Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane"
or the "Company") (TSX VENTURE: TRX), is pleased to report assay
results for the remaining 19 holes of the 31 hole - 11,661 metre
work program completed in 2008 at the Company's 100%-owned Berg
copper-molybdenum-silver project, British Columbia, Canada.
Reported drill holes are from the South and Northeast Zones.
Assay results are listed in Table I. All holes are inclined at -50
degrees to -80 degrees and drilled in a variety of directions in
order to achieve representative mineralized intersections. A drill
hole plan and detailed assay results can be viewed at the Company's
website (www.terranemetals.com).
TABLE I
BERG PROJECT - FINAL 2008 DRILL HOLE ASSAY RESULTS
--------------------------------------------------------------------
Drill Hole Interval CuEQ(i)
(BRG08-) (m) Cu(%) Mo(%) Ag (g/t) (%) Zone
--------------------------------------------------------------------
--------------------------------------------------------------------
195 222.0 0.47 0.035 5.0 0.83 South
--------------------------------------------------------------------
197 321.0 0.24 0.068 5.2 0.91 South
--------------------------------------------------------------------
--------------------------------------------------------------------
179 252.0 0.18 0.049 3.1 0.66 Northeast
--------------------------------------------------------------------
180 36.0 0.37 0.007 4.6 0.46 Northeast
--------------------------------------------------------------------
181 471.2 0.27 0.062 4.8 0.88 Northeast
--------------------------------------------------------------------
182 237.3 0.43 0.007 4.0 0.52 Northeast
--------------------------------------------------------------------
183 274.0 0.58 0.014 6.0 0.76 Northeast
--------------------------------------------------------------------
184 486.0 0.38 0.047 6.0 0.86 Northeast
--------------------------------------------------------------------
187 111.0 0.44 0.010 7.3 0.58 Northeast
--------------------------------------------------------------------
188 54.2 0.47 0.006 5.0 0.56 Northeast
--------------------------------------------------------------------
189 377.9 0.45 0.032 4.1 0.78 Northeast
--------------------------------------------------------------------
190 176.1 0.23 0.051 6.7 0.75 Northeast
--------------------------------------------------------------------
191 168.0 0.44 0.036 6.0 0.82 Northeast
--------------------------------------------------------------------
192 71.0 0.32 0.005 4.1 0.39 Northeast
--------------------------------------------------------------------
193 47.8 0.49 0.004 5.3 0.56 Northeast
--------------------------------------------------------------------
194 844.5 0.28 0.048 4.5 0.76 Northeast
--------------------------------------------------------------------
(i) 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.
COPPER MINERALIZATION - NORTHEAST ZONE
The 2008 program better-defined supergene and hypogene copper
mineralization in the Northeast Zone with the addition of 17 drill
holes totaling 5,908 metres. Eleven of these drill holes
intersected a flat-lying, dominantly supergene-enriched copper
horizon that is covered by up to 40 metres of leached cap and
underlain by +700 metres of hypogene mineralization. The drilling
program expanded the limits of the supergene horizon which now
measures +500 metres wide, +900 metres long and with a vertical
thickness ranging from 40 to +200 metres. Within this horizon an
internal blanket of higher-grade copper mineralization measuring
some 250 metres wide, 500 metres long and ranging from 15 to +200
metres thick was outlined. Assay results for higher grade
supergene-enriched copper mineralization are reported in Table
II.
TABLE II
BERG PROJECT - FINAL 2008 DRILL HOLE ASSAY RESULTS NORTHEAST ZONE
SUPERGENE-ENRICHED COPPER HORIZON
----------------------------------------------------------
Drill Hole Interval CuEQ(1)
(BRG08-) (m) Cu(%) Mo(%) Ag (g/t) (%)
----------------------------------------------------------
----------------------------------------------------------
177(2) 51.0 0.59 0.067 4.3 1.24
----------------------------------------------------------
178(2) 31.2 0.65 0.037 8.8 1.06
----------------------------------------------------------
and 45.4 0.51 0.072 5.8 1.22
----------------------------------------------------------
181 208.5 0.43 0.060 7.8 1.04
----------------------------------------------------------
182 126.0 0.54 0.006 3.5 0.62
----------------------------------------------------------
183 104.0 0.70 0.012 8.7 0.87
----------------------------------------------------------
184 119.0 0.68 0.035 8.1 1.07
----------------------------------------------------------
187 18.7 0.83 0.011 18.3 1.06
----------------------------------------------------------
188 15.2 0.81 0.008 6.1 0.92
----------------------------------------------------------
189 84.0 0.63 0.026 3.8 0.90
----------------------------------------------------------
191 38.0 0.74 0.031 7.0 1.07
----------------------------------------------------------
194 154.5 0.56 0.042 5.5 0.99
----------------------------------------------------------
(1) 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.
