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Magna Mining Files Technical Report for the Shakespeare Nickel Project – InvestingNews.com

Magna Mining Inc. (TSXV: NICU) (“Magna” or the “Company”) is pleased to announce that further to its news release dated January 31, 2022, it has filed on SEDAR an independent technical report titled “Shakespeare Project Feasibility Study Technical Report” in respect of its Shakespeare Nickel Project located 60 km south-west of Sudbury, Ontario. The technical report has been filed in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. A copy of the technical report is available under the Company’s profile page at www.sedar.com.
The independent technical report is dated March 17, 2022, with an effective date of January 31, 2022, and was prepared by AGP Mining Consultants Inc.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on 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 4,500 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:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email: info@magnamining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Magna Mining Inc (TSXV: NICU) (the “Company”) is pleased to announce the results of the 2022 Feasibility Study for the Shakespeare Nickel Project (“Shakespeare”) located 60 km south-west of Sudbury, Ontario. The Feasibility Study (“Study”) is considered a base case and does not include any of the results from the 2021 Shakespeare drilling campaign (as highlighted in Figure 3). This Study remains within the constraints of current approvals, with only minor amendments and permits required prior to the start of construction. Shakespeare has a filed Closure Plan that has been accepted (approved) by the Ministry of Northern Development, Mines, Natural Resources and Forestry, and has obtained major permits for construction of a 4500 tonne per day (tpd) open pit mine, mill and tailing storage facility.
Included in the feasibility study is an analysis of the greenhouse gas (GHG) emissions over the life-of-mine. The deposit type, availability of renewable energy and emission reduction opportunities will allow the Shakespeare site to extract ore and produce nickel and copper concentrates with below average emission intensity. Verified carbon offsets for the remaining GHG emission sources have been included in operational costs, resulting in a carbon neutral nickel mining operation.
Highlights Include (all results are reported in Canadian Dollars unless otherwise noted):
Magna Mining CEO Jason Jessup commented: “This feasibility study demonstrates why we think the Shakespeare Nickel Project has the potential to be the next nickel producing project in Canada, and it confirms our belief that Shakespeare is an attractive stand-alone operation at current nickel and copper prices. The results of the study show positive economics, a modest upfront capital cost and strong leverage to the price of nickel and copper. Building the project as outlined in the feasibility would also give us a cornerstone asset with which to pursue Magna’s vision of developing a hub and spoke production model in the world class Sudbury nickel mining camp. Aside from organic growth at our Shakespeare Project, we are evaluating acquisition opportunities that have synergies with Shakespeare. We are quite proud that the Study also includes detailed carbon accounting and incorporates the purchase of carbon offset credits to become a carbon neutral nickel mining operation. We believe that Shakespeare is the only feasibility stage nickel project in North America that can make this claim.”
Paul Fowler, Magna Mining SVP added: “We are delighted to be able to complete this feasibility study within a year of our 2021 public listing, and it demonstrates the potential for Shakespeare to be Canada’s next producing nickel mine. Our recent successful drill campaigns at the Shakespeare Mine and the adjacent P-4 exploration target also provide encouraging evidence that we will be able to fulfill our goal of further growing the resources at Shakespeare, potentially extending the life of mine and making new discoveries on our property package.”
Financial Analysis
The Base Case using US$8.50/lb. nickel, US$3.95/lb. copper, US$ 24/lb. cobalt, US$ 950/oz platinum, US$ 1,750/oz palladium and US$ 1,600 gold and an exchange rate of 0.77 US$:CDN generates a before tax NPV6% of $221 million and an IRR of 27.2%, with a 3.4 year payback. After-tax NPV6% is $140 million, with an Internal Rate of Return (IRR) of 21.5%. Payback on the initial capital is 3.5 years.
Table 1: Summary of Shakespeare Project Economic Results – Metal Price Sensitivity
 
Revenue for the project is primarily from nickel (49%) with copper as the second largest revenue contributor (32%). Cobalt and PGM’s account for the remainder of revenues as shown in Figure 1.
The Study has a mine life of 7.1 years with the current reserves.
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Figure 1: Shakespeare Revenue By Metal
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Capital and Operating Costs
The Study was prepared in accordance with National Instrument 43-101 (NI 43-101 of the Canadian Securities Administrators). The capital and operating cost estimates are summarized below. The operating costs have been detailed in Table 2, cash costs in Table 3 and the capital costs in Table 4.
The operating costs are estimated at $41.18/t ore over the mine life which include the purchase of carbon offsets and financing of the mining fleet with a 20% initial payment. The initial capital cost is $232.9 million with sustaining capital of $9.2 million including closure. The All In Sustaining Cost (AISC) is US$(0.61)/lb. nickel payable, net of by-product credits.
Table 2: Operating Cost Summary (CDN$)
 
Table 3: Cash Costs and All In Sustaining Costs (US$)
 
Table 4: Capital Cost Summary ($CDN)
 
The Study estimates the metal production as shown in Table 5.
Table 5: Life of Mine Metal Production
 
