Failure to Comply with This Restriction May Constitute a Violation of U.s. Securities Laws. Canterra Completes Debt Settlement

Suite 1020 - 625 Howe Street, Vancouver, British Columbia V6C 2T6

Telephone: 604-687-6644 Facsimile: 604-687-1448 E-Mail: [email protected]

October 3, 2018 NEWS RELEASE TSX.V: CTM

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY

FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

CANTERRA COMPLETES DEBT SETTLEMENT

Vancouver, BC – Canterra Minerals Corporation (CTM-TSX.V) (“Canterra” or “the Company”) is pleased to announce

that has completed its previously announced settlement (the “Debt Settlement”) of an aggregate of $263,446.65 in

outstanding debt (the “Debt”) through the issuance of an aggregate of 5,268,933 common shares (the “Shares”) at

a price of $0.05 per Share.

In connection with the Debt Settlement Rand Exploration Ltd. (“Rand”), a company owned and controlled by Randy

Turner, President and CEO, acquired ownership and control over an aggregate of 1,800,000 Shares in settlement of

a total of $90,000 in outstanding accrued management fees. Immediately prior to the Debt Settlement, Mr. Turner

held 9,492,115 common shares of the Company representing approximately 11.22 % of the issued and outstanding

common shares, plus 250,000 incentive stock options and 1,425,357 share purchase warrants (together, the

“Convertible Securitie s”). Following completion of the Debt Settleme nt, Mr. Turner holds 11,292,115 common

shares of the Company representing approximately 12.6% of the issued and outstanding shares of the Company and

1,675,357 Convertible Securities. Assuming exercise of all of the Convertible Securities, Mr. Turner would hold

12,967,870 common shares, representing approximately 14.1 % of the then issued and outstanding common shares

of the Company.

All of the Shares issued are subject to a hold period of four months and o ne day under applicable securities laws.

Each of Rand and Mr. Turner acquired the Shares for investment purposes, and has no present intention to acquire

further securities of Company, although Rand or Mr. Turner may in the future participate in financings and/or acquire

or dispose of securities of the Company in the market, privately or otherwise, as circumstances or market conditions

warrant.

A copy of the Early Warning Report filed by Mr. Turner with the applicable securities regulators in respect of the

above acquisition is available at www.sedar.com under the Company’s SEDAR profile.

For more information about Canterra Minerals, visit the Company’s website at www.canterraminerals.com

On Behalf of the Board of Directors of

CANTERRA MINERALS CORPORATION

“John A. McDonald”

John A. McDonald, Director

For further information, contact John McDonald, Director at 604-687-6644 or [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.

Suite 1020 - 625 Howe Street, Vancouver, British Columbia V6C 2T6

Telephone: 604-687-6644 Facsimile: 604-687-1448 E-Mail: [email protected]

This news release may include forward -looking statements that are subject to risks and uncertainties. All

statements within, other than statements of historical fact, are to be considered forward looking. Although the

Company believes the expectations expressed in such forward -looking statements are based on reasonable

assumptions, such statements are not guarantees of future performance and actual results or developments

may differ materially from those in forward-looking statements. Factors that could cause actual results to differ

materially from those in forward -looking statements inclu de market prices, exploitation and exploration

successes, continued availability of capital and financing, and general economic, market or business conditions.

There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely

on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking

statements except as required under the applicable laws.

United States Advisory

The securities referred to herein have not been and will not be registered under the United States Securities Act

of 1933, as amended (the "U.S. Securities Act"), have been or will be offered and sold outside the United States

to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered,

sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined

in Regulation S under the United States Securities Act) unless the securities are registered under the U.S.

Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available.

Hedging transactions involving the securities must not be conducted unless in accordance with the U.S.

Securities Act. This press release s hall not constitute an offer to sell or the solicitation of an offer to buy any

securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation

or sale would be unlawful.