VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 9, 2016) – Magellan Minerals Ltd. (TSX VENTURE:MNM) (“Magellan”) is pleased to announce that it has arranged for an additional convertible debenture financing with Anfield Nickel Corp. (“Anfield”) pursuant to which Anfield has agreed to subscribe for a secured convertible debenture in the principal amount of C$1,675,000 (the “Debenture”) from Magellan. The Debenture bears interest at the rate of 8% per annum and will mature 30 days following closing of Magellan’s previously announced transaction with Anfield whereby Anfield will acquire Magellan by way of a plan of arrangement. The principal amount of the Debenture is convertible into Magellan shares at any time at the option of Anfield at a conversion price of C$0.06 per share. Accrued interest is convertible into Magellan shares at the market price of Magellan’s shares at the time the interest becomes payable. The Debenture and any shares acquired on conversion of the Debenture will be subject to a four-month hold period.

The proceeds from the Financing will be used by Magellan to fund working capital and to make the US$855,000 payment to Troy Resources Ltd. due on March 15, 2016 (see the Company’s news release dated March 2, 2016).

The issuance of the Debenture by Magellan is subject to TSX Venture Exchange acceptance.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

News release #2016-6