On July 31, Magna Mining recently announced its 100% owned Crean Hill nickel project near Sudbury, Ontario, with a preliminary economic assessment (PEA). CEO Jason Jessup stated that PEA has demonstrated the potential of the project to become a significant nickel mine in Canada. The results of the basic case studies show that prior to commencing advanced exploration and development, there are good economic benefits, long mine life, moderate upfront capital costs and minimal permission requirements. PEA's base case envisions a combination of open-pit and underground mining, with the sale of recoverable resources to existing third-party facilities in Sudbury.
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