gold-in soil anomaly has been delineated over 1000m by 200m. This gold-in-soil anomaly is defining a northwest trending structure, which is parallel to the previously reported (press release May 27, 2010), +2km soil anomaly and the main vein structure at Coringa (see maps on website: www.magellanminerals.com). Discovery of this additional soil anomaly, which is still open to the southeast, further highlights the potential for parallel vein structures, which require further evaluation and drilling.

The 3000m diamond drill program at Coringa has been completed and results for seven additional holes from the Mae de Leite zone are still pending. Additional drilling is planned for September once all results for the phase four program have been received and trenching of soil anomalies to identify near-surface vein structures has been completed.

All soil samples were placed in bags, numbered and sealed then sent via a secure transport agency to the Company's office in Novo Progresso before shipping via secure transport to ACME preparation laboratory in Itaituba for sample preparation. Soil samples were dried and sieved up to 100g to minus 80 mesh with a analysis of a 30g sample by fire assay and atomic absorption finish at ACME Laboratory in Santiago, Chile. ACME is an ISO 9001 registered laboratory and has a quality control program in place which includes standards, blanks, repeats, and duplicates.

Ian Gendall (Pr. Sci. Nat.), Magellan's Chief Operating Officer and a "qualified person" within the definition of that term in NI 43-101, has prepared and reviewed the technical information contained in this news 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.



For more information, please contact

Magellan Minerals Ltd.
Alan Carter, President and CEO
604.676.5660
or
Magellan Minerals Ltd.
Ian Gendall, COO
604-676-5660
info@magellanminerals.com
www.magellanminerals.com