Termination of Letter of Intent on Pocone Project, Brazil

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS 


Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") wishes to announce the
termination of the binding Letter of Intent with Ross Beaty ("RB") to partner on
its interests in the Pocone gold belt in the state of Mato Grosso in western
Brazil (see press release of March 3, 2014) . 


Magellan holds interests in two joint ventures in the Pocone area that include
approximately 64,090ha which are held in a 50:50 joint venture with a private
Canadian company, ECI Exploration and Mining Inc. ("ECI"). In addition, Magellan
owns a 35% interest in Pocone Gold Mineracao Ltda ("Pocone Gold"), a private
Brazilian company which is also 35% owned by ECI, and a private Brazilian
company called Brasil Central Engenharia Ltda which owns a 30% interest. Pocone
Gold controls approximately 122,390 ha in the Pocone region.


The Pocone gold belt extends for at least 90km and is located in the southern
part of the state of Mato Grosso. It is characterized by a series of highly
deformed schists that are cut by gold-bearing vein swarms. Approximately 50
small open pit gold mines are currently in operation throughout the belt which
has an estimated historic production of 6-12Moz of gold.


Commenting on the termination of the agreement, Alan Carter, President and CEO
of Magellan said "We are disappointed that we were not able to finalize the
venture with Ross Beaty, however, we continue to believe in the world class
potential of the Pocone assets and will endeavour to restart discussions
previously held with other investors concerning the properties, as well as
extending such discussions to other parties."


Magellan Minerals Ltd. (TSX VENTURE:MNM) is a TSX Venture Exchange listed
exploration and development company with two advanced gold properties in the
Tapajos Province of northern Brazil. 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). 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).


News release #2014-2

FOR FURTHER INFORMATION PLEASE CONTACT: 
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
[e-mail]