Magna Terra Minerals Inc. announces that it has entered into an Amendment Agreement regarding its Cape Spencer Project in southern New Brunswick. Under the original terms of the Cape Spencer option agreement, the Company could earn a 100% interest in the Cape Spencer Property by paying the Optionors a total of $300,000 in cash and $145,000 in milestone payments based on certain exploration activities in cash or equivalent value shares over a five-year period ending August 9, 2023 On September 12, 2022, the Company entered into an Agreement whereby it will now earn a 100% property interest by paying the Optionors a total of $350,000 in cash and/or consideration shares and $145,000 in milestone payments based on certain exploration activities in cash or consideration shares, over a seven-year period ending August 9, 2025. The Company has paid $12,500 in cash and will issue 181,159 common shares of the Company to settle the fourth anniversary payment totaling $25,000, after which the Company will have paid a total of $225,000 in cash and consideration shares and $20,000 in milestone payments in consideration shares.

Under the terms of the Rattling Brook option agreement, the Company can earn a 100% interest in the Rattling Brook Property (Great Northern Project), by paying the Optionor a total of $45,000 (comprised of $30,000 in cash and $15,000 in cash and/or consideration shares) over a two-year period. The Company has paid $15,000 in cash and will issue a total of 110,947 common shares of the Company to settle the second anniversary payments totaling $22,500, which completes the earn-in requirements of this option agreement. Under the terms of the Armstrong option agreement, the Company can earn a 100% interest in the Armstrong Property (Cape Spencer Project) by paying the Optionor a total of $90,000 (comprised of $45,000 in cash and $45,000 in cash and/or consideration shares) over a three-year period.

The Company has paid $15,000 in cash and will issue a total of 221,566 common shares of the Company to settle the second anniversary payments totaling $30,000. Under the terms of the Marigold option agreement, the Company can earn a 100% interest in the Marigold Property (Cape Spencer Project) by paying the Optionor a total of $200,000, comprised of $95,000 in cash and $105,000 in cash and/or consideration shares over a four-year period. The Company has paid $20,000 in cash and will issue a total of 295,858 common shares of the Company to settle the second anniversary payments totalling $40,000.