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Magna Mining Provides Update on Acquisition of Properties from KGHM International Ltd.

by ahnationtalk on January 30, 202518 Views

January 30, 2025, Sudbury, Ontario, Canada – Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) is pleased to provide an update regarding its previously announced agreement to acquire a portfolio of base metals assets located in the Sudbury Basin (the “Acquisition Transaction“) from an affiliate of KGHM, as previously announced in the Company’s news release dated September 12, 2024 and updated on January 9, 2025.

Since entering into the definitive share purchase agreement on September 11, 2024 (the “SPA”), the Company, KGHM and their respective advisors have been working diligently towards the satisfaction of all conditions precedent under the SPA including obtaining all required regulatory and third-party consents, approvals and waivers. The Company is pleased with the progress made to date and is now targeting to close the Transaction before the end of February 2025.

About Magna Mining Inc.

Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Corporation’s flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a preliminary economic assessment technical report dated November 1, 2024. Additional information about the Corporation is available on SEDAR+ (www.sedarplus.ca) and on the Corporation’s website (www.magnamining.com).

For further information on this news release, visit www.magnamining.com or contact:

Jason Jessup

Chief Executive Officer

or

Paul Fowler, CFA

Senior Vice President

Email:  info@magnamining.com

NT4

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