Canterra Acquires Ontario Gold Properties

Canterra Minerals Corporation (TSX VENTURE:CTM) (the "Company") is pleased to
announce that it has entered into three (3) separate option agreements to
acquire a 100% interest in a total of 74 unpatented mineral claims located in
the Kenora and Patricia Mining Divisions of Ontario.


Drake & Essex Properties

Pursuant to the terms of the first option agreement, the Company can acquire a
100% interest in 43 claims located in the Patricia Mining Division, subject to a
2% percent net smelter return royalty ("NSR"), by making aggregate cash payments
of $195,000 and issuing a total of 400,000 common shares over a three year
period. At any time, after exercising the option, the Company may purchase
one-half of the NSR for a cash consideration of $1 million. 


Hornet Property

Pursuant to the terms of the second option agreement, the Company can acquire a
100% interest in 26 claims located in the Kenora Mining Division, subject to a
2% percent net smelter return royalty ("NSR"), by making aggregate cash payments
of $121,000 and issuing a total of 200,000 common shares over a four year
period. At any time, after exercising the option, the Company may purchase
one-half of the NSR for a cash consideration of $1 million. 


Boxer Property

Pursuant to the terms of the third option agreement, the Company can acquire a
100% interest in 5 claims located in the Kenora Mining Division, subject to a
1.5% percent net smelter return royalty ("NSR"), by making aggregate cash
payments of $96,000 and issuing a total of 200,000 common shares over a four
year period. At any time, after exercising the option, the Company may purchase
one-half of the NSR for a cash consideration of $750,000. 


These option agreements are subject to regulatory acceptance. All securities
issued pursuant to these agreements are subject to a four month hold period
trading restriction. 


CANTERRA MINERALS CORPORATION

David B. Clarke, President