Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

July 31, 2008 14:26 ET

Terrane Updates Exploration Programs at Berg and Mt. Milligan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2008) - Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX), is pleased to announce that the Company's 2008 exploration programs have commenced at the 100%-owned Berg and Mt. Milligan Projects in central British Columbia, Canada.

BERG PROJECT

A 10,000 metre diamond drilling program ("Drill Program") is now underway on the Berg copper-molybdenum-silver Project where Indicated Resources contain 2.5 billion lbs copper, 299 million lbs molybdenum and 25.4 million ozs silver. Inferred Resources contain a further 0.8 billion lbs copper, 122 million lbs molybdenum and 9.7 million ozs silver (see Table I below and Press Release dated April 30, 2008).



TABLE I

BERG MINERAL RESOURCE ESTIMATE (1)
At 0.30% Copper Equivalent Cutoff Grade (2)

--------------------------------------------------------------------------
Tonnes Cu Mo Ag Cu lbs Mo lbs Ag ozs
Category (millions) (%) (%) (g/t) (millions) (millions) (millions)
--------------------------------------------------------------------------
Indicated 372.5 0.31 0.036 2.1 2,524 299 25.4
--------------------------------------------------------------------------
Inferred 140.9 0.25 0.039 2.2 771 122 9.7
--------------------------------------------------------------------------
Note:
(1) Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
(2) Copper Equivalent is calculated using four-year rolling average metal
prices of US$2.43/lb Cu, US$27.43/lb Mo, US$10.23/oz Ag and takes
into account forecast metallurgical recoveries into separate copper
and molybdenum concentrates.


The Drill Program is designed to expand the existing resource and to investigate zones of higher-grade molybdenum and silver mineralization that were identified in the 2007 work program. The program is expected to take three months to complete. Equity Exploration Consultants Ltd. has been contracted to conduct and manage the field program and Boart Longyear Canada has been contracted to undertake the drilling.

Sampling and quality control protocols are directed and supervised by Stewart Harris, P. Geo. of Equity Exploration Consultants Ltd., who is a Qualified Person as defined under National Instrument 43-101. ALS Chemex Labs Ltd., an ISO 9001:2000 accredited laboratory in North Vancouver, British Columbia will perform sample preparation and analytical work. 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.

MT. MILLIGAN

Terrane has now received preliminary results from Fugro Airborne Surveys for a 1,452 line-km airborne HeliGEOTEM magnetic-electromagnetic survey completed in June, 2008. The survey covers approximately 264 km2 of the 400 km2 Project area and was designed to identify strong geophysical signatures, characteristic of the Mt. Milligan deposits, in areas with thick overburden cover. Anomalies identified by HeliGEOTEM are now being prioritized and investigated in the field.

In conjunction with the airborne program, field crews have also been mobilized to conduct soil and regional stream geochemistry programs within the Project area to test for satellite deposits related to the Mt. Milligan copper-gold porphyry system.

The program is scheduled for completion in September, 2008 and is directed and supervised by Darren O'Brien, P. Geo., VP Exploration of Terrane Metals Corp. and a Qualified Person as defined under National Instrument 43-101.

Terrane recently completed a two-year $20 million Feasibility Study Report on Mt. Milligan (see press release dated March 31, 2008) and has since awarded contracts for long lead-time 60,000 tonnes per day process plant equipment.

TERRANE CORPORATE UPDATE

Terrane is pleased to announce it has retained, subject to regulatory approval, the services of Renmark Financial to support its investor communications and awareness activities in North America. In consideration of these services, the Company has agreed to pay a monthly retainer of $7,000 for an initial 12 month contract period.

ABOUT TERRANE METALS CORP.

Terrane Metals Corp. is an exploration and mine development company focused on the development of the Berg copper-molybdenum-silver and Mt. Milligan copper-gold Projects in British Columbia, Canada. Goldcorp Inc. (TSX:G)(NYSE:GG) owns a 58% equity interest in Terrane on a fully diluted basis.

Mr. Tom Stubens, P.Eng., Senior Geologist, Wardrop Engineering Inc., who is a Qualified Person as defined by National Instrument 43-101, has reviewed and approved of the contents of this news release.

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 (the "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 Terrane 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 Terrane 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 Terrane 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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