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Magellan Minerals Listed in PI Financial Corp's Watch List for 2012

January 11, 2012

Vancouver, B.C. - Magellan Minerals Ltd. (TSX-V: MNM) is pleased to announce that it has been named in PI Financial Corp´s "Twenty to Watch for 2012," a listing of junior precious metals companies.

The Sector Update is written by Mining Analyst Eric Zaunscherb and his research team. Mr. Zaunscherb has over 22 years of experience as a mining analyst working for firms that include: Canaccord Genuity, Haywood Securities, Raymond James, Scotia Capital Markets, Midland Walwyn, and Yorkton Securities. If you have an interest in reading the report, please follow this link - Twenty To Watch for 2012.

PI Financial Corp. (PI) is a leading, employee-owned, Western Canadian based Investment Dealer providing a full range of investment products and services for individual, corporate and institutional investors.

Magellan Minerals Ltd. is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos region of northern Brazil and is focused on the Cuiu Cuiu and Coringa projects.

For further Information, please contact:

Alan Carter
President and CEO

Jennifer Duthie
Corporate Communications