MAGNA MINING ANNOUNCES GRANT OF OPTIONS

MAGNA MINING ANNOUNCES GRANT OF OPTIONS

MAGNA MINING ANNOUNCES GRANT OF OPTIONS

SUDBURY, ONTARIO, CANADA, AUGUST 10, 2023 – Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF) (FSE: 8YD) (“Magna” or the “Company”) announces that it has granted an aggregate 915,800 options to acquire common shares of the Company (the “Options”) to certain directors and officers pursuant to the Company’s stock option plan. The Options are exercisable at an exercise price of $0.58 per share for a period of five-years from the date of grant.

About Magna Mining Inc.

Magna 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 are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project 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. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated August 2022. 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
Telephone: (705) 665-0262

Cautionary Statement

This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information. Although management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking statements include statements regarding beliefs, plans, expectations, or intentions of the Company. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

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.