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