Mining and Infrastructure
The Study considers the use of an owner operated fleet including 12-91 tonne trucks, hydraulic excavators, wheel loaders and drills. The mine is designed to provide 4,500 tpd of mill feed to the process plant to be constructed adjacent to the pit. The annual mining rate averages 11.5 Mtpa in the first four years, peaking at 11.9 Mtpa in Year 3 before tapering off until the end of the mine life. The production profile is shown in Figure 2 with the two main grade items: nickel and copper.
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Figure 2: Shakespeare Mine Production Profile
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Material from the pit will be used to construct the Co-Disposal Area (CDA) for storage of waste and tailings in the adjacent valley. This facility will be lined allowing the long-term storage of potentially acid generating tailings (PAG) material from the process plant and any PAG material from the mine beneath the water level and control of the drainage from the waste stored within its footprint. The process plant will generate both PAG tailings and non-acid generating tailings (NAG) that are separated at the plant. The NAG tailings will be stored with the NAG waste rock from the mine. NAG waste not used in construction of the plant pad and haul roads will be stored in the CDA. The CDA includes a settling pond, polishing pond and water treatment facility for any variances in water quality encountered prior to discharge to the environment. The water management system has been designed to reuse site water for process applications, minimize freshwater requirements and effectively collect contact run-off in accordance with legislative requirements.
The Shakespeare benefits from past mining infrastructure that still exists and its proximity to Sudbury. This enables the mine to operate without the need of camp facilities due to its all-season road currently in place. Existing infrastructure and nearby infrastructure include:
Mineral Resources and Reserves
The Open Pit Indicated Mineral Resource Estimate upon which the Study is based includes 203.8 Mlbs of nickel equivalent from 16.51 Mt grading 0.34% nickel, 0.36% copper, 0.02% cobalt, 0.33 g/t platinum, 0.36 g/t palladium and 0.19 g/t gold. No Inferred Mineral Resource is contained within the Mineral Resource pit shell.
Underground Mineral Resources use a 0.4% NiEq cutoff and are estimated below the open pit resource shell. The Underground Mineral Resource contains 44.8 Mlbs of nickel equivalent Indicated Resource and 29.6 Mlbs of nickel equivalent in the Inferred Resource.
The mineral resources are shown in Table 6.
Table 6: Shakespeare Mineral Resources (June 1, 2021)
 
Mineral Reserves for the Shakespeare Project have been shown in Table 7. The Mineral Reserve is based on a marginal cutoff using a net smelter calculation which is equivalent to a 0.23% nickel cutoff grade.
Table 7: Shakespeare Mineral Reserves (December 31, 2021)
 
Note: CIM Definition Standards (2014) were followed for calculating Mineral Reserves. The mineral reserve estimate is as of December 31, 2021 and is based on the mineral resource estimate for the Shakespeare Property dated June 1, 2021. The mineral reserve estimate was completed under the supervision of Gordon Zurowski, P.Eng. of AGP, who is a Qualified Person as defined under NI 43-101. Mineral reserves are stated within the final pit design based on metal prices of US$ 6.50/lb. nickel, US$ 3.00/lb. copper, US$ 17/lb. cobalt, US$ 900/oz platinum, US$ 1,700/oz palladium and US$ 1,500 gold and an exchange rate of 0.77 US$:CDN. Metal recoveries are 76.8% nickel, 95.1% copper, 55.9% cobalt, 76.2% platinum, 42.9% palladium and 38.3% gold. The nickel cutoff applied was 0.23% nickel. Open pit mining costs used were $2.30/t mined. Processing costs were $15.23/t ore and G&A was $2.59/t ore. Numbers may not sum due to rounding.
Opportunities for Optimization and Growth
Given that the feasibility study is based on maintaining the operational parameters under which permits for construction of the Shakespeare Mine, mill and tailings storage facility have been issued, numerous opportunities remain for optimization and growth. The most significant of these opportunities are:
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Figure 3: Longitudinal Section of Shakespeare Deposit Showing Feasibility Open Pit Design and Resource Shell and Selected Previously Reported 2021 Exploration Drilling Results

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All composite intervals are reported as core length as true width has not been determined.
Nickel Equivalent (NiEq%) grade is calculated based on metal prices of $6.25/lb Ni, $2.80/lb Cu, $31.00/lb Co, $950/oz Pt, $900/oz Pd and $1,250.00/oz Au, and metal recoveries of 76.4% for Ni, 95.9% for Cu, 71% for Co, 74.8% for Pt, 42.4% for Pd and 38.4% for Au.
Qualified Person
Certain technical information in this press release has been reviewed and approved by Mynyr Hoxha, Ph.D., P.Geo., the Company’s Vice President of Exploration. Dr. Hoxha is a qualified person under Canadian National Instrument 43-101. Dr. Hoxha is an employee of Magna and is not independent of the Company under NI 43-101
The Feasibility Study was prepared under the direction and supervision of Gordon Zurowski, P. Eng Principal Mining Engineer with AGP, and the supporting Technical Report (the “Technical Report”) will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within 45 calendar days. Mr. Zurowski, who is an independent Qualified Person as defined under NI 43-101, has reviewed, and approved the technical information pertaining to the Feasibility Study disclosed in this press release.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on 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:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email: info@magnamining.com
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 the production at the Shakespeare Mine, the economic and operational potential of the Shakespeare Mine, potential acquisitions, 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.

