Business
Magna Terra Corporate Update
TORONTO, ON / ACCESSWIRE / May 31, 2022 / Magna Terra Minerals Inc. (the "Company" or "Magna...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Corporate UpdateTORONTO, ON / ACCESSWIRE / May 31, 2022 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSXV:MTT) is pleased to provide a brief update regarding its non-core exploration portfolio in Santa Cruz Province, Argentina.Through its wholly owned subsidiary Atala S.A. (\"Atala\"), the Company is pleased to confirm receipt of payment of the second installment owing from Oroplata S.A. (\"Oroplata\") a subsidiary of Newmont Corporation (\"Newmont\") for the purchase of the Boleadora Project. Per the Company's press release dated June 9, 2020, it entered into an Agreement to sell its wholly owned Boleadora Project in Santa Cruz Province, Argentina, to Oroplata. The Boleadora Group of properties is a large greenfields exploration land package (approximately 55,000 hectares) encompassing 12 individual MD's or exploration licenses lying approximately 17 kilometres southeast of Newmont's Cerro Negro mine area in Santa Cruz Province, Argentina. Newmont (Oroplata) will pay Magna Terra (Atala) US$1 million as follows: US$25,000 on signing and six installments totalling US$975,000 payable within six years from the date of the Agreement. In addition, Newmont (Oroplata) has granted a 2% NSR to Magna Terra (Atala) on the Boleadora package. The royalty can be reduced to 1% by payment of US$2.5 million by Oroplata to Atala at anytime, and the gross royalty payable is capped at US$20 million.Further to the Company's press release dated May 16, 2022 regarding the SEDAR filing of the Company's updated NI 43-101 Technical reports, please note that the amended reports were reviewed for disclosure deficiencies, but not approved by the AMF (as previously stated in the press release dated May 16, 2020).About Magna TerraMagna 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 StatementsNeither the TSX Ven...