Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

January 14, 2008 18:00 ET

Terrane Reports Additional Assay Results at Berg Northeast Zone

0.063% Mo over 422.2 metres and 0.102% Mo over 46.8 metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2008) - Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX), is pleased to report assay results for a further nine drill holes from the Company's 100%-owned Berg Project. Assay results have now been received from 24 of the 29 hole - 11,289 metre program. Refer to Press Releases dated September 11 and November 27, 2007 for assays results for the first 15 drill holes. Results for the remaining five drill holes of the 2007 program will be released when available.

Rob Pease stated: "We are very encouraged by these latest drill results which continue to outline a thick molybdenum-rich core zone within longer intercepts of lower grade porphyry-style copper-molybdenum-silver mineralization. We look forward to evaluating both the underground and open pit potential at Berg with a number of grade-tonnage development scenarios in a Preliminary Economic Assessment to be released in Q2 2008."

The drill holes reported in this release were inclined at -65 degrees to -70 degrees and drilled in a variety of directions. A drill hole plan, representative cross-sections and more detailed assay results can be viewed at the Company's website (www.terranemetals.com).

NORTHEAST ZONE

Assay results have now been received for all 16 drill holes completed at the Northeast Zone. Newly reported results are summarized in Table I.

All reported drill holes returned long intercepts of continuous porphyry-style copper-molybdenum-silver mineralization across the monzonite-andesite contact or in quartz diorite intrusive. The Northeast Zone has now been outlined for +900 metres along-strike and over 500 vertical metres. It remains open to the west, south and at depth. Horizontal widths range from 180 to 350 metres. Drill Holes 158 and 160 extended the zone 150 metres to the west while Drill Holes 152 and 155 expanded the width of the zone to 350 metres. Drill Holes 154 to 161 extended the zone vertically by 230 metres below the limits of historic drilling.



TABLE I
BERG NORTHEAST ZONE
DRILL HOLE ASSAY SUMMARY

-------------------------------------------------------------------
CuEQ
Drill Hole Interval Cu Mo Ag (i)
(BRG07-) (m) (%) (%) (g/t) (%)
-------------------------------------------------------------------
152 278.9 0.36 0.017 7.1 0.56
including 166.1 0.41 0.019 5.0 0.63
-------------------------------------------------------------------
154 52.9 0.31 0.095 14.0 1.30
and 223.3 0.37 0.030 6.5 0.69
-------------------------------------------------------------------
155 94.5 0.39 0.012 3.2 0.52
and 122.0 0.21 0.076 5.6 0.96
-------------------------------------------------------------------
156 422.2 0.28 0.063 4.7 0.90
including 79.9 0.44 0.058 6.2 1.02
and 88.4 0.34 0.076 6.4 1.09
-------------------------------------------------------------------
157 96.4 0.25 0.056 3.0 0.80
and 225.5 0.28 0.049 3.3 0.76
including 60.9 0.26 0.074 3.2 0.97
-------------------------------------------------------------------
158 401.4 0.30 0.058 7.2 0.88
including 41.8 0.35 0.045 28.1 0.95
and 76.2 0.39 0.080 7.3 1.19
-------------------------------------------------------------------
159 256.6 0.27 0.046 3.8 0.72
including 54.9 0.23 0.073 2.8 0.93
-------------------------------------------------------------------
160 312.4 0.27 0.044 5.1 0.71
including 38.1 0.42 0.037 9.9 0.83
and 173.7 0.28 0.056 4.9 0.84
-------------------------------------------------------------------
161 225.4 0.38 0.039 3.9 0.77
including 60.8 0.55 0.065 3.1 1.18
-------------------------------------------------------------------
(i) The copper equivalent (CuEQ%) calculation uses metal prices of
US$1.50/lb copper, US$14/lb molybdenum, and US$7/oz silver and
is based on in-situ metal content.


The molybdenum-rich core zone is contained within the broader zone of porphyry-style mineralization and was intersected in all 10 holes drilled in the vicinity of the monzonite-andesite contact. Assay results from the molybdenum-rich zone are highlighted in Table II. This steeply-inclined core zone has a horizontal width ranging from 50 to 150 metres. It has been delineated along-strike for 800 metres and over a vertical distance of 480 metres. It remains open at depth. Significant molybdenum-rich intersections include: Drill Hole 146 which returned 90.9 metres of 0.085% Mo, Drill Hole 154 which returned 46.8 metres of 0.102% Mo and Drill Hole 156 which returned 88.4 metres of 0.080% Mo.



