­ Magna Terra Minerals Inc. announced that it has earned a 100% interest in its flagship Great Northern Project ("Great Northern" or the "Project"), located in western Newfoundland, having recently renegotiated final payment terms with Spruce Ridge Resources Ltd. ("Spruce Ridge") on the Viking and Kramer Property option agreements (the "Agreements"). In addition to renegotiating the Agreements to reduce certain cash payments in favour of equity, Magna Terra and Spruce Ridge have agreed to retire the 2.0% and 0.5% Net Smelter Return Royalties ("NSR") in favour of Spruce Ridge under the Agreements, as further detailed below. Great Northern is a proven gold environment with existing Mineral Resources and numerous untested gold trends over a cumulative 30+ kilometre strike with the potential to host multi-million-ounce gold deposits.

Through the Company's exploration programs over the last two years, team has successfully identified multiple new, high- tenor, exploration targets for follow-up exploration work to ultimately define drill targets (Figure 1). exploration team is actively interpreting project data, refining targets and preparing for the 2023 field season with a focus on prioritizing work on the highest-potential areas. The Great Northern Project is comprised of two separate claim blocks - Great Northern and Viking blocks totalling 13,775 hectares, which are located near the communities of Sops Arm, Pollard's Point, and Jackson's Arm, Newfoundland and Labrador.

The Project is centered along a 30-kilometre section of the Doucers Valley Fault, a significant geological control on, and host to, several gold deposits and untested prospects, including the Rattling Brook and Thor Deposits, Incinerator, Furnace, Jacksons Arm, Viking, Kramer, Viking North, and Little Davis Pond trends; a proven gold environment with existing Mineral Resources and numerous untested gold trends over a cumulative 30+ kilometre strike. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granites, or younger volcanic and sedimentary rocks, typically along splays off the Doucers Valley Fault, a similar geological environment to Marathon Gold Corporation's Valentine Gold Project. Alteration consists of mesothermal style quartz ± iron carbonate ± sulfide veins and stockworks with 2 to 5% total sulfides consisting of pyrite, galena, chalcopyrite or sphalerite, and locally show trace amounts of visible gold.

The Great Northern Project host to significant Current and Historic Mineral Resources, including: An Inferred Mineral Resource Estimate^ of 5,460,000 tonnes at an average grade of 1.45 g/t gold containing 255,000 contained ounces at a cut-off grade of 1.0 g/t gold at the Rattling Brook Deposit; and An Historical Indicated Mineral Resource^^ of 937,000 tonnes at an average grade of 2.09 g/t gold containing 63,000 ounces of gold plus an Historical Inferred Mineral Resource of 350,000 tonnes at an average grade of 1.79 g/t gold containing 20,000 ounces of gold at a cut-off grade of 1.0 g/t gold at the Thor Deposit.