Gold Price: US $1,386.2/ounce
Magellan Announces $5.25 Million Financing with Global Royalty Corporation
Vancouver, BC, March 30, 2012 - Magellan Minerals Ltd. (TSX-V: MNM)(OTCQX: MAGNF) (“Magellan”) is pleased to announce that it has entered into non-brokered term sheet with Global Royalty Corp (“GRC”) pursuant to which Magellan will receive $5.25 million. Pursuant to the term sheet, Magellan will grant GRC a 1.5% Net Smelter Return Royalty (“NSR”) on its Cuiu Cuiu project in northern Brazil and GRC will subscribe for a private placement in Magellan.
Highlights of the arrangement are as follows:
Alan Carter, President & CEO commented “We are extremely pleased with this financing with Global Royalty Corp on our Cuiu Cuiu project, as it results in minimal dilution to our existing shareholders and places the Company in an excellent position to add to the current resources at both Cuiu Cuiu and Coringa. This arrangement also confirms the potential of the Cuiu Cuiu project where 20,000m of drilling has been completed since the release of the initial resource estimate in April 2011”.
For further information, please contact:
Jennifer Duthie, Corporate Communications Manager
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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, 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.
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