Magna Terra Announces Agreement To Sell Great Northern Project for $9.5 Million

Magna Terra Minerals Inc. (TSXV:MTT) has entered into a Purchase Option Agreement with Gold Hunter Resources Inc. (CSE:HUNT) for the sale of its Viking and Great Northern Project in western Newfoundland. The deal, valued at $9.5 million, will be paid in a combination of cash and Gold Hunter common shares over a two-year period.

The agreement grants Magna Terra significant financial gains and strategic advantages, including the ability to appoint a representative to Gold Hunter's Board of Directors, provided their shareholding exceeds 10%. Lew Lawrick, President & CEO of Magna Terra, highlighted this move as a way to unlock the project's value while mitigating the challenges faced by explorers in securing funds.

Great Northern boasts a 16,650-hectare land package with considerable gold deposits and exploration targets. The transaction, subject to TSXV approval, represents a major step for Magna Terra, offering both fiscal strength and continued participation in the project's future growth.