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Magna Terra Signs LOI to Option the Luna Roja and Boleadora Projects in Santa Cruz, Argentina to Andean Metals
Toronto, Ontario--(Newsfile Corp. - July 28, 2025) - Magna Terra Minerals Inc.   (TSXV: MTT...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Signs LOI to Option the Luna Roja and Boleadora Projects in Santa Cruz, Argentina to Andean MetalsToronto, Ontario--(Newsfile Corp. - July 28, 2025) - Magna Terra Minerals Inc. (TSXV: MTT) (\"Magna Terra\" or the \"Company\") and Andean Metals Corp. (\"Andean Metals\" or \"Andean\") are pleased to announce that they have entered into a non-binding Letter of Intent (the \"LOI\") for Andean Metals to have the right to acquire a 100% interest in each of the Luna Roja-Signos Project (\"Luna Roja\") and Boleadora Project (\"Boleadora\"), collectively the \"Projects\", located in Santa Cruz Province, Argentina from the Company (Figure 1).Under the terms of the LOI, Magna Terra has granted Andean Metals the exclusive rights to enter into a definitive option agreement for each Project (the \"Definitive Agreement\"), whereby Andean can earn a 100% interest in the Projects for total consideration of C$3,750,000 payable in cash and Andean common shares as outlined below:Luna Roja TermCash (C$)Cash / Share (C$)Total (C$)60-day exclusivity period (paid)$37,500-$37,500On Signing Definitive Agreement$62,500-$62,5001st Anniversary$100,000$150,000$250,0002nd Anniversary$100,000$300,000$400,0003rd Anniversary$100,000$500,000$600,0004th Anniversary$100,000$600,000$700,0005th Anniversary-$325,000$325,000TOTAL$500,000$1,875,000$2,375,000 Boleadora TermCash (C$)Cash / Share (C$)Total (C$)60-day exclusivity period (paid)$37,500-$37,500On Signing Definitive Agreement$112,500-$112,5001st Anniversary$150,000-$150,0002nd Anniversary$200,000-$200,0003rd Anniversary$200,000-$200,0004th Anniversary$300,000$375,000$675,000TOTAL$1,000,000$375,000$1,375,000 In addition, Magna Terra shall retain a two percent (2%) net smelter royalty (\"NSR\") on Boleadora (the \"Boleadora NSR\"), of which half can be repurchased for US$2,500,000. The Boleadora NSR shall be capped at a maximum amount payable of US$20,000,000.Magna Terra and Andean have agreed to take all reasonable steps to finalize the terms of the Definitive Agreement within the sixty (60) calendar day exclusivity period from the date of the LOI. \"We are very excited to partner with the Andean Metals team on these two drill-stage precious metals exploration projects in the prolific Deseado Massif region of Santa Cruz Province, Argentina. Home to world class mines like Cerro Neg...