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Magna Mining Inc. (TSXV: NICU) (“Magna” or the “Company”) is pleased to announce that it has entered into a non-binding memorandum of understanding (“MOU”) with Mitsui & Co., Ltd. (“Mitsui”), whereby Magna and Mitsui will discuss the possibility of Mitsui’s acquirement of a 10 to 12.5% interest in Magna’s Shakespeare Mine in exchange for cash consideration ranging between $8 million to $10 million on such terms as to be further negotiated between the parties (the “Transaction”). In connection with the Transaction, it is expected that the parties will enter into a joint venture agreement to jointly pursue the development of the Shakespeare Mine, with Magna being the operator of the Project (the “Joint Venture” or “JV”).
Magna Mining CEO Jason Jessup commented, “This MOU is the beginning of what we hope will be a long-term partnership between Magna Mining and Mitsui, the objective of which is to create the next nickel producer in the world-class nickel mining region of Sudbury, Ontario. The signing of an MOU with a global trading and investment company of Mitsui’s stature underlines the strategic importance of our Shakespeare Mine and the growth potential of our company. We anticipate that coupling our operational and geological expertise with Mitsui’s balance sheet strength is a perfect combination in furtherance of advancing the Shakespeare Mine into production and developing a significant nickel producing company.”
The MOU is limited to 2590 hectares of the more than 18,000-hectare Shakespeare Project (see Figure 1). The MOU property covers the location of the existing Shakespeare deposit, the proposed location of the Shakespeare open pit mine, mill, tailings storage facility and immediately adjacent claims. The remainder of the Shakespeare Project and regional exploration targets, such as the P-4 Discovery, will remain 100% owned by Magna.
Each participant in the JV will retain the offtake right for the amount of the products (including nickel, copper and/or other by-products) from the Shakespeare Mine pro-rata to their ownership percentage in the JV. In addition to the 10 to 12.5% interest to be acquired in the Transaction, Magna and Mitsui shall evaluate and discuss cooperatively, the potential for Mitsui to acquire an additional 12.5% to 15% stake in the JV prior to the start of construction, on terms and valuation mutually agreed upon by the Parties.
The parties anticipate entering into a definitive purchase and joint venture agreement setting out in more detail the proposed terms of the Transaction.
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Figure 1. Map Identifying the Portion of the Shakespeare Project Covered Under the MOU
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The Transaction is subject to a number of conditions including, but not limited to: (i) completion of due diligence by Mitsui, (ii) the parties negotiating and executing definitive agreements on terms mutually agreed upon by the parties, and (iii) receipt of all regulatory approvals and third-party consents, including the approval of the TSX Venture Exchange.
Magna cautions that there is no assurance that the MOU will result in the completion of the Transaction, or, if the Transaction is undertaken, as to its terms or timing.
ADVISORS
Desjardins Capital Markets is acting as financial advisor and Bennet Jones LLP is acting as legal counsel to Magna.
ABOUT MITSUI & CO.
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.
Mitsui has about 5,600 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.
For more information on Mitsui & Co.’s businesses visit, www.mitsui.com.
ABOUT Magna Mining INC.
Magna 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information, please refer to the Company’s SEDAR filings at www.sedar.com or visit the Company’s website at www.magnamining.com or contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email: info@magnamining.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the expectation that the Company will enter into a definitive agreement in relation to the Transaction, the terms of the Transaction, the timing and ability of the Company to complete the Transaction, the timing and ability of the Company to receive necessary regulatory approvals, and the plans, operations and prospects of the Company. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the Company’s properties, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, and failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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Magna Mining Inc. (TSXV: NICU) (“Magna” or the “Company”) is pleased to announce that it has entered into a market-making agreement (the “Agreement”) with Independent Trading Group (“ITG”), pursuant to which ITG has agreed to provide market-making services to the Company in accordance with the policies of the TSX Venture Exchange (the “Exchange”) and applicable laws.
ITG will trade shares of the Company on the TSXV and other available trading venues with the objective of maintaining a reasonable market and improving the liquidity of the Company’s common shares.
The Agreement is effective January 25th, 2022, and has an initial term of three months, which will automatically extend for successive one-month terms unless terminated by either party on 30 days’ prior notice. In consideration of the services provided by ITG pursuant to the Agreement, ITG will receive compensation of $5,000 per month, payable monthly in advance, and will be paid by the Company from its working capital resources. There are no performance factors contained in the Agreement and ITG will not receive shares, options or other securities as compensation. The capital used for market-making will be provided by ITG, and no third party will be providing funds or securities for the market-making activities.
ITG is an independent, privately held broker-dealer based in Toronto, Ontario, that provides a wide range of financial and investment services. ITG is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF) and can access all Canadian stock exchanges and alternative trading systems. ITG and the Company are unrelated and unaffiliated entities and, at the time of the Agreement, neither ITG nor its principals have any interest, directly or indirectly, in the securities of the Company or any right or intent to acquire such an interest.
The Agreement is subject to the Company’s filing requirements with the TSXV and TSXV approval.
About Magna Mining Inc.
Magna 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 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package.
For further information, please refer to the Company’s SEDAR filings at www.sedar.com or visit the Company’s website at www.magnamining.com or contact:
Jason Jessup, Chief Executive Officer
or
Paul Fowler, CFA, Senior Vice President
Telephone: 416 356 8165
