Magna Mining Inc has entered into a non-binding memorandum of understanding with Mitsui & Co, 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. 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 ProjectThe 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.