Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

November 15, 2006 09:15 ET

Terrane Metals Corp.: Drill Results From Mt. Milligan Gold-Copper Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) -

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Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX), is pleased to announce initial results from a Phase I - 8,200 m large diameter core drilling program at the Mt. Milligan gold-copper project, British Columbia. This initial 33 hole program will provide representative bench and pilot plant test work samples over a range of gold and copper grades to optimize flowsheet and process design criteria. A further 8200 m of core drilling in 22 holes will be completed in a Phase II program to convert Inferred resources into the Measured and Indicated categories.

To date, a total of 194,467 m of diamond drilling in 911 holes has defined a large, open pit-style gold-copper resource at Mt. Milligan. Both Phase I and Phase II drilling programs are in support of a Feasibility Study which will be completed in Q4 2007. A key component of the Feasibility Study will be the completion of a revised and independent National Instrument 43-101-compliant resource estimate which will consider a number of grade-tonnage development scenarios.

Drill Hole Summary:

06-934 - 165.7 m of 0.29% Cu and 0.88 g Au/t from surface to EOH

06-935 - 105.9 m of 0.20% Cu and 0.23 g Au/t from surface

06-936 - 83.5 m of 0.30% Cu and 0.39 g Au/t from surface to EOH

Results:

The reported Phase I drill holes were collared in the MBX deposit and within the limits of the historic resource (see Atlas Cromwell Ltd. News Release in Stockwatch dated April 20, 2006). All holes were drilled to the east at an inclination of -60 degrees. A drill hole plan and three representative cross sections can be viewed at the Company's website (www.terranemetals.com).

Hole 06-934 (169.8m) was collared at the southern edge of the MBX stock and was stopped in the footwall volcanic package. Grades and thickness of the continuously mineralized reported interval are consistent with adjacent drill holes. The bottom 70.6m of the hole assayed 0.45% Cu and 1.55 g Au/t.

Hole 06-935 (130.2m) was collared at the western hanging-wall contact of the MBX stock. The final 21.2m returned low grade copper and gold values. Grades and thickness of the reported interval are consistent with adjacent drill holes.

Hole 06-936 (90.5m) was collared in hanging-wall volcanics along the western flank of the MBX deposit and completed in the MBX stock. This hole returned 77.5m of well-mineralized material at an average grade of 0.32% Cu and 0.42 g Au/t. Historic Hole 89-114 (-45 degrees) was collared from the same location and returned 79.9m at an average grade of 0.26% Cu and 0.33 g Au/t.



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Drill Hole From To Thickness Cu Au
(m) (m) (m) (%) (g/t)
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06-934 4.1 41.0 36.9 0.24 0.66
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41.0 53.0 12.0 0.06 0.15
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53.0 57.0 4.0 0.32 0.60
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57.0 71.0 14.0 0.10 0.17
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71.0 92.3 21.3 0.21 0.24
--------------------------------------------------------------
92.3 99.2 6.9 0.04 0.07
--------------------------------------------------------------
99.2 169.8 70.6 0.45 1.55
--------------------------------------------------------------
Total/Average 4.1 169.8 165.7 0.29 0.88
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--------------------------------------------------------------
06-935 3.1 42.0 38.9 0.24 0.26
--------------------------------------------------------------
42.0 71.0 29.0 0.08 0.12
--------------------------------------------------------------
71.0 95.0 24.0 0.26 0.33
--------------------------------------------------------------
95.0 105.0 10.0 0.13 0.12
--------------------------------------------------------------
105.0 109.0 4.0 0.42 0.42
--------------------------------------------------------------
Total/Average 3.1 109.0 105.9 0.20 0.23
--------------------------------------------------------------

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06-936 7.0 13.0 6.0 0.11 0.07
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13.0 90.5 77.5 0.32 0.42
--------------------------------------------------------------
Total/Average 7.0 90.5 83.5 0.30 0.39
--------------------------------------------------------------


The Mt. Milligan drilling program and associated sampling and quality control protocols are directed and supervised by Darren O'Brien, P.Geo., Vice President - Exploration, Terrane Metals Corp. and a Qualified Person as defined under National Instrument 43-101. ALS Chemex, an ISO 9001:2000 accredited laboratory in North Vancouver, BC performs sample preparation and assaying for the Mt. Milligan project. Copper assays utilize aqua regia sample decomposition with analysis by Atomic Absorption spectrometry. Gold assays utilize a fire assay fusion sample decomposition of a 30 gram charge with analysis by Atomic Absorption spectrometry. In addition to an internal laboratory quality control program, Terrane Metals Corp. maintains a quality assurance and quality control program through the systematic use of standards, blanks and duplicates.

About Terrane Metals Corp.

Terrane Metals Corp. is an exploration and mine development company focused on the development of the Mt. Milligan gold-copper and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (TSX:G)(NYSE:GG) owns a 70% 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 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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