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Advancing towards                production in Brazil                     February 2012TSX-V: MNM, OTCQX: MAGNF | www.mage...
Safe Harbor Statement    The material presented herein is private and confidential. The contents are not to be    reproduc...
Investment Highlights    •   Coringa gold project (269,000oz M&I - 8.5g/t gold and 98,000oz Inferred –        9.34 g/t gol...
Proven Management TeamJim Stypula                                                         Gordon AllenChairman            ...
Significant Gold Deposits in Brazil5
Key Land Position in Competitive Belt                  Tapajos    Site of world’s largest ever gold    rush from 1970’s to...
Coringa – location and infrastructure    •    Good infrastructure: 20km east of main BR-         163 paved highway and mai...
Coringa - resource                                                                                           Total Resourc...
Coringa - resource expansion    •   71% of the current resource at Coringa is contained        within the Serra body    • ...
Coringa – PEA     •   IRR              34%     •   NPV5             $41.3M     •   Au price         $950 / oz     •   Mini...
Coringa - upside                                            370,000oz resource     •   Emerging vein district; +15km of   ...
Coringa Timeline          2012                         2013                            2014                      2015     ...
Cuiu Cuiu and Tocantinzinho • Tocantinzinho (2.5Moz)   produced an est. 200,000oz of                                      ...
Cuiú Cuiú                                                                                             Contained           ...
Cuiú Cuiú – a District Rather Than a Project                                                Placer workings and soil anoma...
Cuiú Cuiú                    Pau de Merenda                 30m @ 1.1g/t, 47m @ 1.8g/t                                    ...
Central     •   Bulk tonnage, open pittable deposit     •   Inferred resources to date at Central         total 17Mt @ 0.9...
Central                           SE-NW section through Central                                                           ...
Moreira Gomes         •           Bulk tonnage open pittable                     deposit         •           Inferred reso...
Jerimum Baixo     •   Discovered mid-2012     •   Deposit is currently 35m         x 450m x 200m depth         and is open...
Central North     •   Discovered late-2012              Open     •   Located 300-600m north of         Central zone     • ...
Cuiu Cuiu - Exploration Targets     •   Extensions to existing                                 Pau de Merenda         depo...
Cuiu Cuiu Timeline              2012                     2013                         2014                       2015     ...
Mato Grosso JV     •   Magellan has a 35% - 50% interest in         320,000ha of the Baixada Cuiaba gold belt         in s...
Mato Grosso JV                                                                                          Cangas     Pocone ...
Corporate Information          Capital Structure                Investor Summary     Shares Issued and             Share P...
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Magellan Minerals February

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Magellan Minerals Ltd. (TSX-V: MNM) is a Canadian-based junior exploration company focused on mineral exploration and development in the state of Para in northern Brazil. The Company has interests in a number of properties in the Tapajos region which has a historic gold production estimated at 20-30Moz of gold. The Company has two advanced gold projects, Cuiu Cuiu and Coringa.

