Terraco Gold Corp.

Terraco Gold Corp.
Western Standard Metals Ltd.

Western Standard Metals Ltd.

December 21, 2010 10:50 ET

Terraco Gold and Western Standard Metals Provide Merger Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2010) - Terraco Gold Corp. (TSX VENTURE:TEN) ("Terraco" or the "Company") and Western Standard Metals Ltd. (TSX VENTURE:WSM) ("Western") are pleased to announce an update regarding the proposed merger to combine their respective companies. For details of the proposed merger, please see the joint news releases dated November 1 and December 7, 2010, respectively (the "Joint News Releases"), which have been filed on SEDAR at www.sedar.com.

Western to Hold Securityholders' Meeting

Western announces that it received from the Supreme Court of BC on December 15, 2010 an interim order providing for the holding of a special meeting of Western's securityholders to be held on January 18, 2011 at the offices of Stikeman Elliott LLP, Suite 1700, 666 Burrard Street, Vancouver, BC, V6C 2X8, at 9:00 AM (Vancouver time) (the "Meeting"). A notice of the Meeting and record date has been filed with the appropriate regulatory authorities and is available on SEDAR.

The purpose of the Meeting is to consider for approval the proposed plan of arrangement for the merger of Western and Terraco as outlined in the Joint News Releases. It is anticipated that Meeting materials will be mailed on December 23, 2010 to registered and beneficial securityholders of record as at December 17, 2010. Meeting materials will be available on SEDAR at www.sedar.com immediately following the mailing.

Terraco Files NI 43-101 Compliant Technical Report

Terraco is pleased to announce that it has filed a technical report, in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), regarding its Moonlight Property. Mr. Charles Sulfrian, CPG and Vice President, Exploration of Terraco, is the NI 43-101 qualified person responsible for the preparation of the technical report. The report is entitled "Technical Report on the Moonlight Property, Pershing County, Nevada" and is dated December 15, 2010.

About Terraco:

Terraco (TSX VENTURE:TEN) is a junior exploration company with exploration properties in Nevada, USA. Terraco's Moonlight Property adjoins the Barrick Gold Corp. / Midway Gold Corp. Spring Valley joint venture.

About Western: 

Western (TSX VENTURE:WSM) is a Canadian-based company with a focus on acquisition, exploration and development of gold properties in North America. Western recently acquired a 100% interest in the Almaden Gold Project in Idaho.

Forward-Looking Statements

This release contains "forward-looking statements" which reflect the current expectations of the companies. These statements reflect managements' current beliefs with respect to future events and are based on information currently available to management of the companies. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. Although the forward-looking statements contained in this release are based upon what the companies believe to be reasonable assumptions, the companies cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and the companies do not assume any obligation to update or revise them to reflect new events or circumstances.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Terraco Gold Corp.
    Todd Hilditch
    (604) 443-3831 or Toll Free: (877) 792-6688
    (604) 682-3860 (FAX)
    Western Standard Metals Ltd.
    Zip Dhanani
    (604) 568-4653 or Toll Free: (888) 500-4587
    (604) 569-2575 (FAX)