Press Release Source: Magma Metals Limited On Monday May 16, 2011, 7:50 am EDT

PERTH, WESTERN AUSTRALIA--(Marketwire - May 16, 2011) - Magma Metals Limited (TSX:MMW - News; ASX:MMW - News; "Magma" or the "Company") is pleased to advise that the summer drilling program has commenced at its Thunder Bay North platinum-palladium-copper-nickel (Pt-Pd-Cu-Ni) project in Ontario.

Magma recently announced an initial approximately 14,000m drilling program to test potential resource extensions over a 600m strike length of the Current Lake Intrusive Complex (see March quarterly report dated April 27, 2011). This area is immediately to the south-east of the currently defined mineral resource (Figure 1). Several holes will also be drilled immediately south of the Bridge Zone to test open positions in that area. Drilling has commenced and is anticipated to take about three months to complete with two drill rigs in operation.

To view, "Figure 1. Planned summer drilling program in the Current Lake Intrusive Complex," please visit the following link: http://media3.marketwire.com/docs/fig1mmw516.pdf

Refer to Magma's announcement of February 7, 2011, for information on mineral resource estimates, including the calculation of platinum equivalents.

Reconnaissance drilling in the western part of this area, up to 200m east of the current mineral resource, recorded encouraging intersections of mineralization (reported in an ASX announcement on May 6, 2011).

The main area to be tested by the drilling program contains three prominent geophysical anomalies. These comprise large coincident gravity and induced-polarization (IP) anomalies together with an overlapping magnetic anomaly (Figure 2).

To view, "Figure 2. Gravity, IP and magnetic geophysical anomalies in relation to the planned summer drilling program," please visit the following link: http://media3.marketwire.com/docs/fig2mmw516.pdf

The origin of these anomalies is not well understood although their coincidence is an encouraging positive factor in the context of the drilling (Figure 2).

"This drilling program is an important part of our strategy for growing the resource base for the project. We know the intrusive complex extends for at least another 2km to the east of the area being tested by this program and future drilling will also target this area" said Dr Keith Watkins, Magma's Executive Chairma