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Magellan Minerals February

  1. 1. Advancing towards production in Brazil February 2012TSX-V: MNM, OTCQX: MAGNF | www.magellanminerals.com
  2. 2. Safe Harbor Statement The material presented herein is private and confidential. The contents are not to be reproduced or distributed to any third party, including the public or press. Certain statements contained in this presentation constitute forward-looking statements. These statements relate to future events or the Corporations future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in those forward- looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date specified. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, results of exploration activities, the Corporations limited experience with development-stage mining operations, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, changes in commodity and, particularly, gold prices, actual performance of facilities, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.2
  3. 3. Investment Highlights • Coringa gold project (269,000oz M&I - 8.5g/t gold and 98,000oz Inferred – 9.34 g/t gold) currently undergoing significant NI-43-101 resource update (expected March 2012). PEA returned 34% IRR @ $950/oz gold price • Feasibility study will commence at Coringa during Q3 2012. Trial mining license granted • Cuiu Cuiu gold project (0.1Moz Indicated and 1.2Moz Inferred – 1.25g/t gold). Scoping study expected to commence Q2 2012 • Kinross and Newmont are both shareholders • The most successful grass roots gold exploration team currently active in Brazil (3 gold discoveries in 7 years with 43-101 compliant resources of 4.1Moz and growing; Tocantinzinho, Coringa and Cuiu Cuiu)3
  4. 4. Proven Management TeamJim Stypula Gordon AllenChairman Head, Regional Exploration • Previously CEO of Chapleau Resources, financier with 20 • 35 years experience in the mineral exploration industry, years experience in mineral exploration predominantly in Latin America • Founding director of Far West Mining • Responsible for discovery of the Santo Domingo IOCG deposit of Far West MiningAlan Carter Derek WhitePresident & CEO, Director Director • 20 years of experience. Former Exploration Manager for Rio • Currently Executive VP Bus. Dev. of Quadra Mining and Tinto and Business Dev. Manager at BHP Billiton. with 20+ years financial experience in the mining and • Director and co-founder of Peregrine Diamonds and metals industry Peregrine Metals • Ex-Impala Platinum Ltd, Gencor and BillitonDennis Moore Mario SzotlenderVP Business Development, Director Director • Exploration geologist with 27 years experience, half of it in • Former CEO of Rusoro Mining, Director of Endeavour Silver Latin America and Radius Gold. • Responsible for discovery of the Tocantinzinho deposit, now • 20 years experience financing and managing companies in owned by Eldorado Gold Latin AmericaPaul Hansed Richard ZimmerChief Financial Officer Director • 20+ years of accounting and finance experience including • Former senior mine engineer for Teck, 19 years with KPMG in Canada and Europe general manager of Mount Edon Gold Mines, and project manager of POGO project.Guillermo HughesChief Geologist • Most recent role was President & CEO of Far West Mining Ltd. • 26 years experience in the mineral exploration industry4 including experience in Argentina, Peru and Brazil
  5. 5. Significant Gold Deposits in Brazil5
  6. 6. Key Land Position in Competitive Belt Tapajos Site of world’s largest ever gold rush from 1970’s to 1990’s Largest placer gold province in Brazil, 3rd largest placer gold province in world – previous placer production est. 20-30 Moz6
  7. 7. Coringa – location and infrastructure • Good infrastructure: 20km east of main BR- 163 paved highway and mains power • 50km SSE of Novo Progresso, town of 10,000 people with scheduled flights to Cuiaba and Sao Paulo • Trial mining license granted Recently paved BR-163 • Airport at Novo Progresso recently upgraded with daily scheduled TRIP flights Novo Progresso Coringa BR-163 Power line Town of Novo Progresso7
  8. 8. Coringa - resource Total Resources • Narrow high grade extensive vein system Tonnage Au Contained g/t Au extending over +10km strike. Resource based Tonne x on just 3 zones; Serra, Meio, Galena 1000 gpt oz. • Initial 43-101 resource estimate released Measured September 2009 based on 81 holes (8,750m) and Indicated 982.3 8.53 269,450 Resources • 73 additional holes (14,091m) completed since resource estimate Inferred 327.1 9.34 98,224 Resources • Revised resource estimate expected early Assumes 2g/t Au cut-off, SG of 2.7t/m3 and minimum March 2012 mining width of 1.5m 3D block model: Serra zone8
