Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

September 08, 2009 09:30 ET

Terrane Defines New Copper-Gold Porphyry Targets at Mt. Milligan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2009) - Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX), is pleased to report results for an Induced Polarity "IP" ground geophysical survey at its 100%-owned Mt. Milligan Copper-Gold Project, British Columbia, Canada.

The survey was designed to prioritize 12 airborne geophysical anomalies identified in a June 2008 1,452 line-km HeliGEOTEM magnetic-electromagnetic survey. The IP surveys were carried out on two large exploration grids peripheral to the main mineralized zones at Mt. Milligan. Reported IP survey results demonstrate that five of the HeliGEOTEM anomalies have coincident chargeability anomalies and display signatures similar to those found at the MBX and Southern Star Zones at Mt. Milligan.

Figures illustrating the new exploration targets can be viewed at http://www.terranemetals.com/Mt-Milligan-Exploration-Details/Slide1.HTM. Mt. Milligan exploration and associated sampling and quality control protocols are directed and supervised by Darren O'Brien, P.Geo., Vice President - Exploration, Terrane Metals Corp., who is a Qualified Person as defined under National Instrument 43-101.

SOUTH GRID

Three of the five targets were identified on the 33.6 line-km South Grid and are within 2 km of the Southern Star Zone. The priority "D3" chargeability anomaly is +200 metres wide and dips moderately to the southwest for +1,000 metres. It encircles a magnetic high and sits within a well-defined 2 km long by 1 km wide copper and gold-in-soils geochemical anomaly. In spite of historic drilling in the area and intersections of low grade porphyry-style copper-gold mineralization, the D3 anomaly remains untested as it sits some 150 metres below these holes. In addition, it is projected to subcrop in an area that was not drill tested.

NORTH GRID

The two remaining targets - Snell and Mitzi - were identified on the 20.0 line-km North Grid some 4 km northwest of the MBX Zone. The North Grid area has seen limited historic exploration with some prospecting in the 1930's and a wide-spaced soil sampling grid in 1983.

The Snell chargeability anomaly sits along the western edge of the North Grid. It is 600 metres wide and 2,000 metres long and is coincident with a 500 metre wide and 1,000 metre long magnetic high. The chargeability anomaly is near surface and remains open to the south.

The Mitzi chargeability anomaly is located near the centre of the North Grid and displays a ring-shaped geophysical signature similar to the MBX Zone with a 300 metre wide chargeability halo flanking a +600 metre diameter magnetic high. The anomaly is some 150 to 300 metres below the surface.

ABOUT TERRANE METALS CORP.

Terrane Metals Corp. is an exploration and mine development company focused on the development of the Mt. Milligan copper-gold and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (GG: NYSE; G: TSX) owns a 59% equity interest in Terrane on a fully diluted basis.

TERRANE METALS CORP.

Robert Pease, P.Geo, FGAC, President and CEO

Cautionary Note Regarding Forward Looking Statements

Except for the statements of historical fact contained herein, the information presented in this News Release constitutes "forward-looking statements" as such term is used in applicable Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning Mineral Resource and Mineral Reserve estimates should be viewed as forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements, including but not limited to, those with respect to the price of metals, the amount of estimated mineralization and of contained metals and the timing of and possible outcome of pending economic evaluations and other factors and events described in this News Release, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such risks and other factors include, among others, the actual results of exploration activities; variations in the underlying assumptions associated with the estimation or realization of Mineral Resources and Mineral Reserves, the conclusions of economic evaluations and possible variations in ore grade or recovery rates; costs and timing of the development of new deposits; availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares; accidents, labour disputes and other risks of the mining industry including without limitation those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this News Release and in any document referred to in this News Release.

Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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