Email: info@magnamining.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the timing and ability of the Company to receive necessary regulatory approvals, and the plans, operations and prospects of the Company and its properties. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the Company’s properties, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, and failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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Additional Mineralized Intersections Reported from the Gap Zone
Magna Mining Inc. (TSXV: NICU) (“Magna” or the “Company”) is pleased to announce the assay results from a further nine holes drilled at the Shakespeare Mine during the 2021 drilling program. Highlights from this batch of assay results include wide Gap Zone intersections which support the thesis that the West and East Zones are connected not only near surface, but also at depth.
Jason Jessup, Chief Executive Officer of Magna, stated, “We are pleased with the results that are announced today, which continue to support our belief that we can add significant open pit mineral resources to our Shakespeare deposit. The East Zone results continue to impress us and where resource wireframes were intersected, the mineralization has shown to be much wider than previously estimated. The deeper intersections also enhance the understanding of the orientation of the mineralized melagabbro, which is now interpreted as steeply dipping to the south at depth, opening new, relatively shallow areas for exploration and resource expansion. It is also important to note that many of the holes intersected new areas of mineralization within the current open pit resource shell. The significance of these intersections is that it may add additional Mineral Resources to the Shakespeare deposit, which could also convert what is currently estimated as waste within the open pit shell to Mineral Resource. This could reduce the future open pit stripping ratio and potentially extend the life of mine of future operations. The feasibility study that is currently being completed is a base case scenario, staying within the parameters of the current approved closure plan and major permits and will not include any of the 2021 diamond drilling. We are excited to incorporate these results into future mine planning at the Shakespeare Mine.”
Diamond Drilling Highlights Include:
Hole MMC-21-27 intersected 47.68 metres at 0.25% Ni, 0.30% Cu, 0.02% Co, 0.24 g/t Pt, 0.27 g/t Pd, 0.13 g/t Au including 33 m at 0.30% Ni, 0.36% Cu, 0.02% Co, 0.30 g/t Pt, 0.33 g/t Pd, 0.17 g/t Au. This hole was designed to follow-up on the wide mineralized intersection in hole MMC-21-25 reported on November 4, 2021 (see News Release). The intersection pierced the East Zone wireframe in an area 24.5 metres east of hole MMC-21-25. This hole intersected the mineralization 4.5m above the current mineral resource wireframe and continued 20.70 m beyond the wireframe (see Fig. 2.). As a result, this hole, along with hole MMC-21-25, have demonstrated the potential to significantly grow the East Zone Mineral Resource in this area of the deposit. The up-dip extension of the East Zone in this area remains open for expansion.
Holes MMC-21-29 & MMC-21-30 each intersected multiple zones of mineralization including 64.16 m at 0.34% Ni, 0.41% Cu, 0.02% Co, 0.34 g/t Pt, 0.41 g/t Pd, 0.23 g/t Au starting just 30.0 metres down hole MMC-21-29. This intersection pierced a portion of the West Zone wireframe but initially intersected the mineralization 27.30 metres outside the upper portion of the wireframe and inside of the current open pit resource shell. Follow-up drilling is required to test for further mineralization closer to surface. The primary purpose of these holes was to test the Gap Zone at depth. The holes were successful in intersecting multiple zones of mineralization within the Gap Zone, lending further support to Magna’s interpretation that the East and West Zones are connected through the Gap Zone (see Fig. 3 & 4 and Table 1 for complete assay results).
Hole MMC-21-34 was drilled in the Gap Zone, approximately 36 metres to the east of Hole MMC-21-20 that was reported on November 4, 2021 (see News Release). Mineralization was intersected over 11.45 metres grading 0.20% Ni, 0.25% Cu, 0.01% Co, 0.22 g/t Pt, 0.27 g/t Pd, 0.15 g/t Au starting at 24.5 m downhole. This near surface intersection in the Gap Zone has potential to convert a significant amount of material within the open pit resource shell from waste to mineral resource (see Fig. 4).
Mynyr Hoxha, Vice President of Exploration, stated, “The 2021 drilling results to date are very encouraging. The Shakespeare deposit has significant potential to grow along the strike to the east and west, and is open at depth. Due to drilling challenges around historical mining areas, the Gap Zone is not fully defined. Recent drilling targeting the Gap Zone indicates that East and West Zones are connected around the S-13 area and open at depth. To properly define the Gap Zone closer to surface, a shallow drilling program is proposed in 2022 that will be accomplished by using an underground drill capable of drilling shallow angle holes to test some of the upper part of the East Zone/Gap Zone. The 2021 drilling program also expanded our understanding of the western part of the Shakespeare deposit. We now have evidence that the rock units are changing orientation and dipping more southerly. This opens up tremendous exploration potential and is generating multiple new exploration targets we intend to drill in 2022.”
Magna is still awaiting the assay results from the final holes of the 2021 program. Once the results have been received, a detailed interpretation will be completed which will be used to design a follow-up program in 2022 to test the remaining areas of the Gap Zone, as well as extensions of the deposit at depth and to the west. The goal is to incorporate the next phase of Shakespeare drilling into an updated Mineral Resource estimate.
The Company is also pleased to report that drilling is currently underway at the P-4 Discovery (P-4). The program at P-4 is currently budgeted for 3500 metres of drilling, and the program will expand based on successful results. The initial hole that was collared on January 4, 2022, is targeting a 200m step down below the deepest mineralized intersection (see News Release, September 20th 2021), within a recently identified new electromagnetic (EM) plate (see News Release, December 1st, 2021). Once this hole is completed, borehole EM will be conducted on this hole while the drill moves 400 m to the east to test the second EM plate target associated with P-4. Steps have been taken to have more consistent and timely turn-around-times on assays and we expect to have assay results within 4 weeks of submission to the lab.
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Figure 1: Simplified Longitudinal Section of Shakespeare Deposit

