Magellan and Partners Commence Drilling at Mato Grosso JV Project, Brazil
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/14/11 -- Magellan Minerals Ltd. (TSX VENTURE: MNM) ('Magellan') is pleased to announce the commencement of initial reconnaissance drilling on a number of targets within its Mato Grosso JV gold project area in western Brazil.
Magellan has a 35% interest in a joint venture with a private BC registered company, ECI Mining and Exploration Ltd., which also has a 35% interest in the project and is the operator of the joint venture, and Brazil Central Engenharia Ltda., which is a private Brazilian company which has a 30% interest (see press release dated 7th February 2011).
Extensive ground reconnaissance and data compilation work has been conducted over the last few months. At least six targets in different locations have been identified on the basis of geological, structural, geophysical and geochemical criteria. These targets will be initially tested using an air core drill rig which can drill to a maximum depth of 60m.
An initial total of between 2,500m and 4,000m of drilling is planned and discussions are in progress for a larger 10,000m to 20,000m drill program during late 2011 using an RC rig capable of drilling to a maximum depth of 250m.
Magellan currently has three drill rigs operating at its Cuiu Cuiu property in the state of Para, Brazil, where recent work has identified an Indicated Resource of 0.1 Moz and an Inferred Resource of 1.2 Moz of gold. A further three rigs are also operating at the Coringa project which has a Measured and Indicated Resource of 0.27 Moz and an Inferred Resource of 0.1 Moz of 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, 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.
News Release #2011-14
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com
Magellan Minerals Ltd.
Jennifer Duthie
Corporate Communications Manager
778.370.0519
Jennifer@magellanminerals.com
www.magellanminerals.com