Magna Terra Files Updated NI 43–101 Technical Reports on SEDAR

TORONTO, ON / ACCESSWIRE / May 16, 2022 / Magna Terra Minerals Inc. (TSXV:TT) ("MTT" or the "Company") announces that the Company has filed updated Technical Report(s) entitled "NI 43-101 Technical Report and Mineral Resource Estimate on the Cape Spencer Gold Deposit, Saint John County, New Brunswick, Canada" dated April 29, 2022 and with an effective date of January 23, 2019 (the "Cape Spencer Technical Report") and "NI 43-101 Technical Report and Mineral Resource Estimate on the Rattling Brook Gold Deposit, Great Northern Project, White Bay Area, Newfoundland, Canada" dated April 29, 2022 and with an effective date of January 23, 2019 (the "Rattling Brook Technical Report", and together with the Cape Spencer Technical Report, the "Technical Reports"). The Company engaged the services of Independent Qualified Persons Michael Cullen, P.Geo., and Matthew Harrington, P.Geo., of Mercator Geological Services Limited ("Mercator"), contributing original co-authors of both reports, to amend the Technical Reports following updated site visits. The Technical Reports were amended following a continuous disclosure review by the Autorité des Marchés Financiers ("AMF"; see news release dated April 8, 2022). As of today, the Company can confirm the following:

• The amended Technical Reports were submitted for review to the AMFon April 29, 2022.
• The AMF has approved the amended Technical Reports.
• The amended Technical Reports were filed on SEDAR earlier today.

The amended Technical Reports are also available via the Company's website www.magnaterraminerals.com.

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.