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Figure 2: Simplified Vertical Section 27 Looking NE (See Fig. 1 for location)

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Figure 3: Composite Simplified Vertical Section 29/30 Looking NE (Clipping +/-35m; See Fig. 1 for location)
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Figure 4: Simplified 3D Longitudinal Section Showing Recent Mineralized Intersections in the Lower Gap Zone Area as well as Hole MMC-21-34

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Table 1. Recent 2021 Diamond Drilling Assay Results
From
(m)
To
(m)
Length
(m)
Ni
(%)
Cu
(%)
Co
(%)
Pt
(g/t)
Pd
(g/t)
Au
(g/t)
All composite intervals are reported as core length as true width has not been determined. Nickel Equivalent (NiEq%) grade is calculated based on metal prices of $6.25/lb Ni, $2.80/lb Cu, $31.00/lb Co, $950/oz Pt, $900/oz Pd and $1,250.00/oz Au, and metal recoveries of 76.4% for Ni, 95.9% for Cu, 71% for Co, 74.8% for Pt, 42.4% for Pd and 38.4% for Au.
Qualified Person
The technical information in this press release has been reviewed and approved by Mynyr Hoxha, Ph.D., P.Geo., the Company’s Vice President of Exploration. Dr. Hoxha is a qualified person under Canadian National Instrument 43-101.
QA/QC
Sample QA/QC procedures for Magna have been designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to Magna’s core facilities. The core is then logged, and samples marked in intervals of up to 1.5m and cut with a diamond saw. Samples are then bagged in plastic bags with 10 bagged samples being placed into rice bags for transport to SGS Laboratories in Sudbury. Samples are submitted in batches of 50 with 5 QA/QC samples including, 2 certified reference material standards, 2 samples of blank material and 1 duplicate. The reported drilling program was carried out under the supervision of Marshall Hall, M.Sc., P.Geo, the Company’s Exploration Manager.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on 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:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email: info@magnamining.com
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.
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Magna Mining Inc. (TSXV: NICU) (the “Company” or “Magna”) announces that it has granted a total of 575,000 stock options to purchase common shares of the Company to certain directors and officers pursuant to the Company’s Share Incentive Plan. Such options have an exercise price of $0.40 per common share, and vest immediately. All options expire on December 23rd, 2026.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on 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: info@magnamining.com
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.
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 Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) (“Lion CG” or the “Company”) is pleased to announce that it has closed its previously announced option agreement (the “Agreement”) with Houston Minerals Ltd. (“Houston”) pursuant to which Houston agreed to grant to the Company the option (the “Option”) to acquire a 100% interest in the Chaco Bear Property and the Ashton Property which are located in British Columbia (collectively, the “Properties”).
On closing of the Agreement, Lion CG issued 8,000,000 common shares of the Company to Houston and has funded an initial work program of $200,000 on the Properties in consideration for the grant of the Option. The Company may exercise the Option for a period of up to ten years to acquire (i) the Chaco Bear property by paying $1,500,000 to Houston, in cash or in common shares of the Company at the Company’s option; and/or (ii) the Ashton Property by paying $1,000,000 to Houston in cash or in common shares of the Company at the Company’s option, and in either case common shares will be valued using the volume weighted average trading price of the Company’s common shares for the twenty trading day period ending three trading days prior to the date of issuance of such Lion CG shares, with such cash payments being subject to a discount of between 5% and 15% based on the timing of exercise and cumulative exploration expenditures incurred as at the time of exercise. Houston will retain a 2.5% net smelter returns royalty on any of the Properties for which an Option has been exercised by the Company.
The Chaco Bear Property is located in northern British Columbia, within the Stikine Terrane and hosted in similar rock formations as the Eskay Creek deposit, a precious metals volcanogenic massive sulphide (VMS) deposit in the Golden Triangle of British Columbia that was in production from 1994 to 2008.
The Ashton Property is located within the Spences Bridge Group, a narrow, northwest-trending belt of early cretaceous volcanic rocks covering nearly 3,200 square kilometers from Princeton to Lillooet in British Columbia that are highly prospective for epithermal style gold mineralization.
For further information on the Properties and the Agreement, see the Company’s prior news releases dated October 21, 2021, January 31, 2022, and March 16, 2022.
About Lion CG
Lion Copper and Gold Corp. is a Canadian-based company advancing its flagship MacArthur Copper Project in Mason Valley, Nevada, in addition to advancing its exploration projects including the Chaco Bear and Ashton properties in highly prospective regions in British Columbia, Canada, and the Blue Copper Project in Montana, USA.
Further information can be found at www.lioncg.com.
On behalf of the Board of Directors,
Stephen Goodman
President
For more information please contact
Karen Robertson
Corporate Communications
778-898-0057
Email: info@lioncg.com
Website: www.lioncg.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Pentwater Capital Management LP (” Pentwater “), the largest minority shareholder of Turquoise Hill Resources Ltd. (” Turquoise Hill ” or the ” Company “) (TSX:TRQ) (NYSE:TRQ), has delivered the attached letter to the Turquoise Hill Independent Directors:
Dear Independent Directors:
Would you agree to sell your house to your corrupt banker for less than the equivalent of one and a half years of rental income? That is what Rio Tinto is asking you to do.
Rio has offered to purchase the shares of Turquoise Hill it does not own for $2.65 billion. Based upon current gold prices of $1,945 per ounce and current copper prices of $4.65 per pound, we believe that Turquoise Hill will generate over $17 billion of after-tax free cash flow between 2025 and 2030 1 :
Year
Free Cash Flow
Minority Shareholder Free Cash Flow
2025
$1.732 billion
$844 million
2026
$1.772 billion
$868 million
2027
$2.944 billion
$1.442 billion
2028
$4.070 billion
$1.994 billion
2029
$3.713 billion
$1.819 billion
2030
$2.895 billion
$1.418 billion
This means that Rio’s current offer to the Board of Turquoise Hill is 32% of the amount of free cash flow that Turquoise Hill will generate between 2025 and 2030. Rio’s offer is also equivalent to less than 17 months of after-tax free cash flow between 2028 and 2029 for an asset that has a 70 year mine life.
In Pentwater’s opinion, the only reason that Turquoise Hill’s share price has traded below Rio’s offer price is because Rio has consistently taken actions to harm Turquoise Hill minority shareholders over the past decade. It was just two months ago that Rio forced Turquoise Hill to take a $2.4 billion debt write-down for reparations to the government of Mongolia as a result of Rio’s intentional concealment of cost overruns and schedule delays. At the same time, Rio forced Turquoise Hill to agree to raise $650 million of equity when debt could have easily been raised to avoid any equity dilution.
Rio’s oppressive actions have all been taken with the goal of enriching itself to the detriment of Turquoise Hill minority shareholders. That is why Canaccord Genuity wrote this week that “[w]e view this C$34.00/sh bid by RIO as an opportunistic low-ball offer post-de-risking the project… and ~12 months out from first production.”
However, now Rio’s scheme is apparent for all shareholders to see. Rio is in possession of non-public information, and it wants to use that non-public information to buy out Turquoise Hill at a fraction of the value of what the shares are worth. In Pentwater’s opinion, it is highly improbable that Rio will be successful at its current bid price and equally improbable that Turquoise Hill shares will ever fall back to the levels they traded at prior to Rio’s offer now that Rio’s true intentions are known.
Pentwater agrees with Sailingstone’s open letter from two days ago. Rio paid $63.70 per share for its existing stake in Turquoise Hill. If Rio believes that its current $26.90 proposal is, “compelling for Turquoise Hill shareholders,” Pentwater would be pleased to purchase part of Rio Tinto’s stake in Turquoise Hill for that price.
Kindest Regards,
Matthew C. Halbower
Chief Executive Officer
Pentwater Capital Management
1 These figures are based upon OT’s most recent Technical Report combined with recent management guidance.  If Turquoise Hill disagrees with these projections, we believe that Turquoise Hill should state what it believes after tax free cash flow will be between 2022 and 2035 while disclosing its copper and gold price assumptions.


