Minterra Resources Corp. (the "Company") is pleased to announce that it has closed its private placement (the "Offering") of a total of 4,666,668 units at a price of $0.15 per unit for gross proceeds of Cdn $700,000.20. Each unit consisted of one common share and one-half of a common share purchase warrant. Each whole warrant, as well as each finder's warrant (see below), entitles the holder to purchase one additional common share of the Company for two years from October 12, 2007, at a price of $0.20 in the first year and at a price of $0.25 in the second year. The common shares issued under the Offering and upon exercise of the warrants are subject to a four-month hold period expiring on February 13, 2008.

Haywood Securities Inc. ("Haywood") and Bolder Investment Partners, Ltd. ("Bolder") acted as finders and received a finders' fee based upon the gross proceeds of the portion of the Offering which they found purchasers for (the "Assisted Portion"). The finders fee paid by the Company to Haywood and Bolder consisted of cash in an aggregate amount of $280,000.00 (being 7% of the gross proceeds from the Assisted Portion) and 400,000 finders' warrants (equal to an aggregate amount of 10% of the units placed under the Assisted Portion). The Assisted Portion represented 4,000,000 units, approximately 86% of the Offering.

The Company intends to use the net proceeds of the Offering towards exploration at the Majuba Hill project and to meet its administration and other explorations needs over the next 6 months.

The statement made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.