Mr. Lew Lawrick reports

MAGNA TERRA PROVIDES UPDATE ON RECENT EXPLORATION RESULTS BY PARTNER OPUS ONE AT NOYELL PROJECT, QUEBEC

Magna Terra Minerals Inc. partner Opus One Resources Inc. has provided a detailed summary report of its exploration program undertaken to date on the Noyell project, located in the province of Quebec. In addition, Opus One has made the fourth anniversary option payment to Magna Terra of $100,000 under the option and purchase agreement (see details below). The Noyell project covers an area of 2,536 hectares and is located along the Douay-Cameron deformation corridor (south of the Casa Berardi break) near the past-producing Vezza gold mine.

Since acquiring the Noyell project in 2019, Opus One has completed 5,876.6 metres of diamond drilling in 14 drill holes that have targeted zones 1 and 2 as previously reported in Opus One news releases dated July 8, 2020, and April 13, 2021. In addition, Opus One has completed ground induced polarization (IP) and airborne magnetic surveys on the property.

Drill holes NO-20-01, NO-20-02, NO-21-01 to NO-21-8 and NO-21-12 were drilled to test the main zone mineralization and successfully intersected gold mineralization in zones 1 and 2. Drill holes NO-21-09 to NO-21-11 were drilled to test IP exploration targets to the east of the main zone. Highlight assays for drilling on the project, including historic results from 1988, 1994, 1995 and 2007 are provided in the attached table.

Project highlights:

• Favourably located in the Abitibi greenstone belt;
• 10 kilometres along strike from past-producing Vezza mine along the Douay-Cameron deformation corridor;
• Covering five kilometres of favourable strike length;
• Close to existing infrastructure (road, power, manpower, existing gold mills);
• Drilling in 2020 and 2021 has outlined significant grade over width at zone 1 of the main zone, with assays including:
  • 3.54 grams per tonne (g/t) gold (Au) over 11.2 metres (m) (294.9 to 306.1 m), including 7.96 g/t gold over 3.7 m in drill hole NO-20-02;
  • 4.47 g/t gold over 6.5 m (404.0 to 410.5 m) in drill hole NO-21-06;
• Open for expansion along strike and downdip, as well in subparallel zone 2.

"Opus One has made excellent progress on the Noyell project since acquiring it in 2019. Drilling at the main zone continues to outline gold mineralization that is open along strike and downdip; this in a world-class mining and exploration jurisdiction adjacent to the past-producing Vezza mine. We are very pleased that Opus One is proceeding with the project by recently making the fourth anniversary payment of $100,000. This payment and the recently received commitment by Newmont on Magna Terra's Boleadora project in Argentina is another example of how the company continues to generate value for shareholders and control dilution, through the sale or optioning of non-core assets, while it focuses on its flagship Great Northern project in Newfoundland and Labrador," said Lew Lawrick, president and chief executive officer, Magna Terra.

Noyell option/purchase agreement

The company is also pleased to announce that pursuant to the option agreement with Opus One regarding the Noyell property (see news release dated April 12, 2019), Magna Terra has received an option payment of $100,000 for the fourth anniversary payment. Magna Terra also currently owns 1.2 million common shares of Opus One.

Under the terms of the agreement, Opus One can acquire a 100-per-cent interest in the property by paying Magna Terra a total amount of $500,000 (in cash or in shares of the optionee, or a combination of both at its sole discretion, subject to the issuance of a maximum of seven million common shares of the optionee) over a five-year period. To date, Magna Terra has received a total of $300,000 under the terms of the agreement ($161,900 in cash and $138,100 in Opus One shares).

Qualified person

This news release has been reviewed and approved by David A. Copeland, PGeo, chief geologist with Signal Gold Inc., a qualified person, under National Instrument 43-101, Standard for Disclosure for Mineral Projects.

About Magna Terra Minerals Inc.

Magna Terra is a precious-metal-focused exploration company, headquartered in Toronto, Canada. Magna Terra owns two district-scale, resource-stage gold exploration projects in the top-tier 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.

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