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David Zirin- Chief Operating Officer
Pentwater Capital Management
312-589-6401
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PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) today reports it has filed its financial results for the year ended December 31, 2021, and provides a first quarter 2022 business update.
“Soaring global demand for clean energy- and electric vehicle-dependent metals such as copper, nickel, and cobalt, and supply chain realities laid bare by recent events in Eastern Europe make us keenly aware of our obligation to produce these critical minerals in Minnesota responsibly and as quickly as possible,” said Jon Cherry, chairman, president and CEO. “We urge our government to embrace safe mining of these critical natural resources to expand clean energy and decarbonization efforts in the U.S.”
PolyMet made considerable progress in 2021 as several significant legal challenges by opponents were resolved or significantly narrowed in scope, Cherry said. He cited as two examples a ruling by the state Supreme Court in early 2021 that restored PolyMet’s dam safety permits and the reactivation of the air permit in December by the Minnesota Pollution Control Agency after it fulfilled the requirements of a Minnesota Court of Appeals ruling.
Progress has continued in 2022 as the Minnesota Court of Appeals in January affirmed nearly all aspects of the company’s water discharge permit for the NorthMet Project. Importantly, the court found that water quality standards of the State of Minnesota and Fond du Lac Band of the Lake Superior Chippewa will not be violated as a result of the NorthMet Project.
The water discharge permit is one of only three permits that remain on hold pending additional process, which is anticipated to be largely addressed this year. These are:
Federal wetlands (Section 404) permit – a 401a2 hearing by the U.S. Army Corps of Engineers is planned in early May to determine if the project “will affect” water quality within the reservation boundaries of the Fond du Lac Band. The State of Minnesota concluded during environmental review and permitting that the project does not affect water quality before reaching the reservation, which is 110 river miles downstream;
Permit to Mine – a contested case hearing by the Minnesota Department of Natural Resources on the effectiveness of bentonite clay at the tailings impoundment is anticipated in the second or third quarter of this year. Several preliminary hearings already have been held; and
Water discharge (NPDES/SDS) permit – the Minnesota Court of Appeals ruled that the Minnesota Pollution Control Agency must consider whether any discharges are the “functional equivalent” of a direct surface water discharge. The ruling stems from a U.S. Supreme Court ruling unrelated to PolyMet and issued more than a year after PolyMet’s permit was issued. This functional-equivalence analysis, known as the “Maui” test, is expected to be completed this year and to affirm earlier conclusions.
Key Balance Sheet Statistics
(In ‘000 US dollars)
 
Key Income and Cash Flow Statement Statistics
(in ‘000 US dollars, except per share amounts)
 
