WEST PERTH, WESTERN AUSTRALIA--(Marketwire - Feb. 16, 2010) - Magma Metals Limited (TSX:MMW - News; ASX:MMW - News) -

KEY POINTS

--  One of the best drill intercepts recorded at the Thunder Bay North
    project has been returned from infill drilling in the Bridge Zone: 

    BL10-197: 44.65m @ 5.50g/t Pt, 4.75g/t Pd, (10.25g/t Pt+Pd),
              1.20% Cu & 0.49% Ni from 145.35m,

    including 14.00m @ 16.23g/t Pt, 13.92g/t Pd, (30.15g/t Pt+Pd),
              3.52% Cu & 1.24% Ni from 176.00m,

    including a massive sulphide interval from 187.40m of: 
              2.60m @ 52.77g/t Pt, 41.54g/t Pd, (94.31g/t Pt+Pd),
              3.87g/t Au, 61.0g/t Ag, 11.60% Cu & 3.29% Ni.

--  The basal 2.6m interval is the thickest and highest grade massive
    sulphide intersected to date at the project.

--  Geophysical surveys and further drilling are planned to determine the
    extent of this high-grade zone. 

--  This drill-hole is part of a 55,000m infill & extension diamond drilling
    program in progress with up to five drill-rigs in the mineral resource
    area.

--  A resource estimate update will be undertaken on completion of this
    drilling, based on a merged database from approximately 105,000m of
    diamond drilling.

Magma Metals Limited (TSX:MMW - News; ASX:MMW - News; "Magma" or the "Company") is pleased to report a zone of high-grade mineralization has been intersected in the Bridge Zone in drill-hole BL10-197, which is part of a 50m x 20m spaced infill drilling program currently in progress. Assay results for this hole are summarised above (in "Key Points") and detailed in the tables below.

This is one of the best drill intercepts recorded at the project to date and contains a 2.6m zone of massive sulphides with particularly high grades of mineralization. Massive sulphide mineralization is a key exploration target. Geophysical surveys and further drilling are planned to determine the geometry and extent of this zone.

To view a map of "Current Lake intrusive Complex", please visit the following link:

http://media3.marketwire.com/docs/mm_map_216.pdf

Other significant drilling results received recently are detailed in the tables below.

Significant Exploration Drilling Results from the Bridge Zone & Beaver Lake Zone

---------------------------------------------------------------------------
                                                                        Pt+
                                                                         Pd
                                                                       Cut-
Drill        From     To  Length    Pt    Pd Pt+Pd   Au   Ag   Cu   Ni  Off
Hole           (m)    (m)     (m) (g/t) (g/t) (g/t)(g/t)(g/t)  (%)  (%)(g/t)
---------------------------------------------------------------------------
BL09-193   155.00 167.00   12.00  0.89  0.83  1.72 0.06    - 0.19 0.16  1.0
---------------------------------------------------------------------------
 including 162.00 164.00    2.00  1.71  1.61  3.32 0.11    - 0.37 0.24  3.0
---------------------------------------------------------------------------
BL10-194   150.00 156.20    6.20  0.99  0.95  1.94 0.08    - 0.23 0.14  1.0
---------------------------------------------------------------------------
BL10-195   152.00 169.00   17.00  1.41  1.36  2.77 0.09    - 0.35 0.21  1.0
---------------------------------------------------------------------------
 including 158.00 167.00    9.00  1.88  1.80  3.68 0.11    - 0.48 0.26  3.0
---------------------------------------------------------------------------
           173.00 176.40    3.40  1.86  1.64  3.50 0.11    - 0.35 0.15  1.0
---------------------------------------------------------------------------
 including 174.95 175.25    0.30  9.36  7.70 17.06 0.52 12.2 1.62 0.18  5.0
---------------------------------------------------------------------------
BL10-196   148.50 153.50    5.00  0.64  0.64  1.28 0.04    - 0.21 0.12  1.0
---------------------------------------------------------------------------
 including 152.50 153.50    1.00  1.71  1.72  3.43 0.09    - 0.51 0.22  3.0
---------------------------------------------------------------------------
BL10-197   145.35 190.00   44.65  5.50  4.75 10.25 0.34 6.49 1.20 0.49  0.5
---------------------------------------------------------------------------
 including 165.35 190.00   24.65  9.48  8.16 17.64 0.58 10.9 2.06 0.77  1.0
---------------------------------------------------------------------------
 including 176.00 190.00   14.00 16.23 13.92 30.15 0.99 18.4 3.52 1.24  3.0
---------------------------------------------------------------------------
 including  187.4 190.00    2.60 52.77 41.54 94.31 3.87 61.0 11.6 3.29 50.0
---------------------------------------------------------------------------
BL10-210   131.70 139.00    7.30  1.04  1.00  2.04 0.08    - 0.29 0.17  1.0
---------------------------------------------------------------------------
           165.00 177.00   12.00  1.11  1.02  2.13 0.07    - 0.26 0.24  1.0
---------------------------------------------------------------------------
           211.00 213.40    2.40  0.72  0.63  1.35 0.06    - 0.28 0.19  1.0
---------------------------------------------------------------------------

Results are reported for intercepts greater than 1.0g/t Pt+Pd at the lower
cut-off grades shown in the right hand column; these may include internal
intervals up to 2m below the cut-off grade. Results for drill-holes BL10-196
& 210 are preliminary and may change slightly subject to QA/QC checks.



Bridge Zone & Beaver Lake Zone Drill Hole Collar and Depth Information

------------------------------------------------------
Drill     Easting   Northing   Azimuth    Dip   Depth
Hole           (m)        (m)     (Deg)  (Deg)     (m)
------------------------------------------------------
BL10-193   357900    5402370         0    -90   201.0
------------------------------------------------------
BL10-194   357950    5402360         0    -90   201.0
------------------------------------------------------
BL10-195   357951    5402380         0    -90   207.0
------------------------------------------------------
BL10-196   357950    5402340         0    -90   183.0
------------------------------------------------------
BL09-197   357950    5402400         0    -90   240.0
------------------------------------------------------
BL10-210   358200    5402468         0    -90   234.2
------------------------------------------------------

BL10-210 is from the Beaver Lake Zone; all other holes
are from the Bridge Zone

An approximately 55,000m infill and extension diamond drilling program is in progress, mainly in the Bridge and Beaver Lake zones of the resource area in the Current Lake Intrusive Complex. Approximately 40% of the program has been completed. Once the infill drilling has been completed, which is scheduled for May 2010, it is planned to complete an update of the resource estimate from the combined database of approximately 105,000m of drilling. This should be available in mid-2010.

The current resource estimate, which was based on 50,416m of drilling, is shown below on a platinum equivalent (PtEq) basis (see Company announcement to the ASX dated 7th September 2009, available on the Company's website at www.magmametals.com.au, for the methodology and parameters used in the estimation of platinum equivalents):

Indicated Mineral Resources: 4.6Mt @ 2.88g/t PtEq for 425,000oz PtEq

Inferred Mineral Resources: 3.6Mt @ 2.29g/t PtEq for 265,000oz PtEq