Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.
McLeod Lake Indian Band

March 17, 2010 09:30 ET

Terrane Metals Corp.: McLeod Lake Indian Band Announces Strong Support For Mt. Milligan Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2010) - Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX), is very pleased to announce that the McLeod Lake Indian Band ("MLIB") has confirmed that it will fully support the ongoing development of the Mt. Milligan copper-gold Project (the "Project") located 150 km northwest of Prince George, British Columbia.

Chief Derek Orr of the McLeod Lake Indian Band stated: "The Chief and Council, after long discussions with Terrane, and after consultation with our membership, confirm that McLeod Lake is fully supportive of this Project. The mine is situated in the traditional territory of the McLeod Lake Indian Band, and both the federal and provincial governments have affirmed our treaty rights over the Project area in recognition of our historic use and occupation of the area. Terrane has consulted with us, and addressed our concerns. We understand that the Project will be built, operated and closed in an environmentally sensitive manner. We understand as well that the mine will operate in a manner which will continue to take our treaty rights into account, and provide our community, and the region as a whole, with many benefits. We commend Terrane for its forward thinking, and we believe its conduct, through the environmental assessment processes and in its dealings with us, has been exemplary. McLeod Lake works at developing good relations with businesses while finding ways to affirm and protect our treaty rights. Terrane has provided the business community with a model for the conduct of business and good relations with aboriginal people, and we look forward to a long and prosperous relationship with them. We offer our full support to Terrane, and recommend the Project to potential development partners and investors."

President and CEO Robert Pease stated: "We are very pleased to receive this support from the McLeod Lake Indian Band. MLIB has treaty rights on the lands where the Mt. Milligan mine is proposed. Terrane greatly appreciates the meaningful engagement of the MLIB Chief, Council and members in the review of the proposed mine over the past few years. Terrane will ensure that MLIB members receive economic opportunities and benefits for the life of the Project, consistent with our vision of community engagement and sustainability for the region. We look forward to having the opportunity to build BC's next major metal mine, working closely with MLIB."

Mt. Milligan will be a conventional truck-shovel open pit mine with a 60,000 tpd copper flotation process plant. A 2009 Feasibility Update Study forecast average annual production of 262,100 oz gold and 89 million lb copper for the first six years of an estimated 22-year mine life. The Project will provide about 400 direct permanent jobs and significant long-term economic benefits for the region. Pending receipt of the balance of operational permits and subject to financing, construction is scheduled to commence in Q3 2010 with commercial production in Q1 2013.

About Terrane

Terrane is an exploration and mine development company focused on the development of the Mt. Milligan copper-gold Project in British Columbia, Canada. Goldcorp Inc. (TSX:G)(NYSE:GG) owns a 60% equity interest in Terrane on a fully diluted basis.

TERRANE METALS CORP.

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

McLEOD LAKE INDIAN BAND

Chief Derek Orr, McLeod Lake Indian Band

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.

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