Terrane Metals Corp.

Terrane Metals Corp.

November 06, 2006 11:34 ET

Terrane and Goldcorp Execute Lock-Up Agreement on 240 Million Terrane Shares

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 6, 2006) - Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX) is very pleased to announce that the Company has executed a Lock-Up Agreement (the "Agreement") with Goldcorp Canada Ltd. ("Goldcorp", a wholly owned subsidiary of Goldcorp Inc. (TSX:G)(NYSE:GG)). Under the Agreement, effective immediately until January 15th, 2008 Goldcorp has agreed that they will not directly or indirectly sell or otherwise dispose of any shares in the capital of Terrane including the 240 million Preferred shares currently held or any additional shares acquired by Goldcorp in Terrane.

Ian Telfer, President and CEO of Goldcorp Inc. stated, "Goldcorp is very pleased with our 70% ownership in Terrane and we look forward to collaborating with the Company as the Mt. Milligan gold-copper project is advanced to final feasibility."

Robert Pease, President and CEO of Terrane stated, "We are pleased to have the support of our major shareholder Goldcorp as we advance the Mt. Milligan project through final feasibility and further develop the Berg copper-molybdenum-silver project." With the closing of Terrane's recently announced $10 million financing, the Company will have 70.1 million shares issued and outstanding and 341.7 million fully diluted. Goldcorp owns a 70% interest in the Company on a fully diluted basis.

Terrane Metals Corp. is an exploration and mine development company focused on the acquisition and development of Canadian precious and base metal assets including the 100% owned Mt. Milligan gold-copper project and the 100% owned Berg copper-molybdenum-silver project.


Robert Pease, P.Geo, FGAC, President and CEO

Cautionary Note Regarding Forward-looking Statements

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, copper, molybdenum or silver, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Terrane to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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