The TSX Venture Exchange has accepted for filing documentation relating to an option agreement dated Nov. 19, 2021, among Gold Terra Resource Corp., Miramar Northern Mining Ltd. (MNML) and Newmont Canada FN Holdings ULC (Newmont FN). Pursuant to the agreement, the company has acquired an option to earn up to a 100-per-cent interest in MNML, which holds the surface leases, mineral leases and the mineral claims located at Yellowknife, NWT, known as the Con mine.

Pursuant to the terms of the agreement, the company may earn an option to acquire a 100-per-cent interest in MNML and the property by completing the following within four years of the date of the agreement:

• Incurring a minimum of $8-million in exploration expenditures;
• Drill defining a minimum of 1.5 million ounces of gold on the property;
• Delivering a mineral resource estimate.

The company may exercise its option to purchase MNML by delivering a final cash payment of $8-million to Newmont FN and posting a closure bond with applicable governmental authorities, among other deliverables. The company must also grant to Newmont FN a 2-per-cent net smelter return (NSR) royalty, 50 per cent of which may be bought back by the company for $10-million.

Pursuant to the agreement, Newmont FN holds a right to earn back in a 51-per-cent participating interest in the property on or before the date that is 24 months from the closing of the company's option exercise.

Please refer to the company's news releases dated Nov. 22, 2021, Dec. 8, 2021, and Jan. 31, 2022, which are available under the company's profile on SEDAR.

Insider/pro group participation:  not applicable