Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

January 30, 2007 09:15 ET

Terrane Metals Corp.: Mt. Milligan Phase I Program Intersects 2.34 g Au/t Over 82 Metres

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2007) -

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

Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX), is pleased to announce assay results for a further ten holes from the Phase I - 8,200m large diameter metallurgical drilling program at the Mt. Milligan gold-copper project, British Columbia. Results from all three drill - tested zones continue to meet and/or exceed historic drill hole grades. To date 82% of assay results have been received from the 32 hole Phase I program. In addition, seven holes have now been completed in a 22 hole Phase II program to move Inferred resources into the Measured and Indicated categories.

HIGHLIGHTS



HOLE ZONE THICKNESS (m) Cu (%) Au (g/t)
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06-959 66 82.1 0.15 2.34

06-958 66 100.7 0.11 0.80

06-951 MBX 196.0 0.40 0.56

06-955 MBX 280.0 0.38 0.51

06-950 Southern Star 198.0 0.32 0.22

06-957 Southern Star 206.0 0.32 0.45


MBX and Southern Star holes were drilled to the east at -60 degrees to -70 degrees. Holes completed in the 66 Zone were drilled to the west also at -60 degrees to -70 degrees. A drill hole plan and representative cross sections can be viewed at the Company's website (www.terranemetals.com).

66 ZONE

The first two holes into the gold-rich and copper-poor 66 Zone were drilled into its western flank within the historic Measured and Indicated resource. Hole 06-959 (163.1m) returned 82.1m at an average grade of 2.34 g Au/t and 0.15% Cu. The intercept was continuously mineralized with 13 of 41 - two metre assay intervals returning values greater than 2.0 g Au/t. The hole bottomed in mineralization. Gold grades for the entire hole were significantly better than those forecast by the grade block model.

Hole 06-958 (172.8m) returned a 100.7m continuously mineralized intercept from the bedrock contact at an average grade of 0.80 g Au/t and 0.11% Cu. This intercept is consistent with surrounding historic drill hole grades.

MBX ZONE

Drill holes 06-951, 06-953 and 06-955 returned grades consistent with surrounding drill holes within the historic Measured and Indicated resource.

Hole 06-951 (384.0m) was collared in the MBX Stock and bottomed in footwall volcanics. It returned an interval of 196.0m grading 0.40% Cu and 0.56 g Au/t. This intercept is located in the core of the proposed Stage I Starter Pit.

Hole 06-953 (166.1m) was once again collared in the MBX stock but was lost after completing only 26m of the forecast 200m thick mineralized section. The recovered interval returned 26.1m grading 0.31% Cu and 0.54 g Au/t.

Hole 06-955 (383.1m) tested footwall volcanic mineralization and returned 280.0m grading 0.38% Cu and 0.51 g Au/t. The continuously mineralized interval started at 24m below the bedrock contact.

SOUTHERN STAR ZONE (SS)

Drill holes 06-950, 06-952, 06-954, 06-956 and 06-957 were completed within the historic Measured and Indicated resource. The bottom 86m of hole 06-950 intersected Inferred mineralization. Gold and copper grades for all holes are consistent with surrounding drill holes.

Drill hole 06-957 (233.8m) was continuously mineralized from bedrock and returned 206.0m grading 0.32% Cu and 0.45 g Au/t across the intrusive - volcanic contact. A complete listing of the remaining mineralized intercepts at Southern Star can be found in the attached table.



DRILL HOLE ASSAY SUMMARY

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From To Thickness Cu Au
Drill Hole Zone (m) (m) (m) (%) (g/t)
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06-950 SS 22 102 80 0.21 0.19
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SS 128 326 198 0.32 0.22
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06-951 MBX 4.3 32 27.7 0.14 0.31
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MBX 110 306 196 0.40 0.56
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06-952 SS 23.2 99 75.8 0.20 0.23
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SS 119 165.2 46.2 0.27 0.22
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06-953 MBX 140 166.1 26.1 0.31 0.54
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06-954 SS 127 207 80 0.24 0.26
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06-955 MBX 42 322 280 0.38 0.51
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06-956 SS 64 172 108 0.20 0.27
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SS 208 238 30 0.25 0.15
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SS 262 302 40 0.38 0.36
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06-957 SS 27.8 233.8 206.0 0.32 0.45
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06-958 66 21.3 122 100.7 0.11 0.80
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06-959 66 81 163.1 82.1 0.15 2.34
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The Mt. Milligan drilling program and associated sampling and quality control protocols are directed and supervised by Darren O'Brien, P.Geo., Vice President - Exploration, Terrane Metals Corp. and a Qualified Person as defined under National Instrument 43-101. ALS Chemex, an ISO 9001:2000 accredited laboratory in North Vancouver, BC performs sample preparation and assaying for the Mt. Milligan project. Copper assays utilize aqua regia sample decomposition with analysis by Atomic Absorption spectrometry. Gold assays utilize a fire assay fusion sample decomposition of a 30 gram charge with analysis by Atomic Absorption spectrometry. In addition to an internal laboratory quality control program, Terrane Metals Corp. maintains a quality assurance and quality control program through the systematic use of standards, blanks and duplicates.

ABOUT TERRANE METALS CORP.

Terrane Metals Corp. is an exploration and mine development company focused on the development of the Mt. Milligan gold-copper and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (TSX:G)(NYSE:GG) owns a 70% 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 constitutes "forward-looking statements". Such forward-looking statements including but not limited to those with respect to the proposed use of proceeds anticipated to be raised by the financing involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Terrane to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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.

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

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