  9. 9. Coringa - resource expansion • 71% of the current resource at Coringa is contained within the Serra body • Drilling since late 2008 has expanded Serra from 900m to 1100 m length and 80 to 180m depth • Remains open at depth and along strike to north Mineralized drill core : Serra zone Longitudinal section (grade x thickness): Serra zone9
  10. 10. Coringa – PEA • IRR 34% • NPV5 $41.3M • Au price $950 / oz • Mining rate 400t/d u/g mine • Annual prod. 36,000oz / yr • Capex US$37.5M Coringa exploration camp • Opex US$418/oz • Au recovery 94% • Payback period 3.7 years10
  11. 11. Coringa - upside 370,000oz resource • Emerging vein district; +15km of mineralized structures mapped to date. Resources currently confined to ~2km of strike • Structures tested down to a maximum depth of 180m. All are open at depth • New zones at Valdette, Demetrio, Meio Onca, Come Quieto and Mae de Leite will be included in new 43-101 resource estimate • Major new untested soil anomalies11
  12. 12. Coringa Timeline 2012 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revised Resource Estimate Updated PEA Definition drilling Feasibility Study Construction decision Mine Construction Production12
  13. 13. Cuiu Cuiu and Tocantinzinho • Tocantinzinho (2.5Moz) produced an est. 200,000oz of Cuiu Cuiu 2Moz from streams placer gold from artisanal +1.5Moz resource to date surface workings. Cuiu Cuiu produced 1.5 – 2Moz of placer gold* road • Eldorado’s announced PFS in Tocantinzinho 0.2Moz from streams May 2011 on 160,000oz/yr OP 2.5Moz resource mine, Capital costs of $383M, Cash costs of $559/oz and 11.8% IRR (14.4% with tax breaks) Rio Crepori • Road construction to Tocantinzinho site in progress • FS study on Toca currently in progress and expected to be completed during Q2 2012 * Source: Melho, R. 2007. A preliminary assesment of the Tocantinzinhop gold project, Tapajos gold province, Para Brazil. NCL Brazil 43-101 report13
  14. 14. Cuiú Cuiú Contained Tonnage Au Au • Maiden resource estimate released in April Tonne x 1000 gpt oz. of 1.3Moz (mineable), 1.5Moz (geological) Central 3,400 1.0 100,000 – two deposits; Central & Moreira Gomes Total Indicated 3,400 1.0 100,000 • Recent metallurgical work returned gold Resources recoveries of 94-97% from conventional Central 17,000 0.9 500,000 grind and CIL cyanidation Moreira Gomes 14,000 1.5 700,000 • Two new deposits discovered in 2012; Inferred 31,000 1.2 1,200,000 Central North and Jerimum Baixo – both of Resources which are still open • Scoping study planned to commence Q2 2012 • Numerous partially tested and untested exploration targets. Gold in soil anomaly 17km in length14
  15. 15. Cuiú Cuiú – a District Rather Than a Project Placer workings and soil anomalies Placer gold workings ? ? Gold in soil anomaly 17km in length Au in soils (ppb) Placer gold workings Central North Jerimum Baixo ? Central deposit 0.6Moz ? Moreira Gomes deposit 0.7Moz15
  16. 16. Cuiú Cuiú Pau de Merenda 30m @ 1.1g/t, 47m @ 1.8g/t Jerimum Cima Central North 39m @ 5.1g/t Resource pending Central Indicated 3.4Mt @ 1.0g/t Inferred 17Mt @ 0.9 g/t Jerimum Baixo Resource pending Central SE 27m @ 6.9g/t, 8m @ 8.4g/t Moreira Gomes Inferred 14Mt @ 1.5 g/t16
  17. 17. Central • Bulk tonnage, open pittable deposit • Inferred resources to date at Central total 17Mt @ 0.9 g/t gold (0.5Moz) + Indicated resources of 3.4Mt @ 1.0 g/t (0.1Moz) • Central deposit currently extends over approx. 1,000m strike and 450m depth Aerial view of Central deposit looking north • Deposit remains open at depth Outline of mineralized Stockwork mineralization on surface at Central zone at Central17
  18. 18. Central SE-NW section through Central Typical mineralized interval Central zone – hole CC-55-10, 2.15g/t Au Central Total Resources Au Contained Tonnage g/t Au Tonne x 1000 gpt oz. Indicated 3,400 1.0 100,000 Resources Inferred 17,000 0.9 500,000 Resources * Mineral resources are not mineral reserves and do not have demonstrated economic viability. Please note that all figures have been rounded to reflect their appropriate level of accuracy. * These resources are constrained by mineable shapes and cut-off grades to meet the requirement that resources must have reasonable prospects for economic extraction. The mineable shapes are either Lerch-Grossman pits or conceptual underground stopes. Resources falling within the pits are reported at cut-off grades18 of 0.3 gpt Au for fresh rock or 0.4 gpt Au for saprolite. Stope shapes only include blocks above a cut-off grade of 1.3 gpt Au. The cut-off grades consider a gold price of $1,250 per ounce and metallurgical recoveries of 91% for fresh rock and 66% for saprolite.
