Magna Mining Announces the Appointment of Vice President of Exploration

Sudbury, Ontario--(Newsfile Corp. - August 3, 2021) - Magna Mining Inc. (TSXV: NICU) (the "Company" or "Magna") is pleased to announce the appointment of Dr. Mynyr Hoxha to the position of Vice President of Exploration. Dr. Hoxha has been an Advisor to the company since its inception in 2016 and participated in the initial due diligence on the Shakespeare property prior to the acquisition in 2017.

Dr. Hoxha is a Professional Geoscientist with more than 30 years of mining and exploration industry experience, most recently serving as Chief Geologist at the Young Davidson Mine for Alamos Gold since 2015. In 2004, he joined FNX Mining as Senior Geologist and in 2008 was promoted to Chief Geologist.

CEO Jason Jessup commented: "We are absolutely delighted to be able to appoint a VP of Exploration of Mynyr's experience and calibre, which we think highlights the exploration potential that we have on our underexplored land package west of the Sudbury basin. Mynyr has a wealth of relevant experience and a phenomenal track record of base and precious metal discoveries in this region. I am very excited to be working with him again."

Dr Hoxha added "I am pleased and at the same time very excited to take on this great opportunity as Vice President of Exploration for Magna Mining. The Shakespeare Mine resource has great expansion potential and there is no shortage of highly prospective Ni-Cu-PGM targets on the regional Shakespeare property. The Shakespeare land package owned by the Company has a greater than 20km strike length and only a very small portion has been explored for Ni-Cu-PGE deposits. Magna has an experienced management team of professionals that have extensive experience in base metal exploration and mining, and they have a great vision for the Company. I am looking forward to being a full-time part of the team."

Magna will grant an additional 225,000 RSU's to certain officers and employees of the company, pursuant to the Company's Restricted Share Unit Plan. The RSU awards have a three-year vesting period. Each RSU entitles the holder to receive one common share of the Company.

The granting of all options and RSUs is subject to TSX Venture approval.

About Magna Mining Inc.

Magna Mining is an exploration and development company focused on sulphide 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 4500 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:
Paul Fowler, CFA
Senior Vice President
Email: [email protected]

Cautionary Statement

This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding plans to complete exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. 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.

Not for distribution to U.S. news wire services or dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91595