Magna Mining (MGMNF) has secured up to C$500,000 in funding from the Ontario government's Critical Minerals Innovation Fund for its Crean Hill project. The funding will support metallurgical work aimed at improving precious metal recoveries from contact and footwall mineralization, building on the surface bulk sample program conducted in 2024. The company plans to restart multiple mining operations and increase copper and nickel production in Sudbury over the next 3-4 years. Minister of Energy and Mines Stephen Lecce emphasized Ontario's commitment to leadership in the critical minerals sector, highlighting how this investment will enhance mineral recoveries in the Sudbury basin while creating employment opportunities and strengthening Ontario's position as a key supplier of critical minerals.
Magna Mining (MGMNF) ha ottenuto un finanziamento fino a 500.000 C$ dal Critical Minerals Innovation Fund del governo dell'Ontario per il progetto Crean Hill. Il finanziamento sosterr脿 i lavori metallurgici volti a migliorare il recupero dei metalli preziosi dalla mineralizzazione di contatto e footwall, basandosi sul programma di campionamento in superficie condotto nel 2024. L'azienda prevede di riavviare diverse operazioni minerarie e aumentare la produzione di rame e nichel a Sudbury nei prossimi 3-4 anni. Il Ministro dell'Energia e delle Miniere, Stephen Lecce, ha sottolineato l'impegno dell'Ontario a essere leader nel settore dei minerali critici, evidenziando come questo investimento migliorer脿 il recupero dei minerali nella bacino di Sudbury, creando opportunit脿 di lavoro e rafforzando la posizione dell'Ontario come fornitore chiave di minerali critici.
Magna Mining (MGMNF) ha asegurado hasta C$500,000 en financiamiento del Fondo de Innovaci贸n de Minerales Cr铆ticos del gobierno de Ontario para su proyecto Crean Hill. El financiamiento apoyar谩 trabajos metal煤rgicos destinados a mejorar la recuperaci贸n de metales preciosos de la mineralizaci贸n de contacto y footwall, bas谩ndose en el programa de muestreo superficial realizado en 2024. La compa帽铆a planea reiniciar m煤ltiples operaciones mineras y aumentar la producci贸n de cobre y n铆quel en Sudbury durante los pr贸ximos 3-4 a帽os. El Ministro de Energ铆a y Minas, Stephen Lecce, enfatiz贸 el compromiso de Ontario con el liderazgo en el sector de minerales cr铆ticos, destacando c贸mo esta inversi贸n mejorar谩 la recuperaci贸n mineral en la cuenca de Sudbury, generar谩 empleos y fortalecer谩 la posici贸n de Ontario como proveedor clave de minerales cr铆ticos.
Magna Mining (MGMNF) a obtenu un financement allant jusqu'脿 500 000 C$ du Critical Minerals Innovation Fund du gouvernement de l'Ontario pour son projet Crean Hill. Ce financement soutiendra les travaux m茅tallurgiques visant 脿 am茅liorer la r茅cup茅ration des m茅taux pr茅cieux issus de la min茅ralisation de contact et de footwall, en s'appuyant sur le programme d'茅chantillonnage en surface r茅alis茅 en 2024. L'entreprise pr茅voit de relancer plusieurs op茅rations mini猫res et d'augmenter la production de cuivre et de nickel 脿 Sudbury au cours des 3 脿 4 prochaines ann茅es. Le ministre de l'脡nergie et des Mines, Stephen Lecce, a soulign茅 l'engagement de l'Ontario 脿 锚tre un leader dans le secteur des min茅raux critiques, mettant en avant comment cet investissement am茅liorera la r茅cup茅ration des min茅raux dans le bassin de Sudbury, cr茅era des emplois et renforcera la position de l'Ontario en tant que fournisseur cl茅 de min茅raux critiques.
Magna Mining (MGMNF) hat eine Finanzierung von bis zu 500.000 CAD vom Critical Minerals Innovation Fund der Regierung von Ontario f眉r sein Crean Hill-Projekt erhalten. Die Finanzierung wird metallurgische Arbeiten unterst眉tzen, die darauf abzielen, die R眉ckgewinnung von Edelmetallen aus Kontakt- und Fu脽wandmineralisation zu verbessern, basierend auf dem im Jahr 2024 durchgef眉hrten Oberfl盲chen-Bulk-Probenprogramm. Das Unternehmen plant, in den n盲chsten 3-4 Jahren mehrere Bergbaubetriebe wieder aufzunehmen und die Kupfer- und Nickelproduktion in Sudbury zu steigern. Energieminister und Bergbauminister Stephen Lecce betonte Ontarios Engagement f眉r die F眉hrungsrolle im Bereich kritischer Mineralien und hob hervor, wie diese Investition die Mineralr眉ckgewinnung im Sudbury-Becken verbessern, Arbeitspl盲tze schaffen und Ontarios Position als wichtiger Lieferant kritischer Mineralien st盲rken wird.
Positive
Secured up to C$500,000 in government funding for metallurgical improvements
Plans to restart multiple mining operations in Sudbury within 3-4 years
Government support through additional C$500 million Critical Minerals Processing Fund
Strategic focus on increasing copper and nickel production in established mining region
Negative
Success of metallurgical improvements for enhanced precious metals recovery not guaranteed
Actual funding reimbursement dependent on meeting expenditure requirements
Timeline of 3-4 years for production restart indicates lengthy development period
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."
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 () and on the Company's website ().
For further information, please contact:
Jason Jessup Chief Executive Officer
or
Paul Fowler, CFA Senior Vice President 705-482-9667 Email: [email protected]
To view the source version of this press release, please visit
FAQ
What funding did Magna Mining (MGMNF) receive from the Ontario government?
Magna Mining received up to C$500,000 from Ontario's Critical Minerals Innovation Fund for metallurgical work at their Crean Hill project.
What is the purpose of the funding for Magna Mining's Crean Hill project?
The funding will support metallurgical work to enhance precious metal recoveries from contact and footwall mineralization at the Crean Hill project.
What are Magna Mining's production plans for the Sudbury region?
Magna Mining plans to restart multiple mining operations and increase copper and nickel production in Sudbury over the next 3-4 years.
How does this funding align with Ontario's critical minerals strategy?
The funding is part of Ontario's strategy to strengthen its leadership in the critical minerals sector, create jobs, and establish the province as a key supplier of critical minerals.
What additional government support is available for Magna Mining's projects?
Beyond the CMIF funding, Magna Mining can potentially access Ontario's new C$500 million Critical Minerals Processing Fund for future developments.
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