The financial statements have been filed at www.polymetmining.com and on SEDAR and EDGAR and have been prepared in accordance with International Financial Reporting Standards. All amounts are in U.S. dollars. Copies can be obtained free of charge by contacting the company at 444 Cedar Street, Suite 2060, St. Paul, MN 55101, or by e-mail at info@polymetmining.com. Project developments described above are derived from these documents and should be read in conjunction with them.
* * * * *
About PolyMet
PolyMet is a mine development company that owns 100% of the NorthMet Project, the first large-scale project to have received permits within the Duluth Complex in northeastern Minnesota, one of the world’s major, undeveloped mining regions. NorthMet has significant proven and probable reserves of copper, nickel and palladium – metals vital to infrastructure improvements and global carbon reduction efforts – in addition to marketable reserves of cobalt, platinum and gold. When operational, NorthMet will become one of the leading producers of nickel, palladium and cobalt in the U.S., providing a much needed, responsibly mined source of these critical and essential metals.
Located in the Mesabi Iron Range, the project will provide economic diversity while leveraging the region’s established supplier network and skilled workforce and generate a level of activity that will have a significant effect in the local economy. For more information: www.polymetmining.com.
For further information, please contact:
Media
Bruce Richardson, Corporate Communications
Tel: +1 (651) 389-4111
brichardson@polymetmining.com
Investor Relations
Tony Gikas, Investor Relations
Tel: +1 (651) 389-4110
investorrelations@polymetmining.com
PolyMet Disclosures
This news release contains certain forward-looking statements concerning anticipated developments in PolyMet’s operations in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions, or statements that events, conditions or results “will,” “may,” “could,” or “should” occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, and the effect on the local economy, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.
PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations and opinions should change.
Specific reference is made to risk factors and other considerations underlying forward-looking statements discussed in PolyMet’s most recent Annual Report on Form 40-F for the fiscal year ended December 31, 2021, and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission.
The Annual Report on Form 40-F also contains the company’s mineral resource and other data as required under National Instrument 43-101.
No regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

