Star Metro - Magna Terra Receives First Anniversary Option Payment from Gold Hunter for the Great Northern Project

Agreement Terms

• $9.5 million payable over 2 years as follows:

• Magna Terra will be entitled to designate one person for appointment on the Gold Hunter Board of Directors for as long as its shareholding in Gold Hunter remains above 10%.

"We are very pleased to receive this first anniversary option payment from Gold Hunter, making us very significant shareholders in the company. The Gold Hunter team has done an exceptional job consolidating and expanding the strategic land package that now makes up the enlarged Great Northern Project (26,337 hectares). With multiple first priority drill targets outlined along 49.2 km of identified strike length, Great Northern is primed for significant additional discovery as Gold Hunter gears up for its initial significant drill program on the Project later this summer. As significant shareholders we are very keen to participate in the upside of what is setting up to be a very exciting drill focused exploration program in the coming weeks and months."

~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.

About the Great Northern Project

The Great Northern Project is located near the communities of Sops Arm, Pollard's Point, and Jackson's Arm, Newfoundland and Labrador. The Project, as currently assembled by Gold Hunter Resources, comprises 26,237 hectares and is centred along a 30 km section of the Doucers Valley Fault, a known geological control and host to several gold occurrences, including the Thor and Rattling Brook Deposits and known gold mineralization on the Projects includes the Incinerator, Furnace, Jacksons Arm, Viking, Kramer, Viking North, and Little Davis Pond mineralized trends. This proven gold environment with the Thor Deposit Mineral Resource and numerous untested gold trends occurs over a cumulative 49.2 km strike length. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granites to granodiorites, as well as younger volcanic and sedimentary rocks, typically along splays off the Doucers Valley Fault. Alteration consists of mesothermal style quartz ± iron carbonate ± sulfide veins and stockworks with 2 to 5% total sulfides consisting of pyrite, arsenopyrite, galena, chalcopyrite, or sphalerite. These mineralized veins can also contain trace amounts of visible gold.

Early Warning Disclosure

Immediately prior to the first anniversary of the Agreement, Magna Terra had beneficial ownership, or control or direction over, directly or indirectly, of 4,392,253 Gold Hunter Shares, representing approximately 4.99% of the issued and outstanding Gold Hunter common shares on a basic, non-diluted basis.

In connection with the first anniversary share payment, Magna Terra acquired 35,211,267 Gold Hunter Shares.

Immediately following the first anniversary share payment, Magna Terra has beneficial ownership, or control or direction over, directly or indirectly, of 39,603,520 Gold Hunter Shares, representing approximately 30.67% of the issued and outstanding Gold Hunter Shares on a basic non-diluted basis. The deemed consideration payable for the shares was $2,750,000, calculated as an aggregate of 35,211,267 common shares at a deemed price of $0.0781 per common share representing the 20 day volume weighted average price of Gold Hunter Shares prior to the anniversary date

Magna Terra holds the Gold Hunter Shares in the ordinary course of business in connection with the Agreement entered into by Gold Hunter and Magna Terra. In the future, Magna Terra may acquire additional Gold Hunter Shares or dispose of such securities subject to a number of factors, including general market and economic conditions, and the terms of the Agreement.

This news release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report will be available under Gold Hunter's profile on SEDAR+ at www.sedarplus.ca, or by contacting Bill Francis at [email protected] or 416-357-7047.

Magna Terra's head office is located at 401-20 Adelaide St East, Toronto, Ontario, M5C 2T6.

Qualified Person

This news release has been reviewed and approved by David A. Copeland, P.Geo., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.

About Magna Terra

Magna Terra Minerals Inc. is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging our ability to explore, grow, and transact projects. The Company is focused on exploring our 100%-owned Humber Copper-Cobalt Project in Newfoundland and Labrador; our 100% owned Rocky Brook Gold and Critical Metals Project in the historic Bathurst Mining Camp of New Brunswick; and our 100%-owned Cape Spencer Gold Project in New Brunswick. In addition, the Company has optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. for total cash and share consideration of $9.5 million over a 2-year period. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its 100% owned Boleadora Project recently retained from Newmont Corp.; and a precious metals discovery on its Luna Roja Project proximal to Cerrado Gold's operating Don Nicholas Project infrastructure, as well as several additional district scale drill ready projects available for purchase or option/joint venture.

Forward Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with National Instrument 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.

These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: [email protected]
Website: www.magnaterraminerals.com

SOURCE: Magna Terra Minerals Inc.

View the original press release on ACCESS Newswire

T.Murray--SMC