Magellan Minerals Signs Formal Agreements for Purchase of Mineral Rights in Mato Grosso
28.10.2010 | Marketwire
Vancouver, British Columbia -- (Marketwire - Oct. 28, 2010) - Magellan Minerals Ltd. (TSX VENTURE: MNM) ("Magellan") is pleased to announce 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. ("Brasil Central") 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.
Magellan Minerals Ltd. is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos Province of northern Brazil. Magellan's key asset is the Cuiu Cuiu project where recent drilling has identified a new gold deposit at the Central zone.
For more information, please contact
Magellan Minerals Ltd.
Alan Carter, President and CEO
604.676.5660
info@magellanminerals.com
www.magellanminerals.com