Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

January 22, 2008 09:00 ET

Terrane Reports Drill Results From New Zone at Berg

356.6 metres of 0.29% Cu, 0.057% Mo, 24.5 g/t Ag

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2008) - Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX) is pleased to report assay results for the remaining five drill holes of the 29 hole - 11,289 metre work program at the Company's 100%-owned Berg Project.

Three of the reported holes were drilled along the western flank of the monzonite stock some 400 metres west of previously reported results from the Northeast Zone. Each of the three widely-spaced 'West Zone' drill holes intersected molybdenum-rich mineralization within a longer interval of lower grade porphyry-style copper-molybdenum-silver mineralization. In addition, one of the holes returned average silver grades well above those in previously reported results.

"We are very excited with our first step-out drill hole results from the West Zone," stated Rob Pease, President and CEO of Terrane Metals Corp. "With long and continuously mineralized intercepts not unlike those at the Northeast and South Zones, this new zone offers an excellent opportunity to expand the Berg deposit."

Drill holes reported in this release were inclined at -65 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).

Wardrop Engineering Inc. has been contracted to deliver a grade block model and NI 43-101 compliant resource estimate for the Berg Project in Q1 2008. Planning is now underway for the 2008 field program.

WEST ZONE

Three drill holes totaling 1,170 metres tested a 300 metre strike-length of the western contact of the monzonite stock. Previous operators had mapped the surface expression of the West Zone for some 600 metres along-strike and tested it with ten widely-spaced drill holes, six of which were vertical. The historic drill holes failed to adequately sample the sub-vertical monzonite-andesite contact area which is the focal point for mineralization in the Northeast and South Zones.

Drill Holes 162, 164 and 166 drilled across the monzonite-andesite contact and intersected a molybdenum-rich core zone flanked by lower grade porphyry-style mineralization. Reported results are listed in Table I. Reported results for the molybdenum-rich core zone are listed in Table II.



TABLE I

BERG WEST AND SOUTH ZONES - REPORTED ASSAY RESULTS

------------------------------------------------------------------
Drill Hole Interval CuEQ(i)
(BRG07-) (m) Cu(%) Mo(%) Ag (g/t) (%) Zone
------------------------------------------------------------------
162 356.6 0.29 0.057 24.5 0.98 West
including 155.5 0.31 0.076 26.2 1.20
------------------------------------------------------------------
164 139.6 0.26 0.045 2.9 0.70 West
------------------------------------------------------------------
166 120.2 0.32 0.039 7.6 0.73 West
------------------------------------------------------------------
163 280.5 0.19 0.043 3.8 0.62 South
including 137.2 0.28 0.021 6.3 0.52
including 143.3 0.11 0.064 1.4 0.72
------------------------------------------------------------------
165 494.1 0.25 0.044 3.5 0.68 South
including 103.7 0.23 0.071 3.7 0.92
------------------------------------------------------------------
(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.


Each of the three West Zone drill holes intersected long intervals of porphyry-style copper-molybdenum-silver mineralization over a vertical interval of 250 metres. The West Zone remains open along-strike and at depth. Further drilling will be carried-out in 2008.

Northern-most Drill Hole 162 returned 356.6 metres of 0.29% Cu, 0.057% Mo and 24.5 g/t Ag. Elevated silver values, relative to those seen at the Northeast and South Zones, were evident throughout the reported interval. The molybdenum-rich core zone assayed 0.100% Mo and 0.20% Cu over 63.7 metres.

Drill Hole 164 intersected the contact 300 metres south and 200 metres vertically below Drill Hole 162 pierce point and assayed 0.26% Cu, 0.046% Mo and 2.9 g/t Ag over 139.6 metres. Two molybdenum-rich core zones assayed 0.084% Mo and 0.25% Cu over 30.5 metres and 0.088% Mo and 0.08% Cu over 26.5 metres, respectively.



TABLE II

BERG WEST ZONE
MOLYBDENUM-RICH ZONE - REPORTED ASSAY RESULTS

---------------------------------------
Drill Hole Interval Mo Cu
(BRG07-) (m) (%) (%)
---------------------------------------
162 109.8 0.085 0.32
including 63.7 0.100 0.20
---------------------------------------
164 30.5 0.084 0.25
and 26.5 0.088 0.08
---------------------------------------
166 10.2 0.082 0.31
---------------------------------------


Drill Hole 166 intersected the contact 160 metres south and 100 metres vertically below Drill Hole 162 pierce point and returned 0.32% Cu, 0.039% Mo and 7.6 g/t Ag over 120.2 metres with only a narrow molybdenum-rich interval.

SOUTH ZONE

Assay results have been received for all ten drill holes completed in 2007 at the South Zone. Newly reported results for Drill Holes 163 and 165 are summarized in Table I above.

The South Zone has been outlined for 850 metres along-strike and over 500 vertical metres. It remains open along strike and at depth. Horizontal widths range from 150 to 250 metres. Drill Hole 163 extended the zone vertically by 120 metres while Drill Hole 165 extended the zone 150 metres west and 200 metres vertically below the limits of historic drilling.

A molybdenum-rich core zone contained within the broader zone of porphyry-style mineralization was intersected in all seven holes drilled across the South Zone monzonite-andesite contact. Summary assay results for the molybdenum-rich core zone are listed in Table III. This steeply-inclined core zone has a horizontal width ranging from 50 to 120 metres. It has been delineated for 600 metres along-strike and over a vertical distance of 500 metres and remains open to extension.



TABLE III

BERG SOUTH ZONE
MOLYBDENUM-RICH ZONE ASSAY SUMMARY

---------------------------------------
Drill Hole Interval Mo Cu
(BRG07-) (m) (%) (%)
---------------------------------------
138(ii) 139.3 0.055 0.38
including 21.3 0.081 0.34
---------------------------------------
142(ii) 82.3 0.032 0.55
---------------------------------------
143(ii) 158.5 0.050 0.29
including 33.6 0.067 0.26
---------------------------------------
144(ii) 64.0 0.060 0.26
including 24.4 0.097 0.23
---------------------------------------
145(ii) 283.4 0.054 0.29
including 33.5 0.085 0.32
---------------------------------------
163 143.3 0.064 0.11
including 24.4 0.107 0.10
---------------------------------------
165 223.8 0.061 0.23
including 103.7 0.071 0.23
---------------------------------------
(ii)Holes 138, 142, 143, 144 and 145 previously released.
See Press Release dated November 27, 2007


Both of the reported drill holes returned long intercepts of continuous porphyry-style copper-molybdenum-silver mineralization across the monzonite-andesite contact. Drill Hole 165 returned 494.1 metres of 0.25% Cu, 0.044% Mo and 3.5 g/t Ag. The molybdenum-rich zone assayed 0.061% Mo and 0.23% Cu over 223.8 metres - Table III.

Drill Hole 163 returned 280.5 metres of 0.19% Cu, 0.043% Mo and 3.8 g/t Ag. The molybdenum-rich zone assayed 0.064% Mo and 0.11% Cu over 143.3 metres.

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. (NYSE:GG)(TSX:G) 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.

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