The hold open is just to the right side of the mag. well and should be pushed up by a magazine. If you remove the top half and insert an empty magazine it should push it up. Photos may help.
The gun MAY need a new mag. release button. The catch wears down and won't catch into the mag hole. Or it could probably be welded up and shaped back down. There again, take it apart and watch to see if the button drops into the hole, and if it does, pull down on the mag. and see if it holds.
Regarding the extraction but non-ejection, I suspect that the front of the ejector is broken off. It's the thin strip along the right side with a hook sticking inside to bump the case when it comes back. No hook, no bump.
Try it a bit at the range, loading one round at a time, then multiple rounds, good ammo. Pictures will help us get you closer on persistant problems.
dju
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