Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

July 15, 2008 12:35 ET

Terrane Announces Berg Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Terrane Metals Corp. ("Terrane") (TSX VENTURE:TRX) is pleased to announce that it has arranged, subject to regulatory approval, a non-brokered private placement of up to 10,000,000 flow-through shares at a price of $0.55 per share for gross proceeds of $5,500,000. In connection with the private placement, Terrane will pay a finder's fee of 3.5% of the gross proceeds raised in this offering to Anthem Capital Group Inc.

Proceeds from the private placement will be used for further exploration of the Berg copper-molybdenum-silver project in British Columbia, Canada where a recently completed NI 43-101 compliant Mineral Resource estimate (see press release dated April 30, 2008) outlined an Indicated Resource of 2.5 billion lbs copper, 299 million lbs molybdenum and 25.4 million ozs silver and an Inferred Resource of 0.8 billion lbs copper, 122 million lbs molybdenum and 9.7 million ozs silver (see Table I for details on copper and molybdenum resources).



TABLE I

BERG MINERAL RESOURCE ESTIMATES(1)
GRADE - TONNAGE DISTRIBUTION

----------------------------------------------------------------------------
INDICATED INFERRED
-------------------------------------------------------------------
Ton- Cu Mo Ton- Cu Mo
CuEQ nes lbs lbs nes lbs lbs
Cutoff (mill- Cu Mo (mill- (mill- (mill- Cu Mo (mill- (mill-
(%)(2) ions) (%) (%) ions) ions) ions) (%) (%) ions) ions)
----------------------------------------------------------------------------
0.20 459.7 0.28 0.032 2,866 324 213.5 0.22 0.030 1,048 141
----------------------------------------------------------------------------
0.30 372.5 0.31 0.036 2,524 299 140.9 0.25 0.039 771 122
----------------------------------------------------------------------------
0.40 288.2 0.33 0.042 2,083 264 98.6 0.26 0.047 567 103
----------------------------------------------------------------------------
0.50 205.7 0.35 0.047 1,574 215 66.2 0.27 0.056 386 82
----------------------------------------------------------------------------

Note:

(1) Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability.
(2) Copper Equivalent grades (CuEQ %) are 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 take into account forecast metallurgical recoveries
into separate copper and molybdenum concentrates.


The Berg 2008 exploration program will include a minimum 10,000 metres core drilling program designed to expand the existing resource and to investigate higher-grade molybdenum and silver zones within the deposit.

Mr. Tom Stubens, 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.

About Terrane

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 owns approximately 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 (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.

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