Canterra Minerals Appoints Nicklas Coleman to Board of Directors

Jul 05, 2023

Vancouver, British Columbia--(Newsfile Corp. - June 7, 2023) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) ("Canterra" or the "Company") is pleased to announce the appointment of Mr. Nicklas Coleman to the Board of Directors, sitting as an independent director.

Mr. Coleman is a business leader and entrepreneur based in St. John's, Newfoundland and Labrador. Born and raised in Newfoundland and having spent most of his life in the province, Mr. Coleman has deep connections in the community, and a family history of entrepreneurship in Newfoundland. Mr. Coleman is currently the co-owner of Coleman Brothers, an investment holding company which holds diversified investments in personal care homes, commercial real estate and venture stage companies.

Prior to focusing his efforts on Coleman Brothers, Mr. Coleman founded the BMO Private Banking group in Newfoundland, where he played a pivotal role in its growth in a billion-dollar wealth management business. Mr. Coleman was also recognized for his ability to attract top talent, inspire teams, and cultivate a client-centric culture that fostered an environment of both exceptional service and trust, solidifying a reputation as a leader in the industry.

Mr. Coleman attended the Smith School of Business at Queen's University where he completed a Bachelor of Commerce (Honors) and further current and past industry designations.

In recognition of Mr. Coleman's appointment as an independent director, the Board of Directors has granted Mr. Coleman 250,000 incentive stock options at an exercise price of $0.07 per share for a period of five (5) years from the grant date.

Corporate UpdateThe Board of Directors has appointed Mr. Andrew Farncomb to the position of Chairman of the Board. Mr. Farncomb succeeds Mr. Randy Turner, who will remain on the Board of Directors as an independent director.

Mr. Farncomb commented, "We are particularly excited about the appointment of Mr. Coleman to the Board of Directors as we focus on expanding our critical metals mineral resources and further evaluate critical metals district consolidation opportunities in central Newfoundland." Furthermore, "I want to express the Board of Directors' gratitude for Mr. Turner's leadership as Chairman and his continued dedication to the Company's portfolio of advanced-stage diamond projects, including the Buffalo Hills Project which is a joint venture with Star Diamond Corporation."

About Canterra MineralsCanterra Minerals is a diversified minerals exploration company with a focus on critical minerals (zinc and copper) in central Newfoundland. Canterra's critical metals projects include four deposits which host compliant resources with considerable exploration potential. The deposits are located in close proximity to Teck Resources past producing Duck Pond mine and the past producing Buchans Mine. The deposits host a combined complaint resource of 4.1 million tonnes of Indicated Resources and 1.2 million tonnes of Inferred Resources. Please see the NI 43-101 Technical Report "Lemarchant and South Tally Project, Technical Report and Updated Mineral Resource Estimate" effective September 20, 2018. In addition, Canterra holds exploration stage gold properties that cover 80 km of strike length of the regional gold bearing Rogerson Lake structural corridor which hosts Marathon Gold Corporation's feasibility stage Valentine Lake Gold Project. The gold projects have been subject to four drilling campaigns, demonstrating many gold occurrences and warranting further exploration. In Alberta, Canada, Canterra also holds a 50% interest and is operator of the Buffalo Hills diamond project, with Star Diamond Corporation holding the remaining interest. The Buffalo Hills diamond project has been subject to considerable exploration expenditures, including a bulk sample, which has identified 38 kimberlites.

ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION

Andrew FarncombChairman of the BoardAdditional information about the Company is available at www.canterraminerals.comFor further information, please contact: +1 (604) 687-6644Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking InformationThis press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects.; the business and operations of the Company; unprecedented market and economic risks associated with current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in the Company's public filings under its respective SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

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