Magna Mining cashes up to explore former Inco mine

Magna Mining has raised nearly $18 million in financing to build a case to revive two former nickel and copper mines near Sudbury.

In a letter to shareholders, Magna management said the proceeds will fully cover this year’s exploration, plus give them some added flexibility to boost the budget should they discover “success with the drill bit.” Soon after finalizing the acquisition of Crean Hill from Lonmin Canada last fall, the company launched a 2,000-metre surface drilling program and have been releasing a steady newsflow of high-grade hits since December as the results come in.The drill results will be folded into a preliminary economic assessment , now underway and due out in the second quarter.

The PEA will show the economics of the project and explain the synergies of Crean Hill and Magna’s other project, Shakespeare, a briefly operated open-pit mine with nickel, copper and platinum group metal potential, north of McKerrow.

Source: News Formal (newsformal.com)

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