TORONTO, ON / ACCESSWIRE / May 19, 2021 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to provide the following updates regarding its portfolio of exploration project assets. Beyond the Company's focus on its core exploration assets in Atlantic Canada, Magna Terra continues to add shareholder value through various partnerships and option agreements on its assets in Argentina and Quebec.
Boleadora Project, Santa Cruz Province, Argentina
The Company through its wholly owned subsidiary Atala S.A.("Atala"), is pleased to confirm receipt of payment of the first installment of US$25,000 owing from Oroplata S.A. ("Oroplata") a subsidiary of Newmont Corporation ("Newmont") for the purchase of the Boleadora Project. Per the Company's press release dated June 9, 2020, it entered into an Agreement to sell its wholly owned Boleadora Project in Santa Cruz Province, Argentina, to Oroplata. The Boleadora Group of properties is a large greenfields exploration land package (approximately 55,000 hectares) encompassing 12 individual MD's or exploration licenses lying approximately 17 kilometres southeast of Newmont's Cerro Negro mine area in Santa Cruz Province, Argentina. Newmont (Oroplata) will pay Magna Terra (Atala) US$1 million as follows: US$25,000 on signing and six installments totalling US$975,000 payable within six years from the date of the Agreement. In addition, Newmont (Oroplata) has granted a 2% NSR to Magna Terra (Atala) on the Boleadora package. The royalty can be reduced to 1% by payment of US$2.5 million by Oroplata to Atala at anytime, and the gross royalty payable is capped at US$20 million.
Noyell Project, Quebec, Canada
The Company is also pleased to announce that pursuant to an Option Agreement with Opus One Resources Inc. ("Opus One") regarding the Noyell Property (see press release dated April 12, 2019), Magna Terra has received an option payment of $50,000, in the form of 1,000,000 Opus One common shares. Magna Terra now owns 2,775,000 common shares of Opus One, and will continue to hold the shares for investment purposes.
Magna Terra continues to evaluate opportunities to monetize its significant property portfolio in Santa Cruz Province, Argentina, as well as its minority property interests in Quebec, Canada, while it focuses its exploration efforts on its core Atlantic Canada project portfolio.
Board Changes
The Company further wishes to announce changes to its Board of Directors. Mr. Dennis Logan has tendered his resignation from the Board and as Chair of the Company's Audit Committee. Replacing Dennis on the Board and as Chair of the Audit Committee is Ms. Patricia Kajda CPA, CA. Ms. Kajda, CPA, CA, is a Partner and Business Advisor in MNP LLP's Mississauga office and leads the Public Companies group for Peel Region. Patricia is fluent in IFRS and U.S. GAAP as required by Canadian and U.S. reporting issuers and has significant experience in the junior mining and metals sector. Patricia is currently an audit committee chair and vice president board member for an NPO housing corporation, and a board member of a Toronto based Chamber of Commerce. After graduating from Wilfrid Laurier University with an Honours degree in Business Administration, Patricia became a Chartered Professional Accountant (CPA), qualifying as a Chartered Accountant (CA).
"On behalf of the Board, I would like to thank Dennis for his years of dedicated service to the Company and its shareholders, and wish him well in his future endeavours. At the same time, I would like to welcome Patricia to the Magna Terra team, during a very busy and exciting time for the Company."
~Lewis Lawrick, President & CEO, Magna Terra Minerals Inc.
In conjunction with Ms. Kajda's appointment, the Company has granted her a total of 150,000 stock options in accordance with its Stock Option Plan. Each option is exercisable at $0.20 per share for a period of 5 years from issuance, and will have standard vesting conditions.
About Magna Terra
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns three district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.
Forward-Looking Statements
Neither 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
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
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.