A magnetic memory device for storing and quickly retrieving data from an array of magnetic memory elements. The array includes a plurality of magnetic memory element such as magnetic tunnel junction elements arranged in rows and columns. A plurality of multiplexed bit lines is connected with a first end of each of the magnetic memory elements and plurality of multiplexed source lines are connected with a second end of each of the magnetic memory elements. The multiplexing allows source line current and/or bit line current to be applied to an individual column of memory elements in the array for quick retrieval of data in a Magnetic Random Access Memory (MRAM) system.