  19. 19. Moreira Gomes • Bulk tonnage open pittable deposit • Inferred resources to date at MG total 14Mt @ 1.5 g/t gold (0.7Moz) • MG deposit extended along strike to 2km • Deposit is open at depth and to east Aerial view of Moreira Gomes deposit looking north Moreira Total Resources Gomes Tonnes Au Contained Au Tonne x 1000 gpt oz * Mineral resources are not mineral reserves and do not have demonstrated economic Inf. viability. Please note that all figures have been rounded to reflect their appropriate level 14,000 1.5 700,000 * of accuracy. These resources are constrained by mineable shapes and cut-off grades to meet the Resource requirement that resources must have reasonable prospects for economic extraction. The mineable shapes are either Lerch-Grossman pits or conceptual underground stopes. Resources falling within the pits are reported at cut-off grades of 0.3 gpt Au for fresh rock or 0.4 gpt Au for saprolite. Stope shapes only include blocks above a cut-off grade of 1.3 gpt Au. The cut-off grades consider a gold price of $1,250 per ounce and metallurgical19 recoveries of 91% for fresh rock and 66% for saprolite.
  20. 20. Jerimum Baixo • Discovered mid-2012 • Deposit is currently 35m x 450m x 200m depth and is open at depth and to east • No resource estimate to Open date Jerimum Baixo discovery outcrop – sheeted / stockwork vein system20
  21. 21. Central North • Discovered late-2012 Open • Located 300-600m north of Central zone • Deposit is currently extends over strike length of 350m and is open • No resource estimate to date Open Central North deposit Drilling at Central North21
  22. 22. Cuiu Cuiu - Exploration Targets • Extensions to existing Pau de Merenda deposits 30m @ 1.1g/t, 47m @ 1.8g/t Moreira Gomes is open to East Jerimum Cima Central North is open to NW and SE Central North 39m @ 5.1g/t J Baixo is open to East • Numerous untested and partially tested gold-in- Central Jerimum Baixo soil anomalies Central SE Ivo Pau de Merenda; 47m @ 1.8g/t gold 27m @ 6.9g/t, 8m @ 8.4g/t J Cima; 39m @ 5.13 g/t gold Central SE; 27m @ 6.9 g/t gold Moreira Gomes Miraboa West Miraboa, Miraboa West, Ivo etc • Numerous largely Miraboa untested high grade Cuiu Cuiu - gold-in-soil map showing location of targets veins Machiche; 225.77 g/t, 3.3m @ 7.43 g/t Geraldo; 103.21 g/t gold Bx de Onca; 87.75 g/t gold Bx de Aviao; 63.28 g/t gold Chiqueirinho; 46.29 g/t gold Guarim; 0.5m @ 30.2 g/t gold22
  23. 23. Cuiu Cuiu Timeline 2012 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PEA Infill drilling Pre-feasibility study Feasibility Study Construction decision Mine Construction Exploration drilling23
  24. 24. Mato Grosso JV • Magellan has a 35% - 50% interest in 320,000ha of the Baixada Cuiaba gold belt in southern Mato Grosso • Excellent access with power and water. Flat terrain - cattle farming • The belt is characterised by an E-W Proterozoic fold and thrust schist belt extending 100km in length • Approx. 40 small open pit mines are currently in production. +100 abandoned open pits. Rocks have very low work index • Belt has potential to host several large low grade (0.5 – 1.0g/t) Au deposits24 Oregon pit, Pocone; approx 1km in diameter
  25. 25. Mato Grosso JV Cangas Pocone Oregon Beto Rondon Dei Ouro Fino Jonas Pocone area showing distribution of open pit Cangas area showing distribution of open pit gold mines along trend 4.8km SW of Pocone gold mines along trend 6km SW of Cangas25
  26. 26. Corporate Information Capital Structure Investor Summary Shares Issued and Share Price (Jan 31/12) $0.54 Outstanding 109.4 M Market Cap (Jan 31/12) 59 M Fully Diluted 117 M Avg. Daily Volume (3 months) 158,000 Analyst Coverage Shareholders Mackie Research Management 11% National Bank Institutions 45 % Newmont 2.5% Kinross 1%26

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