Oct 9 (Reuters) - Magnum Mining and Exploration Ltd MGU.AX :
* ACQUISITION OF BUENA VISTA IRON ORE PROJECT
* TOTAL ACQUISITION COST IS UP TO $A7.0 MILLION
* MAGNUM WILL RAISE $1.0 MILLION TO FUND UPDATE OF BUENA VISTA FEASIBILITY STUDY
* ENTERED BINDING AGREEMENT TO BUY BUENA VISTA IRON ORE PROJECT IN NEVADA