Terrane Shareholders Approve Goldcorp Transaction
August 11 2008 - 11:04AM
Marketwired
Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:
TRX) is pleased to announce the results of its special
shareholders' meeting (the "Meeting") held on August 8, 2008.
At the Meeting Terrane shareholders approved the resolutions
placed before them by Company management (the "Transaction
Resolution") to approve the transactions more fully described in
the Company's news release dated July 9, 2008 (the "Transactions")
granting an option to Goldcorp Inc. ("Goldcorp") to acquire a
direct joint venture interest in the Company's 100%-owned Mt.
Milligan Property in return for Goldcorp providing a loan guarantee
for a $40 million credit facility for the Company from the Bank of
Montreal as financing for the commercialization of the Mt. Milligan
Property. The Transaction Resolution included authorizing and
ratifying the execution and delivery of agreements comprising the
Transactions and the increase of the number of directors of Terrane
to seven, as contemplated under the Transactions, to permit
appointment of two representatives of Goldcorp as additional
directors of the Company.
Goldcorp's nominees to the Terrane Board will be Mr. Charles
Jeannes, Executive Vice President Corporate Development and Mr.
Rohan Hazelton, Vice President Finance. Their appointment to the
Board will proceed in due course.
Robert Pease, President and Chief Executive Officer of Terrane
stated: "We are very pleased with the strong support we received
from our shareholders in approving the Transaction. Providing
Goldcorp with the opportunity to convert their equity position in
Terrane into a direct joint venture interest in the Mt. Milligan
project, and having Goldcorp secure a $40 million credit facility
which allows Terrane to continue to advance the project is a very
important milestone. We also welcome our new Board members and look
forward to the depth of experience they will bring in strategic
guidance of Terrane."
Kevin McArthur, President and Chief Executive Officer of
Goldcorp commented: "We are also very pleased that Terrane
shareholders have approved the Transaction allowing Goldcorp to
financially support the project with an option to participate in
the future commercial operation of Mt. Milligan."
In addition, and as a consequence of shareholder approval at the
Meeting to the Transaction Resolution, the Company confirms that it
has now also received approval for the Transactions by the TSX
Venture Exchange (the "Exchange") effective as of August 8,
2008.
These shareholder and Exchange approvals fulfill the obligations
of the Company under the letter agreement between the Company and
Goldcorp dated May 26, 2008 to obtain corporate and regulatory
approval for the Transactions within 75 days of the initial
announcement of the same.
About the Company
Terrane 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. owns a 58% equity interest in the Company 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
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 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 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 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.
Contacts: Terrane Metals Corp. Rob Pease President and CEO (604)
681-9930 or Toll Free: 1-866-681-9930 Terrane Metals Corp. Ryan
King Investor Relations (604) 681-9930 or Toll Free: 1-866-681-9930
Website: www.terranemetals.com