Copper

Magna Mining Appoints Jonathan Goodman as a Non-Executive Director

Magna Mining Appoints Jonathan Goodman as a Non-Executive Director

Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce the appointment of Jonathan Goodman to Magna's Board of Directors. Mr. Goodman is currently the President and CEO of Dundee Corporation ("Dundee") and is also the President and CEO of Dundee Goodman Merchant Partners, a mining focused merchant bank. Dundee currently holds a 19.2% investment interest in Magna as of October 26, 2021 (see news release).

Mr. Goodman previously served as CEO of Dundee Precious Metals from 1995 to 2013, as Executive Chairman from April 2013 to September 2017, at which time he was appointed Chairman.

Mr. Goodman has over 30 years of experience in the resource and investment industry, working as a geologist, senior analyst, portfolio manager and as CEO of a producing mining company. Mr. Goodman joined Goodman & Company, Investment Counsel Ltd. in 1990, where he was responsible for the selection of Canadian equities and played a major role in developing asset allocation strategies, before becoming the company's President. He is also one of the founding partners of Goepel Shields and Partners, an investment firm. Mr. Goodman graduated from the Colorado School of Mines as a Professional Engineer, holds a Master of Business Administration from the University of Toronto and is a Chartered Financial Analyst.

Jason Jessup, CEO of Magna, commented, "On behalf of myself and the rest of the directors of Magna, I am pleased to welcome Mr. Goodman to the board. His experience in growing mining companies and his capital markets expertise will be an enormous asset to our Company. Over the last 12 months, Dundee Corporation has become a key shareholder of Magna Mining, and their continued support has been critical to the successful execution of our growth objectives to date. Dundee's representation on our board underlines their continued commitment to Magna Mining, which will help us to achieve our ultimate objective of becoming the next multi-mine nickel producer in the Sudbury region."

About Magna Mining Inc.

Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company's flagship asset is the past producing Shakespeare Mine which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company's website (www.magnamining.com).

For further information, please contact:

Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email: info@magnamining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118982

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NICU:CA
Magna Mining Commissions Second Drill Rig at the Shakespeare Project and Provides an Update on the Evaluation of a Toll Milling Restart for Near-Term Nickel Production

Magna Mining Commissions Second Drill Rig at the Shakespeare Project and Provides an Update on the Evaluation of a Toll Milling Restart for Near-Term Nickel Production

Magna Mining Inc (TSXV: NICU) (the "Company") is pleased to announce that it has commissioned a second drill rig to accelerate exploration drilling at previously identified regional targets on the Shakespeare Nickel Project. The second rig was moved to site early this month, and recently began drilling at the Company's Spanish River Mine Option ("Spanish River"), located 1km south-west of the recent P-4 nickel discovery (see Fig. 1). Spanish River was previously in production as an underground Cu-Co-Au-Ag operation until 1970, and the current drill program is the first diamond drilling program since the mine closed.

The first drill rig of the 2022 drill program started in January and is currently drilling the P-4 Nickel target, which was discovered during the 2021 regional exploration drill program (see News Release). This drill is planning to complete an initial 2500m of drilling to further test the EM plate associated with the discovery hole, as well as the prospective trend of over 400m of strike length to the east. The Company expects this drilling to be completed in early April, with assay results coming out later that month. Magna is planning to complete 10,000m of drilling in 2022, with 5500 m still to be allocated based on results from the winter drilling program.

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Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce that it has entered into a non-binding memorandum of understanding ("MOU") with Mitsui & Co., Ltd. ("Mitsui"), whereby Magna and Mitsui will discuss the possibility of Mitsui's acquirement of a 10 to 12.5% interest in Magna's Shakespeare Mine in exchange for cash consideration ranging between $8 million to $10 million on such terms as to be further negotiated between the parties (the "Transaction"). In connection with the Transaction, it is expected that the parties will enter into a joint venture agreement to jointly pursue the development of the Shakespeare Mine, with Magna being the operator of the Project (the "Joint Venture" or "JV").

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Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") is pleased to announce that it has entered into a market-making agreement (the "Agreement") with Independent Trading Group ("ITG"), pursuant to which ITG has agreed to provide market-making services to the Company in accordance with the policies of the TSX Venture Exchange (the "Exchange") and applicable laws.

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Description

The securities of Cyprium Metals Limited (‘CYM’) will be placed in trading halt at the request of CYM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 3 February 2023 or when the announcement is released to the market.

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BCIT and Teck Open Teck Copper Innovation Hub

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The Teck Copper Innovation Hub, located inside the BCIT Centre for Applied Research and Innovation, will use additive manufacturing, also known as 3D printing, to produce healthcare devices composed of copper and composites. The facility will also advance research projects and education focused on exploring new ways that copper can be used to enhance health and safety in real-life applications. In today's fast-moving world, additive manufacturing can quickly create objects that will serve as prototypes for the healthcare industry.

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