Magma Metals Limited: Quarterly Report

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Exploration, discovery and development of precious and base metals mineral deposits in Australia and Canada (V.MMW)

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Magma Metals Limited: Quarterly Report

posted on Jan 28, 2011 10:00AM

Magma Metals Limited: Quarterly Report for the Period Ended December 31, 2010

HIGHLIGHTS

Thunder Bay North Platinum-Palladium Project, Ontario

- Drilling during the quarter defined two high-grade high-sulphide zones within the mineral resource area.

- Regional winter drilling program commenced with up to three drill-rigs to identify new areas of mineralization within the intrusive complexes in the project area.

- The independent scoping study being conducted by AMEC Americas is near to completion; results to be announced shortly.

Griffins Find Gold Project, Western Australia

- Drilling is in progress with two drill-rigs to test a large 3km by 1km gold anomaly defined by an auger geochemical survey earlier in 2010.

Press Release Source: Magma Metals Limited On Friday January 28, 2011, 9:25 am

PERTH, WESTERN AUSTRALIA--(Marketwire - Jan. 28, 2011) - Magma Metals Limited (TSX:MMW - News; ASX:MMW - News; "Magma" or the "Company") is pleased to provide its activities and cash flow report for the quarter ended December 31, 2010. Activities included field exploration programs on the Thunder Bay North platinum-palladium-copper-nickel project in north-western Ontario, Canada and the Griffins Find gold project in Western Australia (Figure 1). These activities and plans for further exploration work are described in this report.