On September 17, 2024, Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) released information regarding an Updated Preliminary Economic Assessment (PEA) by SGS Geological Services (SGS) on its Crean Hill Project in Sudbury, Ontario, Canada. The company shared two summary tables outlining the Pre and Post Tax NPV and IRR’s of the Crean Hill Project. Table 1 contained accurate numbers, while table 9 inaccurately understated the corresponding figures. The correct numbers are as follows:
- Pre-Tax NPV (8%): $265.3M
- Pre-Tax IRR: 142%
- Post Tax NPV (8%): $194.1M
- Post Tax IRR: 129%
The company plans to file a technical report supporting the PEA with Canadian securities regulatory authorities within 45 days of the news release. The information in the press release has been reviewed and approved by David King, M.Sc., P.Geo, the Senior Vice President of Exploration and Geoscience for Magna Mining Inc., and a qualified person under Canadian National Instrument 43-101.
Magna Mining Inc. is an exploration and development company focusing on nickel, copper, and PGM projects in Ontario, Canada. Their flagship assets include the Shakespeare and Crean Hill Mines. The Company is committed to providing further updates and information.
For media inquiries, please contact:
Jason Jessup
Chief Executive Officer
This press release contains forward-looking information subject to risks and uncertainties beyond the company’s control. Resource exploration and development carry significant risks, despite careful evaluation. The Company does not guarantee updates to forward-looking statements and is not liable for inaccuracies. The TSX Venture Exchange and its Regulation Services Provider do not endorse the adequacy or accuracy of this press release.
source: Magna Mining Inc.
