Magna Mining Announces Grant of Options

MAGNA MINING ANNOUNCES GRANT OF OPTIONS

SUDBURY, ONTARIO, CANADA, AUGUST 10, 2023 – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF)

(FSE: 8YD) ("Magna" or the "Compa ny") announces that it has gran ted an aggregate 915,800 options to

acquire common shares of the Company (the "Options") to certain directors and officers pursuant to the

Company's stock option plan. The Op tions are exercisable at an exercise price of $0.58 per share for a

period of five-years from the date of grant.

About Magna Mining Inc.

Magna is an exploration and development company fo cused on nickel, copper and PGM projects in the

Sudbury Region of Ontario, Canada. The Company's fl agship 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, pr ocessing 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 August 2022. 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

Email: [email protected]

Telephone: (705) 665-0262

Cautionary Statement

This press release contains certain forward-looking information or forward-looking statements as defined

in applicable securities laws. Forward-looking information by its nature is based on assumptions and

involve known and unknown risks, uncertainties and other factors which may cause the actual results,

performance or achievements of the Company to be materially different from any future results,

performance or achievements expres sed or implied by such forward-looking statements or information.

We have made certain assumptions about the forward-looking statements and information. Although

management believes that the assump tions made and the expectations represented by such information

are reasonable, there can be no assurance that the forward-looking information will prove to be

accurate. Forward-looking statements include st atements regarding beliefs, plans, expectations, or

intentions of the Company. 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 Se rvices 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.