Magna Terra Commences Exploration Program on Its Flagship Great Northern Project, Newfoundland

TORONTO, November 30, 2023 - Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce that it has commenced an exploration program on its 100% owned Great Northern Project ("Great Northern" or the "Project"), located in western Newfoundland. 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 (Figure 1). The exploration program will comprise an approximate 300-line kilometre drone magnetic survey and collection of approximately 1,250 B-horizon soil samples covering poorly explored areas of the Project. The magnetic survey and a limited soil grid will be focused on a region of the Project area adjacent to the Rattling Brook Deposit, where previous geophysical and geochemical coverage is limited, that offers immediate opportunity for resource expansion. The exploration program is partially funded by the Government of Newfoundland and Labrador through the Junior Mining Assistance Program (JEA).

"We are continuing to advance our flagship Great Northern Project in a fiscally prudent manner despite the difficult current market environment for gold explorers, and we would like to thank the Government of Newfoundland and Labrador for partial support through the JEA Program. Along with the recently announced Mineral Resource Update on the Thor Deposit, this current exploration program will efficiently advance the Project providing valuable data to both refine current and develop additional targets for follow-up drilling. The exploration program is designed to follow-up on several poorly-tested and untested zones of gold mineralization in the immediate vicinity of the Rattling Brook Deposit, where we are completing the first ever high-resolution magnetic survey over the Deposit area. Simultaneously, geochemical surveys are testing for potential expansions of mineralization at Rattling Brook and the Kramer Trend while also continuing to assess important fault structures and geological contacts adjacent to the Doucers Valley Fault; an important host to and control on gold mineralization through the region. With more than 30+ cumulative kilometres of strike potential, our Great Northern Project is a district of known gold endowment, possessing an impressive number and scale of high priority gold targets, which underscores the potential of the Project to host multiple large gold systems."

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

About the Viking and Great Northern Projects
The Viking and Great Northern Projects are comprised of two separate claim 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 Projects are 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 plus the Incinerator, Furnace, Jacksons Arm, Viking, Kramer, Viking North, and Little Davis Pond mineralized trends. This proven gold environment with existing Mineral Resources and numerous untested gold trends occurs over a cumulative 30+ kilometre strike length. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granites as well as younger volcanic and sedimentary rocks, typically along splays off the Doucers Valley Fault. This is a similar geological/structural 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. These mineralized veins locally show trace amounts of visible gold.

The Viking and Great Northern Projects are host to significant Current 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 updated open-pit constrained Indicated Mineral Resource Estimate of 817,000 tonnes at an average grade of 1.70 g/t gold for 45,000 ounces and open-pit constrained Inferred Mineral Resources of 44,000 tonnes at an average grade of 1.27 g/t gold for 1,800 ounces at a cut-off grade of 0.46 g/t gold at the Thor Deposit. The Thor Deposit also includes underground constrained Indicated Mineral Resources of 62,000 tonnes at an average grade of 2.98 g/t gold, containing 5,900 ounces, and underground constrained Inferred Mineral Resources of 23,000 tonnes at an average grade of 3.31 g/t gold, containing 2,400 ounces at a cut-off grade of 2.14 g/t gold (see news release dated November 6^th, 2023).

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 historical and current exploration data. This work, in conjunction with that of previous operators on the Projects, 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 area with potential for minimum 800 metre extension.
• Incinerator Trend - 1.8-kilometre-long gold-bearing east-west fault only tested by four historical drill holes that intersected gold mineralization: 2.32 g/t gold over 4.1 metres (drill hole RB-41 from 33.1 m downhole); 1.06 g/t gold over 15.6 metres (drill hole RB-39 from 66.8 m downhole); 1.00 g/t gold over 9.7 metres (drill hole RB-37 from 32.1 m downhole); and 1.78 g/t gold over 4.0 metres (drill hole RB-35 from 47.2 m downhole).
• 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 (from 53.5 m downhole) and 1.50 g/t gold over 14.4 metres (from 66.85 m downhole), 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-16-154 (from 48.0 m downhole), as well as local high grades as indicated by 7.43 g/t gold over 1.0 metre in drill hole VK-16-155 (from 36.0 m downhole).
• 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.

Technical Reports and Documentation Notes
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Mineral Resources were prepared in accordance with the CIM Definition Standards (May 2014) and the CIM MRMR Best Practice Guidelines (November 2019).

^The existing Mineral Resources referenced 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 Thor Deposit Updated Mineral Resource Estimate quoted in this press release was released on November 6, 2023. Matthew Harrington, P.Geo., and Rochelle Collins, P.Geo., of Mercator Geological Services Ltd., are both "Independent Qualified Persons" as defined under NI 43-101. A Technical Report supporting the Updated Mineral Resource Estimate will be made available on SEDAR at www.sedar.com under the Company's profile within 45 days of the November 6, 2023 news release.

Rock and core sample lengths from historical exploration programs that are reported in this press release are presented as core or sample lengths only. True widths of mineralized intervals are not known. All quoted drill core sample intervals, grades and production statistics were compiled from historical assessment reports obtained from the government of Newfoundland and Labrador that are referenced in the Technical Reports noted above.

Qualified Persons
This news release has been reviewed and approved by David A. Copeland, P.Geo., Chief Geologist with Magna Terra Minerals Inc., "a Qualified Person" as defined under NI 43-101.

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 a 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.