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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2010) - Magellan Minerals Ltd. (TSX VENTURE:MNM)("Magellan") announces that further to its news release dated May 5, 2010, it has filed today with the British Columbia, Alberta, Ontario and Nova Scotia Securities Commissions, a NI 43-101 Technical Report dated April 30, 2010 (the "Report") in connection with the Preliminary Economic Assessment of its Coringa Project, located in Novo Progresso, Brazil. The Report was prepared by Christopher K. Chapman, P.E., Kevin J. Gunesch, P.E. and Terre A. Lane, B.Sc. (Mining Engineering) and Richard D. Moritz, B.Sc. (Mining Engineering) 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 ].

This news release contains forward–looking statements. 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. Particular risks applicable to this press release include risks associated with achieving production on the project within the parameters identified in the economic assessment, the ability of the project to generate significant cash flow to the company and earnings to the shareholders of the company. These statements are subject to risks due to regulatory, technical, economic and other factors. In addition there is no guarantee that additional exploration work will result in significant increases to resource estimates. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through SEDAR at [ http://www.sedar.com ].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.