THUNDER BAY NORTH – EXPLORATION UPDATE

Drilling Results Extend High-Sulphide Zones

Perth, Western Australia – Magma Metals Limited (ASX & TSX: “MMW”) (“Magma” or the “Company”) is pleased to announce that drilling at the West Beaver Lake High- Sulphide Target at its Thunder Bay North platinum-palladium-copper-nickel (Pt-Pd-Cu-Ni) project in Ontario has extended the size of the high-sulphide zones in this area.

West Beaver Lake Zone High-Sulphide Target

Magma recently completed a close-spaced, 22-hole, 5,412m diamond drill program in the West Beaver Lake area of the Current Lake Intrusive Complex (CLIC) to follow-up four intersections of high-grade massive sulphides (in drill holes BL10-282, 303, 304, and 336) recorded during drilling earlier this year (Figure 1). The earlier holes were drilled to test down-hole electro-magnetic (DHEM) anomalies, interpreted to represent bodies of massive sulphides, semi-massive (net-textured) sulphides, or heavily disseminated sulphides (collectively termed “high-sulphide zones”). The objective of the follow-up drilling was to map the shapes and extents of the high-sulphide zones, to evaluate their continuity and determine the controls of mineralization.

There are two mineralized zones in this area, the Beaver Lake Zone, which is associated with the floor of the CLIC, and the Cloud Zone, which generally occurs just below the roof of the CLIC (Figure 2). The largest of the Beaver Lake Zone massive sulphide bodies is approximately 40m by 20m in plan dimensions and between 0.5m and 1.7m thick (Figure 2). The Beaver Lake Zone massive sulphides occupy topographic depressions on the floor of the CLIC in this area. Each of the four massive sulphide bodies is surrounded by large haloes of disseminated to locally semi-massive (net-textured) sulphides.

The recently completed drilling was carried out on 25m and 12.5m spaced sections in the area of the four previous massive sulphide intersections (Figures 1 and 2). Assay results have been received for 14 of the 22 holes. Significant intersections in these holes are listed in Table 1; drill hole collar and depth information is listed in Table 2. Three massive sulphide intersections were recorded in this program (in drill holes BL10-345, 346, and 348) and assay results for eight semi-massive to disseminated sulphide intersections are also listed in Table 1.

“The drilling program has demonstrated the continuity of high-sulphide mineralization in this area” said Keith Watkins, Magma’s Executive Chairman. “Delineation of these higher grade zones within the Mineral Resource is important as they have the potential to significantly enhance the value of the project”

THE FULL PRESS RELEASE INCLUDING MANY MAPS CAN BE SEEN AT http://www.magmametals.com.au/phoenix.zhtml?c=198021&p=irol-home