Magna Mining Inc. press release

Magna Mining says PEA demonstrates the potential of Crean Hill Nickel Project

2023-08-02

TSX - Toronto Stock Exchange · Technical Studies

(NewsDirect)

Magna Mining CEO Jason Jessup joined Proactive's Stephen Gunnion with details of the Preliminary Economic Assessment (PEA) which has just been completed by Stantec on the company's 100% owned Crean Hill Nickel Project in Sudbury, Ontario.

Jessup said the PEA is the culmination of "a lot of work" undertaken over the past approximately eight months. Describing the PEA as very positive, he said the numbers speak for themselves, with robust economics, a long mine life and a short window to construction and ultimately production.

Jessup took Proactive through the Base Case scenario for Crean Hill, as well as an alternative milling scenario comparing the economics of the Base Case with an Alternative Processing scenario through a future mill at the company's Shakespeare Project.

Based on the results of the Alternative Processing portion of the PEA, a Pre-Feasibility Study (PFS) is recommended, with a focus on further optimization and the integration of the Crean Hill Project with the Shakespeare Project. The PEA also demonstrates why Magna Mining believes the Crean Hill Nickel Project has the potential to be the next nickel-producing mine in Canada, Jessup added.

Contact Details

Proactive

+1 604-688-8158

action@proactiveinvestors.com

Company Website

https://www.proactiveinvestors.ca/

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