Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

August 11, 2008 11:04 ET

Terrane Shareholders Approve Goldcorp Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2008) - Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX) is pleased to announce the results of its special shareholders' meeting (the "Meeting") held on August 8, 2008.

At the Meeting Terrane shareholders approved the resolutions placed before them by Company management (the "Transaction Resolution") to approve the transactions more fully described in the Company's news release dated July 9, 2008 (the "Transactions") granting an option to Goldcorp Inc. ("Goldcorp") to acquire a direct joint venture interest in the Company's 100%-owned Mt. Milligan Property in return for Goldcorp providing a loan guarantee for a $40 million credit facility for the Company from the Bank of Montreal as financing for the commercialization of the Mt. Milligan Property. The Transaction Resolution included authorizing and ratifying the execution and delivery of agreements comprising the Transactions and the increase of the number of directors of Terrane to seven, as contemplated under the Transactions, to permit appointment of two representatives of Goldcorp as additional directors of the Company.

Goldcorp's nominees to the Terrane Board will be Mr. Charles Jeannes, Executive Vice President Corporate Development and Mr. Rohan Hazelton, Vice President Finance. Their appointment to the Board will proceed in due course.

Robert Pease, President and Chief Executive Officer of Terrane stated: "We are very pleased with the strong support we received from our shareholders in approving the Transaction. Providing Goldcorp with the opportunity to convert their equity position in Terrane into a direct joint venture interest in the Mt. Milligan project, and having Goldcorp secure a $40 million credit facility which allows Terrane to continue to advance the project is a very important milestone. We also welcome our new Board members and look forward to the depth of experience they will bring in strategic guidance of Terrane."

Kevin McArthur, President and Chief Executive Officer of Goldcorp commented: "We are also very pleased that Terrane shareholders have approved the Transaction allowing Goldcorp to financially support the project with an option to participate in the future commercial operation of Mt. Milligan."

In addition, and as a consequence of shareholder approval at the Meeting to the Transaction Resolution, the Company confirms that it has now also received approval for the Transactions by the TSX Venture Exchange (the "Exchange") effective as of August 8, 2008.

These shareholder and Exchange approvals fulfill the obligations of the Company under the letter agreement between the Company and Goldcorp dated May 26, 2008 to obtain corporate and regulatory approval for the Transactions within 75 days of the initial announcement of the same.

About the Company

Terrane 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. owns a 58% equity interest in the Company 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.

Contact Information

  • Terrane Metals Corp.
    Rob Pease
    President and CEO
    (604) 681-9930 or Toll Free: 1-866-681-9930
    or
    Terrane Metals Corp.
    Ryan King
    Investor Relations
    (604) 681-9930 or Toll Free: 1-866-681-9930
    Website: www.terranemetals.com