🕐07.04.10 - 18:41 Uhr
Magellan Provides Update on Coringa Project
MAGELLAN PROVIDES UPDATE ON CORINGA PROJECT, BRAZIL
Vancouver, BC, April 7, 2010 Magellan Minerals Ltd.
(TSX-V: MNM)
(Magellan) is pleased to provide an update on its Coringa project in
northern Brazil.
Diamond drilling at Coringa is currently in progress with a total of 820m
and six holes completed to date.
Initial results are expected during May
2010.
The objectives of this program are outlined in the press release dated
2nd March 2010 and include increasing the existing resource as well as
testing additional mineralized zones identified on surface.
The preliminary economic assessment (PEA) study which is currently being
undertaken by GRE will be delayed for a month and is now expected by the end
of April.
The two main reasons for the delay are a backlog of work at the
laboratory which is undertaking the metallurgical test work and some
additional engineering studies.
The Par State Environmental Authority (SEMA) has granted Magellans wholly
owned Brazilian subsidiary Chapleau Explorao Mineral Ltda.
the permit to
extract 50 000 tons of ore for metallurgical studies at Coringa.
The
permit is valid for one year.
This permit does not allow for the
installation of a plant to process any of the ore.
Assuming a positive
conclusion to the Preliminary Economic Assesment (PEA) Study, Magellan will
apply for additional environmental licences to further advance the project.
For further information, please contact:
Alan Carter
President and CEO
Tel: 604.676.5663
Email:
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