Terrane Metals Corp.

Terrane Metals Corp.

November 03, 2006 14:04 ET

Terrane Closes $10 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2006) -


Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX) is pleased to announce the Company completed a brokered private placement of 13,400,000 Units (the "Units") for gross proceeds of $10,050,000. The price was $0.75 per Unit, each Unit consisting of one common share and one half of a transferable common share purchase warrant ("Warrant"). Each whole Warrant shall be exercisable into a common share of the Company at a price of $1.00 for the first twelve months after closing and at a price of $1.25 for the second twelve months after closing. The common shares will be subject to a four month hold period expiring on March 4, 2007.

The financing which was fully subscribed, was completed by a selling group led by Haywood Securities Inc. and included Canaccord Capital Corporation. The selling agents were paid a commission equal to 6% of the gross proceeds received by the Company under the financing and received compensation options entitling them to acquire, for a period of 24 months, 804,000 common shares at a price of $0.75 per common share.

The proceeds raised under the financing will be used by the Company to further advance its exploration-development properties and for general working capital.

Terrane Metals Corp. is an exploration and mine development company focused on developing the Mt. Milligan gold-copper deposit and the Berg copper-molydenum-silver project in British Columbia. Goldcorp Inc. (TSX:G)(NYSE:GG) owns a 70% equity interest in Terrane on a fully diluted basis.


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 constitutes "forward-looking statements". Such forward-looking statements including but not limited to those with respect to the proposed use of proceeds anticipated to be raised by the financing 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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