On October 9, 2024, Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) announced that Natural Resources Canada (NRCAN) has conditionally approved certain initiatives at the Crean Hill and Shakespeare Mines for funding from the Critical Minerals Infrastructure Fund (CMIF), subject to final due diligence. The funding will support pre-construction activities aimed at advancing clean energy and transportation infrastructure at both project sites.
The initiatives that will receive funding from the CMIF include advancing a 6km transmission line to connect the Shakespeare Mine to the Ontario grid, upgrading an existing 30km forest access road to the Shakespeare Mine, and conducting studies, engagement activities, regulatory approvals, and permit applications for connecting the Crean Hill project to the Ontario power grid. Pending final due diligence, NRCAN has conditionally approved these investments totaling up to $1.6 million for Magna Mining Inc. under the CMIF.
The announcement was made by the Honourable Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, during his visit to Sudbury. Minister Wilkinson emphasized that these investments from the CMIF will facilitate the necessary infrastructure development to access and transport critical mineral resources in northern Ontario, thereby creating job opportunities and supporting economic growth in the region.
Paul Fowler, Senior Vice President of Magna Mining, expressed gratitude for the proposed investments from the CMIF, stating that they will significantly contribute to the success of the Crean Hill and Shakespeare Projects in Sudbury. Fowler highlighted the importance of upgrading access roads and facilitating the supply of renewable grid power to the mine sites with the funding contributions. He also emphasized the company’s commitment to collaborating with the Federal Government to bring new critical mineral mines into production in Sudbury.
Magna Mining Inc. 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 include the Shakespeare and Crean Hill Mines, which are integral parts of its strategic vision for sustainable mineral resource development in the region. Additional information about Magna Mining Inc. is available on SEDAR and the company’s official website.
This press release contains forward-looking information and statements, and readers are advised to exercise caution and not place undue reliance on these statements as they are subject to risks and uncertainties. The Company does not undertake to update or revise forward-looking statements except as required by law. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release. Readers can access the source version of this press release on the company’s website.
