Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the
"Company") (TSX VENTURE:TRX), is pleased to announce that the Company's 2008
exploration programs have commenced at the 100%-owned Berg and Mt. Milligan
Projects in central British Columbia, Canada.


BERG PROJECT

A 10,000 metre diamond drilling program ("Drill Program") is now underway on the
Berg copper-molybdenum-silver Project where Indicated Resources contain 2.5
billion lbs copper, 299 million lbs molybdenum and 25.4 million ozs silver.
Inferred Resources contain a further 0.8 billion lbs copper, 122 million lbs
molybdenum and 9.7 million ozs silver (see Table I below and Press Release dated
April 30, 2008).




TABLE I

BERG MINERAL RESOURCE ESTIMATE (1)
At 0.30% Copper Equivalent Cutoff Grade (2)

--------------------------------------------------------------------------
               Tonnes     Cu     Mo    Ag     Cu lbs     Mo lbs     Ag ozs
Category    (millions)    (%)    (%) (g/t) (millions) (millions) (millions)
--------------------------------------------------------------------------
Indicated       372.5   0.31  0.036   2.1      2,524        299       25.4
--------------------------------------------------------------------------
Inferred        140.9   0.25  0.039   2.2        771        122        9.7
--------------------------------------------------------------------------
Note:
 (1) Mineral Resources are not Mineral Reserves and do not have 
     demonstrated economic viability.
 (2) Copper Equivalent is 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 takes 
     into account forecast metallurgical recoveries into separate copper 
     and molybdenum concentrates.



The Drill Program is designed to expand the existing resource and to investigate
zones of higher-grade molybdenum and silver mineralization that were identified
in the 2007 work program. The program is expected to take three months to
complete. Equity Exploration Consultants Ltd. has been contracted to conduct and
manage the field program and Boart Longyear Canada has been contracted to
undertake the drilling.


Sampling and quality control protocols are directed and supervised by Stewart
Harris, P. Geo. of Equity Exploration Consultants Ltd., who is a Qualified
Person as defined under National Instrument 43-101. ALS Chemex Labs Ltd., an ISO
9001:2000 accredited laboratory in North Vancouver, British Columbia will
perform sample preparation and analytical work. 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.


MT. MILLIGAN

Terrane has now received preliminary results from Fugro Airborne Surveys for a
1,452 line-km airborne HeliGEOTEM magnetic-electromagnetic survey completed in
June, 2008. The survey covers approximately 264 km2 of the 400 km2 Project area
and was designed to identify strong geophysical signatures, characteristic of
the Mt. Milligan deposits, in areas with thick overburden cover. Anomalies
identified by HeliGEOTEM are now being prioritized and investigated in the
field.


In conjunction with the airborne program, field crews have also been mobilized
to conduct soil and regional stream geochemistry programs within the Project
area to test for satellite deposits related to the Mt. Milligan copper-gold
porphyry system.


The program is scheduled for completion in September, 2008 and is directed and
supervised by Darren O'Brien, P. Geo., VP Exploration of Terrane Metals Corp.
and a Qualified Person as defined under National Instrument 43-101.


Terrane recently completed a two-year $20 million Feasibility Study Report on
Mt. Milligan (see press release dated March 31, 2008) and has since awarded
contracts for long lead-time 60,000 tonnes per day process plant equipment.


TERRANE CORPORATE UPDATE

Terrane is pleased to announce it has retained, subject to regulatory approval,
the services of Renmark Financial to support its investor communications and
awareness activities in North America. In consideration of these services, the
Company has agreed to pay a monthly retainer of $7,000 for an initial 12 month
contract period.


ABOUT TERRANE METALS CORP.

Terrane Metals Corp. is an exploration and mine development company focused on
the development of the Berg copper-molybdenum-silver and Mt. Milligan
copper-gold Projects in British Columbia, Canada. Goldcorp Inc. (TSX:G)(NYSE:GG)
owns a 58% equity interest in Terrane on a fully diluted basis.


Mr. Tom Stubens, P.Eng., 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.


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.