Terrane Metals Corp.
TSX VENTURE : TRX

Terrane Metals Corp.

April 30, 2008 10:00 ET

Terrane Reports NI 43-101 Resource Estimate at Berg Project

Contained Metals 2.5 Billion lbs Copper, 299 Million lbs Molybdenum, 25 Million ozs Silver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2008) - Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX), is pleased to announce that Wardrop Engineering Inc. ("Wardrop") has completed a NI 43-101 compliant Mineral Resource estimate for the Company's 100%-owned Berg Project, 84 km southwest of Houston, British Columbia, Canada.

Indicated Resources contain 2.5 billion lbs copper, 299 million lbs molybdenum and 25.4 million ozs silver. Inferred Resources contain 0.8 billion lbs copper, 122 million lbs molybdenum and 9.7 million ozs silver. The NI 43-101 Technical Report will be filed on SEDAR within 45 days.

"This resource estimate is an important milestone for the Berg Project. It is the first NI 43-101 compliant resource ever produced for this deposit," stated Rob Pease, President and CEO of Terrane Metals Corp. "We are encouraged by this initial study and will continue to advance the Berg deposit this year with a 10,000 metre core drilling program designed to expand the resource and investigate the higher-grade zones of molybdenum and silver discovered within the deposit."

The reported Mineral Resource estimate at a 0.30% copper equivalent cutoff grade is shown in Table I. Copper equivalent grades 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.



TABLE I

BERG MINERAL RESOURCE ESTIMATE (1)
At 0.30% Copper Equivalent Cutoff Grade

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Tonnes Cu Mo Ag Cu lbs Mo lbs Ag ozs
Category (millions) (%) (%) (g/t) (millions) (millions) (millions)
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Indicated 372.5 0.31 0.036 2.1 2,524 299 25.4
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Inferred 140.9 0.25 0.039 2.2 771 122 9.7
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Note:
(1) Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability.


The reported Mineral Resource estimate incorporates results from a 29 hole - 11,289 metre drilling program completed in 2007. The Project drill hole database contains assay results from 136 core holes totalling 29,553 metres of which Terrane obtained 38.2% of the drill hole assay data from the 2007 drilling program. The remaining assay data was collected between the years 1964 and 1980 from core drilling programs operated by Kennecott Canada and Placer Dome. As this assay data was collected prior to the implementation of NI 43-101 and modern quality assurance-quality control (QA/QC) protocols, a series of studies were conducted to validate the historic assay results, including; resampling of historic drill core, closest sample comparisons with 2007 drill holes, and database validation with historic assay records. Wardrop has reviewed the validation program conducted by Terrane and has determined that the historic assays are reliable and suitable for resource estimation.

The reported estimate is based on a 3-D geologic model where individual block grades were interpolated from 3-metre down-the-hole composites using an anisotropy model and ordinary kriging. High grade outliers were capped prior to compositing based on a statistical review of copper, molybdenum and silver assays. Block grades were then classified into the Indicated Mineral Resource category if the block was estimated using data from at least two drill holes. Inferred Mineral Resource blocks were estimated using data from only a single drill hole. Only blocks within 450 metres of the surface were included in the resource estimate.

Indicated and Inferred Mineral Resources over a range of copper equivalent cutoff grades are summarized in Table II.



TABLE II

BERG MINERAL RESOURCE ESTIMATES (1)
GRADE - TONNAGE DISTRIBUTION

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INDICATED INFERRED
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Ton- Cu Mo Ton- Cu Mo
CuEQ nes lbs lbs nes lbs lbs
Cutoff (mill- Cu Mo (mill- (mill- (mill- Cu Mo (mill- (mill-
(%) 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.


MOLYBDENUM-RICH MINERALIZATION

The 2007 drilling program outlined a zone of molybdenum-rich mineralization within wider and lower grade porphyry-style copper-molybdenum mineralization. This steeply-inclined molybdenum-rich core zone is adjacent to the Berg Stock and has been further subdivided into South, Northeast and West Zones (see Terrane News Releases dated January 14, 2008 and January 22, 2008). The core zone is up to 150 metres in horizontal width and has a strike length of over 2,000 metres. Molybdenum-rich mineralization is exposed at surface and has been drill-tested to a depth of 500 metres. Notable drill holes that intersected molybdenum-rich mineralization included: Hole 146 with 90.9 metres grading 0.085% Mo, Hole 154 with 46.8 metres of 0.102% Mo and Hole 156 with 422.2 metres of 0.063% Mo.

Geometry of the molybdenum-rich core zones and grade distribution within them offers a number of higher grade-lower tonnage development scenarios. Table III compares the Berg Indicated Mineral Resource estimate with other molybdenum deposits under development or in commercial production. The Mineral Resources are compared at a 0.030% Mo cutoff grade and are inclusive of Mineral Reserves where applicable.



TABLE III

MOLBYDENUM PROJECT/MINE COMPARISON
At 0.030% Mo Cutoff

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Ton- Cu Mo
nes lbs lbs
(mill- Cu Mo (mill- (mill- Resource
Deposit ions) (%) (%) ions) ions) Category
--------------------------------------------------------------------------
Endako Mine Measured &
Thompson Creek Metals (1) 331.2 - 0.051 - 375 Indicated
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Ruby Creek Measured &
Adanac Moly Corp. (2) 293.7 - 0.054 - 350 Indicated
--------------------------------------------------------------------------
Spinifex Ridge, Australia Measured &
Moly Mines Ltd. (3) 469.8 0.09 0.060 933 622 Indicated
--------------------------------------------------------------------------
Berg 212.3 0.29 0.050 1,337 233 Indicated
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Sources:
(1) Technical Report on the Endako Mine; Wardrop Engineering; May 29, 2007
(2) Technical Report - Mineral Resource Estimate, Ruby Creek Project; AMEC;
April 11, 2005
(3) Spinifex Ridge Molybdenum-Copper Deposit, WA, NI43-101 Technical
Report; SRK Pty Ltd.; Oct. 2007


SILVER MINERALIZATION

Limited metallurgical testwork by Terrane and previous operators (Kennecott Canada and Placer Dome) demonstrated that silver reports to a copper concentrate in payable quantities. However, holes drilled prior to 1980 were not assayed for silver and as a result only 40% of the database contains silver assays. In view of limited silver analytical data, silver assays were conservatively capped at 20 g/t and any assay composites without a silver value were assigned a value of 0 g/t. This methodology returned an average grade of 2.1 g/t for the reported Indicated Mineral Resource. The grade increased to 3.4 g/t if assay composites without assigned silver values were excluded from the estimate.

Statistical analysis suggests that there are two styles or populations of silver mineralization at Berg. The first is widely-distributed, lower grade and associated with porphyry-style copper mineralization. The 29 hole - 2007 drilling program returned a weighted uncut average value of 5.0 g/t and a median value of 3.0 g/t for the first population. The second population is structurally-controlled, higher grade, and was first noted in drill hole 162 that intersected 106.6 metres grading 65 g/t in an area that had seen limited drilling by previous operators. The 2008 drilling campaign will further investigate these high-grade structures to confirm the silver resource potential.

2008 WORK PROGRAM

Terrane will continue to advance the Berg Project in 2008 with a 10,000 metre core drilling program designed to expand on the existing resource and to investigate high-grade molybdenum and silver potential within the deposit. The two rig core drilling program will commence in June and is expected to take three months to complete. Terrane is pleased to announce that Britton Bros. Diamond Drilling Ltd. and Equity Engineering Ltd. have been contracted to conduct and manage the 2008 field program.

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 METALS CORP.

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 Inc. (NYSE:GG)(TSX:G) 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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