Magellan Enters Into Joint Venture Agreement With ECI Exploration and Mining Inc.

- July 27th, 2010

Magellan Minerals Ltd. (TSX VENTURE:MNM) announced that it has signed a binding letter of intent to form a 50/50 joint venture with ECI Exploration and Mining Inc. regarding mineral properties located in southern Mato Grosso.

Magellan Minerals Ltd. (TSX VENTURE:MNM) announced that it has signed a binding letter of intent to form a 50/50 joint venture with ECI Exploration and Mining Inc. regarding mineral properties located in southern Mato Grosso.

The press release is quoted as saying:

Magellan and ECI have agreed to: (a) contribute their respective mineral claims located in the Mato Grosso Region for exploration by the joint venture; and (b) each fund a minimum of $250,000 in exploration expenditures on the properties that are subject to the joint venture during the initial twelve (12) months from the signing of the Agreement.

Click here to access the entire press release

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