(2) Previously reported - see Press Release dated November 5, 2008
Drill Hole 194 is notable in that it is the deepest drill hole
completed to date at Berg. It tested the vertical extent of the
hypogene porphyry system below the leached cap and
supergene-enriched horizon and returned 844.5 metres of 0.28% Cu,
0.048% Mo and 4.5 g/t Ag or 0.76% CuEQ over the entire length of
the drill hole (Table I). The hole bottomed in similar
mineralization 850 vertical metres below surface.
Associated silver values from the 2008 work program are
consistently two to three times greater than the average 2.1 g/t Ag
reported in the NI 43-101 Mineral Resource Estimate (see Press
Release April 30, 2008). Fifteen of the 31 drill holes completed in
2008 returned intervals of +10 g/t Ag over core lengths of +25
metres. Noteworthy intersections of higher grade silver
mineralization are reported in Table III.
TABLE III
BERG PROJECT - FINAL 2008 DRILL HOLE ASSAY RESULTS
SIGNIFICANT SILVER INTERVALS
------------------------------------------------
Drill Hole Interval
(BRG08-) (m) Ag (g/t) Zone
------------------------------------------------
------------------------------------------------
171(i) 166.5 11.4 West
------------------------------------------------
181 224.4 7.7 Northeast
------------------------------------------------
183 200.0 7.1 Northeast
------------------------------------------------
184 78.9 10.0 Northeast
------------------------------------------------
(i) Previously reported - see Press Release dated November 5, 2008
MOLYBDENUM-RICH MINERALIZATION
Six of the 19 reported drill holes targeted the molybdenum-rich
core zone where previous drilling had outlined significantly higher
grade material within a steeply-inclined 2 km long panel. All six
drill holes returned higher grade material (Table IV). Drill Hole
197 confirmed that core zone mineralization in the South and West
Zones are in fact one continuous zone with a strike length of 1.2
km and an estimated true width ranging from 50 to 120 metres. Drill
Hole 184 extended the depth of the zone to +450 metres.
TABLE IV
BERG PROJECT - FINAL 2008 DRILL HOLE ASSAY RESULTS
MOLYBDENUM-RICH CORE ZONE
-----------------------------------------------------------------------
Drill Hole Interval CuEQ(i)
(BRG08-) (m) Cu(%) Mo(%) Ag (g/t) (%) Zone
-----------------------------------------------------------------------
-----------------------------------------------------------------------
197 57.7 0.27 0.109 1.8 1.30 South
-----------------------------------------------------------------------
-----------------------------------------------------------------------
179 51.0 0.14 0.075 2.3 0.85 Northeast
-----------------------------------------------------------------------
181 37.5 0.41 0.083 5.4 1.22 Northeast
-----------------------------------------------------------------------
184 333.0 0.29 0.054 5.3 0.84 Northeast
-----------------------------------------------------------------------
190 24.0 0.23 0.085 3.3 1.04 Northeast
-----------------------------------------------------------------------
191 26.0 0.05 0.108 4.6 1.09 Northeast
-----------------------------------------------------------------------
(i) 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.
QA/QC
The Berg drilling program and associated 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. Sample
preparation was conducted by ALS Chemex at their facility in
Terrace, BC. ALS Chemex completed assaying at their ISO 9001:2000
accredited laboratory in North Vancouver, BC. Copper, molybdenum
and silver assays utilized aqua regia sample decomposition with
analysis by atomic absorption spectrometry. Non-sulphide copper was
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.
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. (TSX: G)(NYSE: GG) owns a 59% equity interest
in Terrane on a fully diluted basis. In July 2008 Terrane and
Goldcorp entered into an agreement which grants Goldcorp an option
to convert its equity interest in Terrane into a participating
joint venture interest in the Mt. Milligan Project (see press
release July 09, 2008).
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. Ryan King Investor Relations
(604) 681-9930 Website: www.terranemetals.com