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    Home»Mining & Resources»Revised Notice Regarding Correction to News Release Dated September 17, 2024, on Crean Hill PEA Update
    Mining & Resources

    Revised Notice Regarding Correction to News Release Dated September 17, 2024, on Crean Hill PEA Update

    Alexander LeeBy Alexander LeeSeptember 18, 2024Updated:September 18, 2024No Comments2 Mins Read
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    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.

    correction crean dated hill news notice pea release september
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    Alexander Lee
    • Website

    Alexander is the founder and author of Microcaps.ca, a leading resource for investors interested in the micro-cap stock market. With a passion for uncovering hidden gems in the world of small-cap stocks, Alexander combines in-depth research with years of experience in the financial markets to provide readers with valuable insights and timely analysis. Investors should conduct their own research or consult with a qualified investment advisor before making any investment decisions. The author of this article is not responsible for any gains or losses incurred from investing in companies mentioned.

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