TABLE II

BERG NORTHEAST ZONE
MOLYBDENUM-RICH ZONE ASSAY SUMMARY

-------------------------------------------------------
Drill Hole Interval Mo Cu
(BRG07-) (m) (%) (%)
-------------------------------------------------------
146(i) 360.0 0.057 0.25
including 90.9 0.085 0.30
-------------------------------------------------------
149(i) 54.7 0.068 0.46
including 22.9 0.084 0.30
-------------------------------------------------------
150(i) 205.6 0.052 0.44
including 38.1 0.062 0.30
-------------------------------------------------------
154 46.8 0.102 0.28
-------------------------------------------------------
155 122.0 0.076 0.21
including 27.4 0.095 0.21
and 17.9 0.097 0.12
-------------------------------------------------------
156 422.2 0.063 0.28
including 88.4 0.080 0.10
and 33.5 0.091 0.31
-------------------------------------------------------
157 60.9 0.074 0.26
-------------------------------------------------------
158 76.2 0.080 0.39
-------------------------------------------------------
159 54.9 0.073 0.23
-------------------------------------------------------
160 103.6 0.065 0.29
-------------------------------------------------------
(i) Drill Holes 146, 149 and 150 previously released.
See Press Release dated November 27, 2007


DRILL HOLE DETAIL

Drill Hole 152 was collared outside the Northeast Zone and extended it by 100 metres to the north. The entire drill hole intersected quartz diorite with 278.9 metres at 0.36% Cu, 0.017% Mo and 7.1 g/t Ag. The top 166.1 metres of the drill hole assayed 0.41% Cu.

Drill Holes 154 and 156 were collared into molybdenum-rich leached cap above a well-developed supergene horizon. Drill Hole 154 intersected 0.104% Mo over 25.5 metres in the leached cap followed by 34.1 metres of 0.50% Cu, 0.077% Mo in the supergene horizon. Drill Hole 156 intersected 0.083% Mo over 65.5 metres in the leached cap followed by 79.9 metres at 0.44% Cu, 0.058% Mo in the supergene horizon.

Both drill holes intersected the andesite-quartz diorite contact at depth and extended mineralization 180 metres vertically below drill holes completed by previous operators. Across the contact Drill Hole 154 intersected 233.3 metres at 0.37% Cu, 0.030% Mo and 6.5 g/t Ag, while Drill Hole 156 intersected 194.5 metres at 0.31% Cu, 0.065% Mo and 4.7 g/t Ag. Drill Hole 156 assayed 0.28% Cu, 0.063% Mo and 4.7 g/t Ag over 422.2 metres and bottomed in mineralization.

Drill Hole 155 was collared outside the zone and within the monzonite stock. The supergene horizon returned 0.39% Cu over 94.5 metres. At the monzonite-andesite contact it intersected 122.0 metres of 0.076% Mo, including 27.4 metres of 0.095% Mo and 17.9 metres of 0.097% Mo. This drill hole extended the Northeast Zone 80 metres to the west and 100 metres vertically. It also demonstrated that the monzonite stock can host significant intervals of porphyry-style mineralization.

Drill Holes 158 and 160 were collared in andesite at the northern flank of the monzonite stock. Drill Hole 158 drilled eastward into the Northeast Zone and intersected 401.4 metres at 0.30% Cu, 0.058% Mo and 7.2 g/t Ag. Drill Hole 160 was inclined to the northwest and intersected 312.4 metres at 0.27% Cu, 0.044% Mo and 5.1 g/t Ag. These two drill holes extended the zone 150 metres to the west and 230 metres vertically.

Drill Holes 157, 159 and 161 tested the southern limits of the Northeast Zone along a 250 metre strike-length. This area was poorly defined by previous operators with only widely-spaced drill holes. All three drill holes intersected significant widths of copper and molybdenum mineralization hosted in andesite wedged between the monzonite stock and quartz diorite. Drill Hole 157 intersected 225.5 metres of 0.28% Cu, 0.049% Mo including 60.9 metres of 0.074% Mo. Drill Hole 159 intersected 256.6 metres of 0.27% Cu, 0.046% Mo including 54.9 metres of 0.073% Mo. Drill Hole 161 was drilled at the southern-most limit of the zone and intersected 225.4 metres of 0.38% Cu, 0.039% Mo, including a 60.8 metres interval at 0.55% Cu, 0.065% Mo. These three drill holes extended mineralization 220 metres vertically.

QA/QC

The Berg drilling program and associated sampling and quality control protocols were directed and supervised by Stewart Harris, P. Geo. of Equity Engineering, who is 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 Berg Project. Copper, molybdenum and silver assays utilize aqua regia sample decomposition with analysis by atomic absorption spectrometry. Non-sulphide copper is determined by sample decomposition in a 5% sulphuric acid leach and copper content measured by atomic absorption spectrometry. In addition to an internal laboratory quality control program, Terrane 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 copper-gold and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (TSX:G)(NYSE:GG) owns a 58% 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 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, 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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