Magna Mining Announces Funding Award from the Critical Minerals Innovation Fund (CMIF)
Magna Mining Announces Funding Award from
the Critical Minerals Innovation Fund (CMIF)
Sudbury, Ontario--(Newsfile Corp. - June 23, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX:
MGMNF) (FSE: 8YD) (the "Company" or "Magna") is pleased to announce that the Ontario government
has awarded funding for up to C$500,000 for work on the Company's Crean Hill project. The award will
be applied towards metallurgical work related to enhancing precious metal recoveries from contact and
footwall mineralization at Crean Hill, which was carried out as part of the surface bulk sample program in
2024.
Magna Mining's Senior Vice President Paul Fowler stated: "We are extremely pleased to be the
recipients of this funding program, and we are delighted that the Ontario government is supporting our
efforts to develop new critical mineral production in Sudbury. We look forward to continuing to work with
the Ontario government through initiatives such as the Critical Minerals Innovation Fund and the new
C$500 million Critical Minerals Processing Fund to execute our plans to re-start multiple new mining
operations and increase copper and nickel production in Sudbury over the next 3 to 4 years."
"Ontario is doubling down on its leadership in the critical minerals sector, and our Critical Minerals
Innovation Fund is a core component of this strategy," said Stephen Lecce, Minister of Energy and
Mines. "This investment will help efforts to enhance mineral recoveries in the historic Sudbury basin and
create good paying jobs for Canadians. By supporting Magna Mining's Crean Hill project in advancing
mineral processing work to maximize precious metal yields and boost copper and nickel output, we are
helping to write the next chapter for Sudbury's mining sector while powering Ontario's future as a key
supplier of the critical minerals essential for a modern and competitive economy."
Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this
press release constitute "forward-looking statements" and "forward-looking information" (collectively,
"forward-looking statements") within the meaning of applicable securities laws. Generally, these forward-
looking statements can be identified by the use of forward-looking terminology, such as "may", "might",
"potential", "expect", "anticipate", "estimate", "believe", "could", "should", "would", "will", "intend", "plan",
"forecast" or other similar words or phrases or variations thereof. Forward-looking statements are
necessarily based upon a number of assumptions that, while considered reasonable by management,
are inherently subject to business, market and economic risks, uncertainties and contingencies that may
cause actual results, performance or achievements to be materially different from those expressed or
implied by forward-looking statements, including risks relating to the failure of further metallurgical work
at Crean Hill to result in enhanced precious metals recoveries, the failure to re-start mining operations or
increase copper and nickel production, the failure to ultimately receive reimbursement for expenditures
incurred in accordance with the initial approval of up to C$500,000 in funding from the Ontario
government and other risks disclosed in the Company's most recent annual management discussion
and analysis. Although the Company has attempted to identify important risks, uncertainties,
contingencies and factors that could cause actual results to differ materially from those expressed or
implied in forward-looking statements, there can be no certainty or assurance that the Company has
accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies
or factors. Readers should place no reliance on forward-looking statements as actual results,
performance or achievements may be materially different from those expressed or implied by such
statements. Resource exploration and development, and mining operations, are highly speculative,
characterized by several significant risks, which even a combination of careful evaluation, experience
and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made.
The Company does not undertake to update any forward-looking statements, whether as a result of new
information or future events or otherwise, except in accordance with applicable securities laws.
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.
About Magna Mining Inc.
Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM operating,
exploration and development projects in the Sudbury Region of Ontario, Canada. The Company's
primary assets are the producing McCreedy West copper mine and the past producing Levack,
Podolsky, Shakespeare and Crean Hill mines. Additional information about the Company is available on
SEDAR (
www.sedar.com
) and on the Company's website (
www.magnamining.com
).
For further information, please contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
705-482-9667
Email:
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