Magna Gold Produces 34,601 oz of Gold in its First Two Full Quarters of Commercial Production

TORONTO, Jan. 26, 2022 /CNW/ – Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) (“Magna” or the “Company”) is pleased to report it achieved its previously stated production guidance for the fiscal year (“FY”) 2021. The Company produced 56,099 oz of gold from its San Francisco Mine in Sonora, Mexico in 2021. In Q4 2021, the mine produced 15,499 oz of gold, which represents a production increase of 107% from the same quarter in 2020. Preliminary (un-audited) cash costs for Q4 2021 and FY 2021 were USD$1,123 and USD$1,299 per oz respectively. Additionally, the strip ratio during the quarter was 4.46, an increase from the previous quarter. This increase is in line with the current mine plan, and it is expected that the strip ratio will trend towards the life of mine average of 2.5 going forward. Gold sold during the quarter was 16,305 ounces at an average realized gold price of USD$1,780 per ounce (1).

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