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Magna Mining Inc. Announces Conditional Approval of Application for Funding from the Federal Critical Mineral Infrastructure Fund (CMIF)
Sudbury, Ontario--(Newsfile Corp. - October 9, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGM...
About this update from Magna Mining Inc
[{"type":"text","content":"Magna Mining Inc. Announces Conditional Approval of Application for Funding from the Federal Critical Mineral Infrastructure Fund (CMIF)Sudbury, Ontario--(Newsfile Corp. - October 9, 2024) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (\"Magna\" or the \"Company\") is pleased to announce that notification has been received from Natural Resources Canada (NRCAN) that pending final due diligence, certain initiatives at both the Crean Hill and Shakespeare Mines have been conditionally approved for funding from the Critical Minerals Infrastructure Fund (CMIF). The funding will support pre-construction activities to help advance clean energy and transportation infrastructure at both projects.Specifically, funding from the CMIF will contribute towards three initiatives: Pre-construction milestones to advance a 6km transmission line to connect the Shakespeare Mine to the Ontario grid. Pre-construction milestones to advance the upgrade of an existing 30km forest access road to the Shakespeare Mine. Studies, engagement activities, regulatory approvals and permit applications for the connection of the Crean Hill project to the Ontario power grid. Pending final due diligence, NRCAN has conditionally approved these investments to Magna Mining Inc. for a cumulative total of up to $1.6 million under the CMIF.The Honourable Jonathan Wilkinson, Canada's Minister of Energy and Natural Resources, made the announcement while visiting Sudbury. \"Magna Mining's projects, with funding from the Government of Canada's Critical Minerals Infrastructure Fund, will develop the necessary infrastructure to access and transport our rich critical mineral resources in northern Ontario. Developments like these help mines get built faster, and they are a key element in seizing the generational opportunity before us. These investments are needed to support critical minerals development in the region, improve community access and safety, and create good mining jobs in Ontario,\" said Minister Wilkinson.Paul Fowler, Magna Mining's Senior Vice President, added \"These proposed investments from the Critical Minerals Infrastructure Fund will make a significant contribution towards the development, and ultimately the success, of Magna Mining's Crean Hill and Shakespeare Projects in Sudbury. The funding contributions will play an important role in upgrading a...