Magna Terra Completes Earn-In at the Great Northern Project, Newfoundland

TORONTO, February 23, 2023 - Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce 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, our team has successfully identified multiple new, high-tenor, exploration targets for follow-up exploration work to ultimately define drill targets (Figure 1). Our 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.

"We are very pleased to have successfully negotiated final payment terms with Spruce Ridge on the Viking and Kramer option agreements reducing the Company's cash obligations in the near term in favour of equity, and in the process making Spruce Ridge a meaningful shareholder. Now that we have earned a 100% interest in the Great Northern Project, having satisfied terms of all underlying option agreements, we are well-positioned to further advance the project in a more cost-effective manner. The retirement of the 2.0% and 0.5% NSRs on the Kramer and Viking Properties respectively, places the project in a more favourable position going forward under a future production scenario. Our geological team is currently in the process of interpreting all project data and will be refining targets for testing in 2023. Our work completed on the project to date continues to support the potential of the project to host large gold deposits located primarily along east-northeast, northwest and north-south striking fault zones linked to the nearby Doucers Valley Fault, a key crustal-scale fault zone that transects Great Northern and is the source for gold-bearing fluids in the region. Finally, we would like to thank the Government of Newfoundland and Labrador for their direct support of the Great Northern Project and their ongoing and steadfast support of the exploration and mining industry through the Junior Exploration Assistance Program."

~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.

Revised Option Agreement Terms and NSR Retirements

Under the Viking Property Agreement, the final payment of $50,000 in cash and/or consideration units (comprising 1 common share plus ½ share purchase warrant)(refer to press release dated September 15, 2020) was revised to a single payment of 1,250,000 common shares in the Company. The existing 0.5% NSR on the Viking Property in favour of Spruce Ridge was retired as part of the renegotiated terms.

Under the Kramer Property Agreement, the final payment of $50,000 in cash and/or consideration units (comprising 1 common share plus ½ share purchase warrant)(refer to press release dated September 15, 2020) was revised to a single payment of 1,250,000 common shares in the Company. The existing 2.0% NSR on the Kramer Property in favour of Spruce Ridge was retired as part of the renegotiated terms.

All common shares issued pursuant to the revised option agreement terms will be subject to a regulatory four month and one day hold period and are subject to approval by the TSX Venture Exchange.

Magna Terra has now earned a 100% interest in these Properties and a 100% interest in the entire Great Northern Project.

Junior Exploration Assistance Grant

The Company wishes to acknowledge the financial assistance of the Province of Newfoundland and Labrador under the Junior Exploration Assistance Program for partial funding of the 2022 field program at the Great Northern Project. The Company appreciates the ongoing and steadfast support from the provincial government for the exploration and mining industry.

About the Great Northern Project

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.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All Mineral Resource Estimates were prepared in accordance with NI 43-101 and the CIM Standards (2014). Please refer to the NI 43-101 Technical Report with effective date January 23, 2019 by Harrington and Cullen (2019) as detailed below for the Great Northern Project and the NI 43-101 Technical Report with effective date August 29, 2016 by Copeland et al. (2016). An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Magna Terra is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed by the Company in future exploration programs. See further details on Technical Reports below.

Several drill targets and specific opportunities for mineral resource expansion and discovery have been identified by the Company based on recent field programs and a comprehensive review of historic and current exploration data. This work, in conjunction with that of previous operators on the Property, has identified the importance of fault control on gold mineralization. These major target areas for near-term drill testing are:

• The Apsy Zone - Existing Mineral Resource with potential for minimum 800 metre extension.
• Incinerator Trend - 1.8-kilometre-long gold-bearing east-west fault only tested by four historic drill holes each intersecting gold mineralization: 2.32 g/t gold over 4.1 metres (drill hole RB-41); 1.06 g/t gold over 15.6 metres (drill hole RB-39); 1.00 g/t gold over 9.7 metres (drill hole RB-37); and 1.78 g/t gold over 4.0 metres (drill hole RB-35).
• Furnace Trend - 1.7-kilometre long trend with rock grab samples** assaying up to 5.60 g/t gold along east-west fault zone.
• Kramer Trend - 1.5-kilometre long northeast striking zone of gold mineralization centred on the contact between granites and quartzites. Highlight assays from previous drill holes KR-10-07 and KR-10-08 include 1.12 g/t gold over 20.05 metres and 1.50 g/t gold over 14.4 metres, respectively.
• Viking Trend - 6.4 kilometre long by up to 40-metre wide deformation and alteration zone with gold grades of 0.45 g/t gold over 20.0 metres in drill hole VK-16-151, 0.37 g/t gold over 16.5 metres in drill hole VK-11-125, as well as local high grades as indicated by 7.43 g/t gold over 1.0 metre in drill hole VK-16-155.
• Viking North Trend - 8-kilometre long east-west striking fault zone, sub-parallel to the Viking Trend, that is host to gold mineralized rocks and soils from reconnaissance sampling assaying up to 2.12 g/t gold and 380 ppb gold, respectively.
• Jacksons Arm Trend - 2.4-kilometre-long gold zone defined by numerous gold bearing rock and soil samples and from drilling in late 2020.

**Grab samples are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.

Qualified Person and Technical Reports

This news release has been reviewed and approved by David A. Copeland, P.Geo., Chief Geologist with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.

^The Mineral Resource Estimate quoted in this press release regarding the Great Northern Project refers to the technical report: "NI 43-101 Technical Report and Updated Mineral Resource Estimate on the Rattling Brook Gold Deposit, Great Northern Project, White Bay Area, Newfoundland, Canada", (the "Great Northern Report") with an effective date of January 23, 2019, and authored by Matthew Harrington, P.Geo. (Independent Qualified Person) and Michael Cullen, P.Geo. (Independent Qualified Person).

^^The Historical Mineral Resource Estimate quoted in this press release regarding the Viking Project (Thor Deposit) is taken from the technical report: "NI 43-101 Technical Report And Mineral Resource Estimate For The Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada, Latitude 49^o 42′ N Longitude 57^o 00′ W" prepared for Anaconda Mining Inc. by David A. Copeland, P.Geo., Dr. Shane Ebert, P. Geo. and Gary Giroux, P. Eng. M.ASc., August 29, 2016. An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Magna Terra is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed by the Company in future exploration programs.

About Magna Terra

Magna Terra Minerals Inc. is a precious metals 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.

Forward Looking Statements

Neither the 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

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with Regulation 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans, and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.

These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com

SOURCE: Magna Terra Minerals Inc.