Magellan Minerals Reports Surface Sampling at Coringa Project

Magellan Minerals Ltd. reports the identification of new gold-bearing structures at the Coringa project.

The press release is quoted as saying:

These latest results and those reported from the recently discovered Valdette zone to the west confirm that Coringa is a major gold-bearing district and lend credence to the likelihood of significant expansion to the existing National Instrument 43-101 compliant resource. The current resource (see press release dated 8^th October 2009) stands at 269,450 oz of gold in the Measured and Indicated category averaging 8.53 g/t as well as Inferred mineralization averaging 9.34 g/t gold totaling 98,224 oz of gold.

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