Magna Mining Provides Update on Acquisition of Producing Copper Mine in Sudbury from KGHM International Ltd.
Magna Mining Provides Update on Acquisition
of Producing Copper Mine in Sudbury from
KGHM International Ltd.
Sudbury, Ontario--(Newsfile Corp. - January 9, 2025) - 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 "Transaction") from an affiliate of KGHM International Ltd. ("KGHM"), as previously
announced in the Company's news release dated September 12, 2024. 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 targeting to close the
Transaction on or about January 31, 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 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 180km
2
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 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
705-482-9667
Email:
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian
securities legislation that is based on expectations, estimates, projections, and interpretations as at the
date of this news release. Any statement that involves discussions with respect to predictions,
expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or
performance including in respect of the timing and ability of the Company to
complete the Transaction
within the proposed timeline,; (often but not always using phrases such as "expects", or "does not
expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate",
"plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such
words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or
"will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking
information and are intended to identify forward-looking information. This forward-looking information is
based on reasonable assumptions and estimates of management of the Company, at the time it was
made, involves known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the companies to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking information. Although the
forward-looking information contained in this news release is based upon what management believes, or
believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and
prospective purchasers of securities that actual results will be consistent with such forward-looking
information, as there may be other factors that cause results not to be as anticipated, estimated or
intended, and neither the Company nor any other person assumes responsibility for the accuracy and
completeness of any such forward-looking information. The Company does not undertake, and assumes
no obligation, to update or revise any such forward-looking statements or forward-looking information
contained herein to reflect new events or circumstances, 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) accepts responsibility for the adequacy
or accuracy of this news release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information contained herein.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/236561