We propose model magneto-logic NOR and NAND gates using a spin valve pillar, wherein the logical operation is induced by spin-polarized currents which also form the logical inputs. The operation is facilitated by the simultaneous presence of a constant controlling magnetic field. The same spin-valve assembly can also be used as a magnetic memory unit. We identify regions in the parameter space of the system where the logical operations can be effectively performed. The proposed gates retain the non-volatility of a magnetic random access memory (MRAM). We verify the functioning of the gate by numerically simulating its dynamics, governed by the appropriate Landau-Lifshitz-Gilbert equation with the spin-transfer torque term. The flipping time for the logical states is estimated to be within nano seconds. * murugesh@iist.ac.in 2