I haven't heard either, but from what I have read, the Ibasso D4 is a highly regarded DAC+AMP as it has a very good DAC and on top of that the OP AMPs can be rolled to tune the sound as per your liking.
So based purely on these parameters I would recommend the D4 mamba.
I auditioned the Magnum in Singapore a month ago - good bass boost initially, and the thing seemed to have plenty of power, but I wasn't sufficiently impressed to buy it. Other than a bit more grunt, it didn't offer a huge improvement over the T3, a much cheaper amp. That was with IEMs - fullsize cans may be a different proposition.
If the series of rave reviews on the D4, one of the cheapest portable amps anywhere, hasn't convinced you that you need to give it a shot, I dont know how a review of the Magnum will sway you.
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