Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

November 27, 2007 13:23 ET

Terrane Metals Corp.: Wide-Spaced Drill Holes Outline Molybdenum Zone at Berg

0.057% Mo over 360 metres and 0.085% Mo over 91 metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2007) -

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

Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX) is pleased to report additional assay results from the Company's 100%-owned Berg Project. The 29 hole - 11,289 metre core drilling program was designed to test for continuation of the historic resource laterally and at depth and to provide modern data for a NI 43-101 compliant resource estimate.

Assay results have now been received from 15 of the 29 completed holes. Refer to Press Release dated September 11, 2007 for assays results for the first six holes. Results for the remaining 14 holes will be released when available.

Rob Pease stated: "The 2007 drilling program at Berg for the first time outlined thick panels of molybdenum-rich mineralization and associated copper within a much broader and lower grade zone. While the drill holes were wide-spaced, the geometry of the molybdenum-rich panels and grade distribution within them offers a number of higher grade-lower tonnage development scenarios for the Berg Project. These will be examined in a Preliminary Economic Assessment study."

The holes reported in this release were inclined at -65o to -75o and drilled in a variety of directions. A drill hole plan, representative cross-sections and more detailed assay results can be viewed at the Company's website (www.terranemetals.com).

RESULTS

Porphyry-style copper-molybdenum-silver mineralization at Berg is hosted in andesite and quartz diorite and forms a semi-continuous, 1500 metres long and 200 metres wide crescent moon - shaped zone around a circular monzonite stock. Previous operators focused on two zones - South and Northeast. Reported assay results from both zones are summarized in Table I.



TABLE I

BERG DRILL HOLE ASSAY SUMMARY

--------------------------------------------------------------------------
Drill Hole Interval Ag CuEQ
(BRG07-) (m) Cu (%) Mo (%) (g/t) (i)(%) Zone
--------------------------------------------------------------------------

--------------------------------------------------------------------------
144 97.5 0.31 0.003 2.6 0.36 South
and 134.1 0.25 0.039 3.5 0.64
--------------------------------------------------------------------------
145 382.0 0.24 0.047 2.9 0.70 South
including 198.1 0.39 0.053 4.1 0.91
--------------------------------------------------------------------------
146 509.0 0.25 0.047 4.7 0.72 Northeast
including 90.9 0.30 0.085 4.3 1.12
--------------------------------------------------------------------------
147 61.0 0.28 0.007 1.7 0.36 Northeast
--------------------------------------------------------------------------
148 56.4 0.34 0.017 2.4 0.52 Northeast
and 303.2 0.11 0.016 6.3 0.30
--------------------------------------------------------------------------
149 370.5 0.40 0.023 4.7 0.65 Northeast
including 96.7 0.52 0.045 3.9 0.97
--------------------------------------------------------------------------
150 471.2 0.35 0.033 4.8 0.69 Northeast
including 205.6 0.44 0.052 6.1 0.97
--------------------------------------------------------------------------
151 304.1 0.43 0.018 4.6 0.63 Northeast
including 174.2 0.57 0.020 5.4 0.79
--------------------------------------------------------------------------
153 107.1 0.37 0.009 8.6 0.51 Northeast
--------------------------------------------------------------------------
(i) The copper equivalent (CuEQ%) calculation uses metal prices of
US$1.50/lb copper, US$14/lb molybdenum, and US$7/oz silver and
is based on in-situ metal content.


SOUTH ZONE

The South Zone is approximately 700 metres long and was tested to a depth of 500 metres below surface with widely-spaced drill holes 138 to 143 (previously reported) and 144 to 145 (see drill hole plan).

Assay results have now been received for eight of nine holes completed in the South Zone. All holes intersected large widths of continuous copper-molybdenum-silver mineralization that straddles the sub-vertical monzonite-andesite contact. This porphyry-style zone has a horizontal width of 150 metres to 250 metres and has been delineated for some 500 metres along strike. It remains open to the west. Holes 143 and 144 successfully extended the zone by 200 vertical metres below the limits of historic drilling.

Localized at the monzonite-andesite contact within the above porphyry-style zone is a 50 to 120 horizontal metre wide, steeply-inclined panel of molybdenum-rich mineralization. This panel was intersected in each of the five widely-spaced drill holes that crossed the monzonite-andesite contact over a vertical distance 500 metres. Composite assay intervals for the molybdenum-rich panel are highlighted in Table II below. Significant intervals over 10's of metres of material approaching 0.10% Mo were noted in each of the molybdenum-rich intersections.



TABLE II

BERG SOUTH ZONE
MOLYBDENUM PANEL ASSAY SUMMARY

------------------------------------------
Drill Hole Interval
(BRG07-) (m) Mo (%) Cu (%)
------------------------------------------

------------------------------------------
138 139.3 0.055 0.38
including 21.3 0.081 0.34
------------------------------------------
142 82.3 0.032 0.55
------------------------------------------
143 158.5 0.050 0.29
including 33.6 0.067 0.26
------------------------------------------
144 64.0 0.060 0.26
including 24.4 0.097 0.23
------------------------------------------
145 283.4 0.054 0.29
including 33.5 0.085 0.32
------------------------------------------


Hole 144 was collared outside the zone and drilled to the east across the monzonite-andesite contact. This step-out hole extended the zone for some 200 metres below the limits of historic drilling and intersected 97.5 metres of 0.31% Cu in monzonite and a further 134.1 metres of 0.25% Cu, 0.039% Mo, 3.5 g/t Ag in andesite. A 64.0 metre interval adjacent the monzonite-andesite contact returned 0.060% Mo with a significant subinterval of 24.4 metres grading 0.097% Mo.

