Magna Mining Inc. Announces Conditional Approval of Application for Funding from the Federal Critical Mineral Infrastructure Fund (CMIF)

Rhea-AI Summary

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) has received conditional approval from Natural Resources Canada (NRCAN) for funding from the Critical Minerals Infrastructure Fund (CMIF). The funding, totaling up to $1.6 million, will support pre-construction activities at both the Crean Hill and Shakespeare Mines. The initiatives include:

• Advancing a 6km transmission line to connect Shakespeare Mine to the Ontario grid
• Upgrading a 30km forest access road to Shakespeare Mine
• Studies and approvals for connecting Crean Hill project to the Ontario power grid

This investment aims to accelerate the development of critical mineral projects, improve infrastructure, and create mining jobs in Ontario. The announcement was made by Canada's Minister of Energy and Natural Resources, Jonathan Wilkinson, during a visit to Sudbury.

Positive

• Conditional approval for up to $1.6 million in funding from the Critical Minerals Infrastructure Fund
• Support for pre-construction activities at both Crean Hill and Shakespeare Mines
• Potential acceleration of project development and job creation
• Improved infrastructure for mine access and power supply

Negative

• Funding is still subject to final due diligence

Sudbury, Ontario--(Newsfile Corp. - October 9, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce that notification has been received from Natural Resources Canada (NRCAN) that pending final due diligence, certain initiatives at both the Crean Hill and Shakespeare Mines have been conditionally approved for funding from the Critical Minerals Infrastructure Fund (CMIF). The funding will support pre-construction activities to help advance clean energy and transportation infrastructure at both projects.

Specifically, funding from the CMIF will contribute towards three initiatives:

1. Pre-construction milestones to advance a 6km transmission line to connect the Shakespeare Mine to the Ontario grid.
2. Pre-construction milestones to advance the upgrade of an existing 30km forest access road to the Shakespeare Mine.
3. Studies, engagement activities, regulatory approvals and permit applications for the connection of the Crean Hill project to the Ontario power grid.

Pending final due diligence, NRCAN has conditionally approved these investments to Magna Mining Inc. for a cumulative total of up to $1.6 million under the CMIF.

The Honourable Jonathan Wilkinson, Canada's Minister of Energy and Natural Resources, made the announcement while visiting Sudbury.

"Magna Mining's projects, with funding from the Government of Canada's Critical Minerals Infrastructure Fund, will develop the necessary infrastructure to access and transport our rich critical mineral resources in northern Ontario. Developments like these help mines get built faster, and they are a key element in seizing the generational opportunity before us. These investments are needed to support critical minerals development in the region, improve community access and safety, and create good mining jobs in Ontario," said Minister Wilkinson.

Paul Fowler, Magna Mining's Senior Vice President, added "These proposed investments from the Critical Minerals Infrastructure Fund will make a significant contribution towards the development, and ultimately the success, of Magna Mining's Crean Hill and Shakespeare Projects in Sudbury. The funding contributions will play an important role in upgrading access roads and facilitating the supply of renewable grid power to the mine sites, and we will now be making further applications to the CMIF to invest in the construction of the road and power infrastructure at the two project sites. Simultaneously, these awards will help to accelerate the development of these projects, which will shorten the time taken to create new jobs and reach commercial production. We expect that the development of the Crean Hill and Shakespeare projects will benefit many stakeholders in the Sudbury region over the coming years, including the Indigenous communities and Indigenous owned businesses who will play key roles in the development of these mines. We look forward to continued collaboration with the Federal Government as we bring multiple new critical mineral mines into production in Sudbury".

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 Company'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 technical report dated July 2023. Additional information about the Company is available on SEDAR (www.sedarplus.ca) and on the Company's website (www.magnamining.com). For more information, please contact:

Jason Jessup
Chief Executive Officer

or

Paul Fowler, CFA
Senior Vice President
705-482-9667
Email: info@magnamining.com

Cautionary Statement

This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding the production at the Shakespeare and Crean Hill Mines, the economic and operational potential of the Shakespeare and Crean Hill Mines, potential acquisitions, plans to complete exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations, or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226143

FAQ

What funding has Magna Mining (MGMNF) received for its projects?

Magna Mining has received conditional approval for up to $1.6 million in funding from the Critical Minerals Infrastructure Fund (CMIF) for pre-construction activities at its Crean Hill and Shakespeare Mines.

What specific initiatives will the CMIF funding support for Magna Mining (MGMNF)?

The funding will support advancing a 6km transmission line for Shakespeare Mine, upgrading a 30km forest access road, and studies for connecting Crean Hill project to the Ontario power grid.

How will the CMIF funding impact Magna Mining's (MGMNF) project development?

The funding is expected to accelerate project development, shorten the time to create new jobs and reach commercial production, and improve infrastructure for mine access and power supply.

Who announced the CMIF funding approval for Magna Mining (MGMNF)?

The Honourable Jonathan Wilkinson, Canada's Minister of Energy and Natural Resources, announced the funding approval during a visit to Sudbury.