Magellan Aerospace (UK) Limited is Selected to Manufacture Additional Structure on A350 XWB Program

TORONTO, February 7, 2011 - Magellan Aerospace Corporation announced today that an agreement has been
reached between Airbus and Magellan Aerospace (UK) Limited securing a further
work package, Crown Fittings, on Airbus' new A350 XWB. It is expected to
generate revenues in excess of $US 20 million over the next ten years.

The contract requires the machining and treatment of complex machined
aluminium lithium detail components, and delivery to the final assembly line
in Toulouse, France. The first deliveries of the contracted 800 shipsets will
be made in April, 2011.

Jim Butyniec, Magellan's President and CEO, discussed the importance of
participation on the A350 XWB program and Magellan's continued drive to
secure major work packages on Airbus aircraft. He commented, "This package,
together with Magellan's existing A350 XWB work on the Centre Wing Box and
the Pylon Secondary Structure, augments Magellan's position on this exciting
new program."

Production will take place at Magellan's facilities in the UK at
Bournemouth, with new investment in machining capacity to be phased in as the
production rate increases from 2012. These future investments demonstrate
Magellan Corporation's commitment to developing world class manufacturing
facilities focussed on core competencies.

Magellan Aerospace (UK) Limited is a wholly owned subsidiary of Magellan
Aerospace Corporation. Magellan Aerospace Corporation is one of the world's
most integrated and comprehensive aerospace industry suppliers. Magellan
designs, engineers, and manufactures aeroengine and aerostructure assemblies
and components for aerospace markets, advanced products for military and
space markets, and complementary specialty products. Magellan is a public
company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with
operating units throughout Canada, the United States, the United Kingdom and
India.

Forward Looking Statements:

This press release contains information and statements of a forward
looking nature, including in relation to the estimated future revenues from
an agreement over the next ten years and timing of expected deliveries and
consequential increases in investment in machining capacity, and is based on
a number of assumptions, including the demand for the Airbus A350 XWB
aircraft and its production rates, and is subject to a number of risks and
uncertainties, including those associated with the economic recovery and any
general declines in air travel, that are difficult to predict, and\or are
beyond the Corporation's control. A number of important factors, including
those set forth in the Corporation's Annual Information Form, could cause
actual outcomes and results to differ materially from those expressed in
these forward-looking statements.

    For further information:

    John Dekker
    Vice President Finance
    Magellan Aerospace Corporation
    T: +1-905-677-1889 Ext 224
    E: john.dekker@magellan.aero

    Bill Matthews
    Vice President Marketing
    Magellan Aerospace Corporation
    T: +1-905-677-1889 Ext 222
    E: bill.matthews@magellan.aero

For further information: John Dekker, Vice President Finance, Magellan Aerospace Corporation, T: +1-905-677-1889 Ext 224, E: john.dekker at magellan.aero. Bill Matthews, Vice President Marketing, Magellan Aerospace Corporation, T: +1-905-677-1889 Ext 222, E: bill.matthews at magellan.aero