Hole 145 was collared within the mineralized zone and drilled across it to the north into the monzonite stock. This hole extended the zone some 80 metres to the north and averaged 0.24% Cu, 0.047% Mo, 2.9 g/t Ag over its entire length of 382.0 metres Mineralization was again best developed across the monzonite-andesite contact where a 198.1 metre interval assayed 0.39% Cu, 0.053% Mo, 4.1 g/t Ag including 33.5 metres grading 0.085% Mo.

NORTHEAST ZONE

The Northeast Zone is approximately 750 metres long and was tested to a depth of 500 metres below surface with widely-spaced drill holes 146 to 153 inclusive (see drill hole plan).

Assay results have now been received for seven of 16 holes completed at the Northeast Zone. All reported holes intersected large widths of continuous copper-molybdenum-silver mineralization across the monzonite-andesite contact or in quartz diorite intrusive. This zone has a horizontal width from 180 metres to 300 metres and has been delineated along strike for some 700 metres. It remains open to the west and south. Drill hole 146 extended the zone 70 metres to the west and 300 metres vertically. Holes 150 and 151 extended the zone vertically by 150 metres below the limits of historic drilling.

Molybdenum-rich mineralization was again intersected in all 10 holes drilled in the vicinity of the monzonite-andesite contact. The three holes for which there are assay results are highlighted in Table III. This steeply-inclined panel has a horizontal width ranging from 100 metres to 140 metres and has been intersected over a vertical distance of 420 metres. Molybdenum mineralization is primarily localized in andesite adjacent to the monzonite porphyry but also extends into quartz diorite. Not unlike the South Zone, significant intervals of higher grade material were noted in each of the molybdenum-rich intersections, most notably in Hole 146 which returned 90.9 metres grading 0.085% Mo.



TABLE III

BERG NORTHEAST ZONE
MOLYBDENUM PANEL ASSAY SUMMARY

------------------------------------------
Drill Hole Interval
(BRG07-) (m) Mo (%) Cu (%)
------------------------------------------

------------------------------------------
146 360.0 0.057 0.25
including 90.9 0.085 0.30
------------------------------------------
149 54.7 0.068 0.46
including 22.9 0.084 0.30
------------------------------------------
150 205.6 0.052 0.44
including 38.1 0.062 0.30
------------------------------------------
154-160 assays pending
------------------------------------------


Hole 146 was collared in monzonite and drilled across the mineralized zone to the east. This hole extended the zone 70 metres to the west and a further 300 metres vertically. It averaged 0.25% Cu, 0.047% Mo, 4.7 g/t Ag over its entire length of 509.0 metres. Once again the best values were intersected in andesite with 90.9 metres of 0.30% Cu, 0.085% Mo, 4.3 g/t Ag at the monzonite contact and 189.0 metres of 0.26% Cu, 0.056% Mo, 6.3 g/t Ag across the quartz diorite contact. A 21.7 metre subinterval adjacent the monzonite contact returned 0.123% Mo.

Hole 148 was collared in monzonite and extended the zone 70 metres to the west with an intersection of 56.4 metres of 0.34% Cu, 0.017% Mo, 2.4 g/t Ag. The bottom 303.2 metres of the hole returned 0.11% Cu, 0.016% Mo, 6.3 g/t Ag and demonstrated that the monzonite can host significant intervals of porphyry-style mineralization.

Holes 149 and 153 collared on the same section and successfully extended the zone 220 vertical metres below drill holes completed by previous operators. Hole 149 intersected 370.5 metres of 0.40% Cu, 0.023% Mo, 4.7 g/t Ag with a near surface molybdenum zone of 131.1 metres of 0.048% Mo. Hole 153 intersected 107.1 metres of 0.37% Cu, 0.009% Mo, 8.6 g/t Ag and confirmed the eastern extent of the zone.

Holes 147, 150 and 151 successfully extended the zone to the northeast by 50 metres with holes 150 and 151 bottoming in mineralization some 150 metres vertically below drill holes completed by previous operators. Hole 150 was mineralized over the full 471.2 metres at 0.35% Cu, 0.033% Mo, 4.8 g/t Ag. A panel of higher grade molybdenum mineralization was intersected in the upper 205.6 metres of the hole at 0.44% Cu, 0.052% Mo, 6.1 g/t Ag. Hole 151 intersected 304.1 metres of continuous mineralization at 0.43% Cu, 0.018% Mo, 4.6 g/t Ag.

QA/QC

The Berg drilling program and associated sampling and quality control protocols were directed and supervised by Stewart Harris, P. Geo. of Equity Engineering, who is 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 Berg project. Copper, molybdenum and silver assays utilize aqua regia sample decomposition with analysis by atomic absorption spectrometry. Non-sulphide copper is determined by sample decomposition in a 5% sulphuric acid leach and copper content measured by atomic absorption spectrometry. In addition to an internal laboratory quality control program, Terrane maintains a quality assurance and quality control program through the systematic use of standards, blanks and duplicates.

SCHEDULE UPDATE

The NI 43-101 compliant Resource Estimate and Preliminary Assessment previously announced for completion in Q4 2007 and Q1 2008, respectively, are expected to be delayed by several months due to long turnaround times at the assay laboratory. The schedule for completion of these studies will be finalized upon receipt of all assay results.

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 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 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 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 the Company 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, 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 the Company 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 the Company 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.

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