Magellan Files NI 43-101 Compliant Technical Report Concerning Updated Resource Estimate for Coringa Project, Brazil

Magellan Minerals Ltd. (TSX VENTURE:MNM)(OTCQX:MAGNF) ("Magellan") announces
that further to its news release dated March 22, 2012, it has filed today with
the British Columbia, Alberta, Ontario and Nova Scotia Securities Commissions, a
NI 43-101 Technical Report dated May 7, 2012 (the "Report") in connection with
an updated resource estimate for the Coringa project, Brazil. The Report was
prepared by Kevin J. Gunesch, P.E. and Zachary J. Black, E.I.T., SME registered
member of Global Resource Engineering, Ltd. The Report can be found on SEDAR at
www.sedar.com and on Magellan's website at www.magellanminerals.com.


Separately, Magellan has granted stock options to directors, officers, employees
and consultants of the Company. The options entitle the holders to purchase
2,455,000 common shares in the capital stock of the Company at a price of $0.50
per share. The options are exercisable until April 26, 2017, subject to vesting
over 24 months. 


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, 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 #2012-11