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As of 3:59 PM 04/29/15 All times are local (Market data is delayed by at least 15 minutes).

magellan minerals ltd (MNM) Snapshot

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magellan minerals ltd (MNM) Details

Magellan Minerals Ltd., an exploration stage company, acquires and explores for mineral properties in Canada, Brazil, and the United States. The company primarily focuses on gold deposits. Its principal properties include Coringa project covering an area of 23,754 hectares; and Cuiú Cuiú project located in the states of Pará and Mato Grosso, Brazil. The company was incorporated in 2004 and is headquartered in Vancouver, Canada.

Founded in 2004

magellan minerals ltd (MNM) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$160.0K
Chief Financial Officer
Total Annual Compensation: C$41.7K
Vice President of Business Development and Di...
Total Annual Compensation: C$67.1K
Compensation as of Fiscal Year 2013.

magellan minerals ltd (MNM) Key Developments

Magellan Minerals Limited Announces Drilling Update

Magellan Minerals Ltd. announced an updated National Instrument 43-101 compliant feasibility level resource estimate prepared by Snowden Mineral Industry Consultants for the Coringa Project, Para State, Brazil. Highlights include: //st Measured and Indicated resources of 553,000 ounces of gold representing 2.18Mt at 7.88 g/t gold at a 2.5g/t cut-off. These compare with the existing M&I resource of 516,000oz representing 2.22Mt at 7.23g/t gold at a 2g/t cut-off. Grade has thus increased by 9% and the total number of ounces has increased by 7% despite the higher cut-off grade. Inferred resources of 360,000 ounces of gold representing 2.06Mt at 5.43 g/t gold at a 2.5 g/t gold cut-off grade. These compare with the existing Inferred resources of 405,000oz of gold, representing 2.66Mt at 4.73 g/t gold at a 2g/t cut-off. The grade of the Inferred resource has thus increased by 15% since the previous estimate. at a 2.5 g/t gold cut-off grade, primary resources are contained within four main areas on the project which include Serra (43% of Measured and Indicated, 9% of Inferred), Meio - Come Quieto (35% of Measured and Indicated, 42% of Inferred), Galena - Mae de Leite (21% of Measured and Indicated, 19% of Inferred) and Demetrio (30% of Inferred). Three main zones now form the basis of the Measured and Indicated resources at Coringa which were calculated based on 179 diamond drill holes, totaling 28,436 meters. The Valdette zone does not meet the 2.5 g/t cut-off threshold and will be the target of future drill programs. All of these zones remain open at depth. Serra, Meio-Come Quieto and Demetrio remain open along strike.

Magellan Minerals Ltd. Provides Update on Progress of Feasibility Study at Coringa Project, Brazil

Magellan Minerals Ltd. provided an update on its on-going feasibility study at the 100% owned Coringa Project in Brazil which recommenced in October 2014. Coringa is a steeply dipping high-grade narrow vein gold project located in Para, and is accessible from a major paved highway. Highlights of recent progress are as follows: Resources - the resource estimate has been completed by Snowden, leaving only final optimization of the inferred component to be finished Mine plan - Deswik is currently laying out the mine infrastructure and stope plan which will lead to the compilation of costs (by Snowden) and production schedules and the final reserve estimates (by Snowden). Geotechnical - Snowden has completed the geotechnical analysis incorporating the recently completed geomechanical test work. Results confirm the previous draft report, which indicated that ground conditions in both the country rock and vein are competent, and supportive of the proposed mine plan utilizing resue mining to reduce dilution. Spot bolting and screening will be utilized where local conditions require. Process Plant - the process plant design incorporates conventional crushing, grinding, gravity and CIL. The engineering to support the study has been 80% completed by Ausenco. Plant recoveries are expected to be approximately 96% based on recent test work. Environmental - Terra has completed their work on the environmental section of the study, which is currently being translated into English, and the conclusion is that no significant environmental issues are foreseen. Tailings - Kovit has completed testing for process tailings dewatering and archeology. The tailings behave very much as anticipated, they thicken well and when deposited readily consolidate to form a dense and stable deposit. The material lends itself to excavation for supplying backfill to the mine. Groundwater - GRE is making good progress on the groundwater modeling based on data recently collected on site, and will complete the site water balance, with inputs from the mill, tailings and mine general areas. Acid rock drainage - all geochemical samples are in the lab and long duration testing of waste rock and tailings for ARD reaction kinetics, will commence soon and continue through the permitting stage. No issues of concern are expected in this area. Power supply - Ausenco has completed the analysis of the electrical supply, which indicated building an overhead transmission line to connect to national grid power is the preferred option over diesel generators at site. The engineering of the transmission line to support the study has now been completed. Site Layout and Camp ­ The general site layout is 90% complete and includes providing a new camp facility 3 km from the plant site. The existing exploration camp may be used for temporary construction housing. Financial Model - work is ongoing in all areas on capital and operating costs, and input parameters for the financial model are being confirmed. Preliminary work in this area is expected to be complete by mid-March. The overall feasibility study is now approximately 75% finished with completion of a draft report scheduled for the end of March, and the final report expected in mid-April.

Magellan Minerals Limited Recommences Feasibility Study at Coringa Project, Brazil

Magellan Minerals Limited announced that it has recommenced the feasibility study on its 100% owned Coringa gold project in Brazil which had been suspended since August 2013. The study is being led by Ausenco Engineering Canada Inc. (Ausenco) and Snowden Mining Industry Consultants (Snowden) and is expected to be completed during March 2015. Also included as part of the team are Terra Meio Ambiente (Terra), who will continue to manage the environmental components and permitting aspects of the study, Kovit Engineering Limited (Kovit), who are designing and costing the tailings and backfill components of the project and Deswik Mining Consultants (Deswik), who are responsible for mine layout and scheduling. The above group is supported by Magellan staff in Vancouver and Brazil.


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