Magellan Minerals Ltd. (TSX VENTURE:MNM) announced that it has signed a binding letter of intent to form a 50/50 joint venture with ECI Exploration and Mining Inc. regarding mineral properties located in southern Mato Grosso.

The press release is quoted as saying:

Magellan and ECI have agreed to: (a) contribute their respective mineral claims located in the Mato Grosso Region for exploration by the joint venture; and (b) each fund a minimum of $250,000 in exploration expenditures on the properties that are subject to the joint venture during the initial twelve (12) months from the signing of the Agreement.

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