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It means "All unknown things for great is/are", or, less literally, "Everything unknown is considered great." I'm not sure if "est" belongs there or not; most citations of the phrase I'm aware of don't have it and just end after "magnifico".
The motto of Atlantic County Institute of Technology is 'Pursue what you love'.
PRO-long-Ed
Pro-vinch-uhl
Pro-moh-d
why pro
Meto-pro-lol.... met, o, pro, lol
Pro-care-ee-autick
Pro-eye-lure-us
pro-meth-e-us
Quid pro quo is properly pronounced as kwid prow kwou.
The word "prodigious" is pronounced as pro-DIJ-us.