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Maghemite (γ-Fe2O3) nanoparticles were synthesized via a low-temperature solution-based method using ferric chloride hexahydrate and ferrous chloride tetrahydrate as precursors in the mixed solvent of ethanol and water. X-ray diffraction, energydispersive X-ray spectroscopy, and Fourier transform infrared spectroscopy revealed that the obtained product was pure γ-Fe2O3. Transmission electron microscopy showed the morphology of the nanoparticles to be approximately spherical in shape with an average diameter of 11 nm. Magnetization measurements indicated the dry powders exhibit ferromagnetic behavior with a maximum saturation magnetization of 41.1 emu/g at room temperature.