Magna Mining Acquires $33M Copper Mine Portfolio in Sudbury

Magna Mining has officially completed its acquisition of a portfolio of base metals assets from KGHM International Ltd., which includes the active McCreedy West copper mine and the past-producing Levack Mine. This strategic move is aimed at enhancing Magna's resource potential and operational capacity within the Sudbury Basin, a region renowned for its mineral wealth. Following the acquisition, the company has initiated diamond drilling at the Levack Mine and reported promising results from recent drilling at the McCreedy West Mine, with significant high-grade copper mineralization identified. Senior Vice President of Exploration, Dave King, expressed optimism about the exploration upside and resource development potential of the newly acquired assets. The acquisition involves an aggregate payment structure that includes cash, shares, and contingent payments based on future milestones. Magna Mining aims to leverage these developments to support its mine restart plans and bolster its market position in the mining sector.