09:49 AM EST - 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. Measured and Indicated resources of 553,000 ounces of gold representing 2.18Mt @ 7.88 g/t gold @ a 2.5g/t cut-off. These compare with the existing M&I resource of 516,000oz representing 2.22Mt @ 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. Magellan Minerals Ltd
shares V.MNM are trading unchanged at $0.07.
