Magellan Appoints John Kiernan as Vice President, Project Development
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/10/12 -- Magellan Minerals Ltd. (TSX VENTURE: MNM)(OTCQX: MAGNF) ("Magellan") is pleased to announce that it has appointed John Kiernan as Vice President, Project Development with the responsibility of advancing the Coringa project through the current revised scoping study and the anticipated feasibility study, which is expected to commence during the fourth quarter of 2012. The preparation of a feasibility study is contingent upon the results of the revised scoping study.
John Kiernan is a Mining Engineer with more than 25 years' experience, and has a B.Sc. in Mining Engineering from Queens University, Ontario and an MBA from Laurentian University in Sudbury. His experience includes project implementation, mine design, ventilation network analysis, backfill trade-off studies, production engineering, project management and operations scheduling. His most recent role was Manager Project Evaluation for Quadra FNX.
Mr. Kiernan has previously held a number of senior positions including Mine Planning Engineer for Inco in Sudbury, Principal Mining Engineer/Financial Analyst for AMEC/MRDI, Senior Mining Engineer for Wardrop Engineering Inc., and Mining Analyst for PI Financial Corp.
An updated resource estimate for the Coringa project in Brazil was recently released (see press release dated 22nd March 2012) which resulted in a 108% increase in Measured and Indicated resources to 561,000oz of gold (3.17Mt @ 5.50g/t gold) and a 444% increase in the Inferred resources to 534,000oz of gold (5.51Mt @ 3.02g/t gold) using a 1g/t gold cut-off. A revised scoping study is currently in progress.
Alan Carter, President & CEO, commented, "We are delighted that John has agreed to lead our project development team. The fact that we have been able to attract a professional of John's caliber is a testament to the strength of our assets and the work performed by Magellan's team thus far. His extensive underground experience will be a major asset going forward and we look forward to his leadership in advancing Coringa through feasibility."
Magellan Minerals (TSX VENTURE: MNM)(OTCQX: MAGNF) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold). The Coringa project contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold).
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, the preparation of a feasibility study on the project, etc. 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. Readers should not assume that the company's plans to prepare a feasibility study mean that a feasibility study can or will be prepared. There is no guarantee that a feasibility study will be prepared or, if prepared, that it will be commenced in the timeframe set out in this news release.
News Release #2012-15
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com
Magellan Minerals Ltd.
Jennifer Duthie
Corporate Communications Manager
778.370.0519
Jennifer@magellanminerals.com
www.magellanminerals.com
