Magna Terra Agrees to Sell Minority Interest in Verneuil Project to SOQUEM as the Company Continues to Focus on Its Atlantic Canada Gold Projects

Aug 19, 2021

TORONTO, ON / ACCESSWIRE / August 19, 2021 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT, Financial) is pleased to announce that it has entered into a Letter of Intent (the "Agreement") to sell its minority interest in the Verneuil Project ("Verneuil") to SOQUEM Inc. ("SOQUEM"). Verneuil has been governed by an Option and Joint Venture Agreement signed in 1997 between SOQUEM and Normabec Mining Resources Ltd ("Normabec"). Subsequently, in 2009, Brionor Resources Inc. (a predecessor company to Magna Terra) assumed the Verneuil option, pursuant to an asset purchase agreement with Normabec. Verneuil is a non-core asset in Magna Terra's exploration property portfolio, and thus the Company did not participate in recent exploration programs conducted by SOQUEM, resulting in its ownership position in the joint venture being diluted down to its current 32.778% undivided interest.

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