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TORONTO, ON / ACCESSWIRE / May 19, 2021 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to provide the following updates regarding its portfolio of exploration project assets. Beyond the Company's focus on its core exploration assets in Atlantic Canada, Magna Terra continues to add shareholder value through various partnerships and option agreements on its assets in Argentina and Quebec.
Boleadora Project, Santa Cruz Province, Argentina
The Company through its wholly owned subsidiary Atala S.A.("Atala"), is pleased to confirm receipt of payment of the first installment of US$25,000 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.