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Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (“Altiplano” or the “Company”) is pleased to report on the February 2022 results from the Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.
Approximately 3,720 tonnes in total of mineralized copper-gold material was extracted at Farellon and 2,303 tonnes were processed during the month of February. This work represented a 4% improvement over the January output of 3,580 tonnes and a 4.5% improvement over the 2,110 tonnes processed in January. The grade in February improved to 2.17% for the month compared to the January grade of 2.05%. The February copper grade is recorded as the highest monthly grade recovered from Farellon since operations began in Q1 2018. Grade improvements in the last few months are noticeable and attributed to accessing higher grade material in the lower levels of the NE sections of the mine at the 368 m and 360 m levels.
Revenue generated in February was approximately US$327,436 after processing costs, representing an 18% improvement over January’s revenue of $277,845. Revenue continues to improve as a result of higher grade and increased copper sales. At February month end, an additional 250 tonnes were stockpiled at site where the revenue will be credited to the following months after processing has been completed. In addition, 1,450 tonnes of low-grade copper/high grade iron are stockpiled at site for processing at El Peñón site when that facility is completed.
CEO Alastair McIntyre commented, “Productivity improvements at Farellon are generating positive returns in improving grade and increased production. We are pleased to see higher grades, especially at depth, which drives increased revenues and supports our plans for continuing the development at Farellon to deeper levels.”
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Figure 1. Comparative 2021 Monthly Review of Farellon Output
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Figure 2. Monthly Processed Material, Income and Mining Cost at Farellon
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Figure 3. Comparative 2021 Income, Copper Contained and Grade
*After processing costs
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Figure 4. Farellon Mine Section
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The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with the production decision.
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Figure 5. Jumbo setting up on the 360 m level
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Note the copper in yellow on the right side of the picture as chalcopyrite. The darker steel grey areas are magnetite which will be also recovered at the El Peñón processing facility.
Altiplano has generated over US$7.98 million from the recovery and sale of 3.86 million pounds of copper with an average grade of 1.74% Cu (2018 Q1-2021 Q4). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the commencement of the permitted El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.
About Altiplano
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development of near-term producing gold/copper projects, and exploration land packages with district-scale potential. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical contents of this document.
Altiplano is part of the Metals Group portfolio of companies. Metals Group is an award-winning team of professionals who stand for technical excellence, painstaking project selection, uncompromising corporate governance and a unique ability to pan through the rubble to discover and develop golden opportunities.
www.metalsgroup.com
ON BEHALF OF THE BOARD
/s/ “John Williamson”
Chairman
For further information, please contact:
Alastair McIntyre, CEO
alastairm@apnmetals.com
Tel: (416) 434 3799
Jeremy Yaseniuk, Director
jeremyy@apnmetals.com
Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970’s with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com.
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Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) announced today the release of our 21 st annual Sustainability Report, highlighting our sustainability and ESG performance in 2021 and progress on our sustainability strategy goals.
“Our focus at Teck is on responsibly providing the essential resources needed to improve the global standard of living while caring for people, communities and the environment,” said Don Lindsay, President and CEO. “Our annual Sustainability Report outlines our ESG performance for the year and the progress we’ve made towards achieving the goals of our sustainability strategy.”
Teck’s approach to responsible mining is underpinned by a long-term sustainability strategy, which sets out goals in the areas of Health and Safety, Climate Change, Responsible Production, Our People, Water, Tailings Management, Communities and Indigenous Peoples, and Biodiversity and Reclamation. This includes our recently expanded net-zero climate strategy , which builds on our existing commitment to achieve net-zero emissions across operations by 2050. Under the expanded strategy, we have set a goal to achieve net-zero Scope 2 (purchased electricity) greenhouse gas emissions by 2025 and announced an ambition to achieve net-zero Scope 3 (value chain) emissions by 2050.
“Teck is already one of the world’s lowest carbon-intensity producers of copper, zinc and steelmaking coal, and we are taking significant action to support a cleaner future and further reduce our carbon through our expanded climate strategy,” said Marcia Smith, Senior Vice President, Sustainability and External Affairs.
2021 Sustainability achievements included:
Teck’s 2021 Sustainability Report and Annual Report are available on our website . Other reports available from Teck including our Economic Contribution Report and the TCFD-aligned Climate Change Outlook 2021 report, are also available on the Disclosure Portal .
In 2021, Teck was named to the S&P Dow Jones Sustainability World Index (DJSI) for the 12th consecutive year and ranked #1 in the Metals and Mining industry category on the DJSI for 2021. Teck received an AA rating from MSCI in 2021 and has been a constituent of the MSCI World Leaders ESG index since 2015. Teck is ranked first among North America Metals and Mining companies by Moody’s ESG, rated Prime by ISS ESG and ranked #2 in the Diversified Metals industry by Sustainalytics.
Forward Looking Statements
This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “will”, “estimate”, “expect”, “ambition” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release.
These forward-looking statements include, but are not limited to, statements relating to long- and short-term sustainability goals, including statements relating to our commitment to reduce greenhouse gas emissions, to achieve net zero greenhouse gas emissions or to reduce the carbon intensity of our operations and the actions we intend to take to achieve those commitments and the expected impact or effect of those action; and our expectation that we will achieve the goal of stabilizing and reducing the selenium trend in the Elk Valley.
The forward-looking statements in this report are based on a number of estimates, projections, beliefs and assumptions the management team believed to be reasonable as of the date of this report, though inherently uncertain and difficult to predict, including but not limited to expectations and assumptions concerning: the development, availability, performance and effectiveness of technologies needed to achieve our sustainability goals and priorities; the availability of clean energy sources and zero-emissions alternatives for transportation on reasonable terms; our ability to successfully implement our technology and innovation strategy; the performance of new technologies in accordance with our expectations; our ability to achieve our climate goals and the longer term impacts of those goals on our business; environmental compliance costs generally; effectiveness of additional treatment capacity at scale, operation of water treatment technology and facilities as expected; our ability to implement new source control or mine design strategies on commercially reasonable terms without impacting production objectives; and assumptions regarding the development of our business generally and general economic conditions.
Factors that may cause actual results to vary include, but are not limited to actual climate-change consequences, adequate technology not being available on adequate terms, changes in laws and governmental regulations or enforcement thereof that impact our operations or strategy, inability to achieve anticipated performance of current and new technologies relating to our Elk Valley water treatment efforts, ongoing monitoring may reveal unexpected environmental conditions requiring additional remedial measures, and changes in commodity prices or general economic conditions. We caution you that the foregoing list of important factors and assumptions is not exhaustive. Other events or circumstances could cause our actual results to differ materially from those estimated or projected and expressed in, or implied by, our forward-looking statements.
Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control. Further information concerning risks, assumptions and uncertainties associated with these forward-looking statements and our business can be found in our most recent Annual Information Form filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile. We assume no obligation to update forward-looking statements except as required under securities laws.
About Teck
As one of Canada’s leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources .
Teck Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com
Teck Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations and Strategic Analysis
604.699.4621
fraser.phillips@teck.com

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Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that it has executed a drilling contract for its upcoming maiden drill program at the Lost Basin Gold-Copper Project located in Mohave County, Arizona. The Company intends on completing a reconnaissance visit by its personnel and the drilling contractor in the coming weeks to review drill sites after which it will commence with the construction of access roads and drill pads in preparation for drilling
The Company has elected to proceed with diamond core drilling for its maiden program to better understand the lithological and structural data at the Site. The Company plans to drill 1,500 metres over two phases with the results of the maiden program being used to delineate a larger follow-up drill campaign.
The first phase of the drilling program will be part of a larger work program that will include trenching, soil sampling, chip sampling, and further prospecting that is anticipated to be completed over approximately 40 days.
The Company’s program will focus on the following key mineralized sections on the property:
“Advancing the gold and copper stories at Lost Basin is a primary objective of ours as we move into 2022 and we are extremely excited to continue our exploration at the property,” stated Deepak Varshney, CEO of USHA. “The property is a unique exploration and development opportunity in a top-tier mining jurisdiction that has largely escaped systematic modern exploration. Lost Basin offers a number of compelling attributes that you like to see prior to drilling – favourable geology, strong assays from initial sampling, and participation in what is becoming a very active exploration camp. This program is going to jumpstart what will be a very active year for us across a portfolio that includes copper, nickel, cobalt and gold – it’s going to be a busy and exciting year!”
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Helgi Sigurgeirson, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
We seek Safe Harbor.
Usha Resources LTD.
“Deepak Varshney” CEO and Director
For more information, please phone James Berard, Investor Relations, 778-228-2314, email info@usharesources.com, or visit www.usharesources.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements:
This news release may include “forward-looking information” under applicable Canadian securities legislation. Such forward-looking information reflects management’s current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
SOURCE: Usha Resources Ltd.
News Provided by ACCESSWIRE via QuoteMedia

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