Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane"
or the "Company") (TSX VENTURE: TRX), is pleased to announce
results of the Company's Annual General Meeting held on December 9,
2009 in Vancouver, Canada and to provide a corporate update.
Results of AGM
The Company is pleased to report that, in conjunction with the
holding of its AGM, Robert Pease and Edward Farrauto were elected
to the Board of Directors (the "Board") as executive officers, and
Jeffrey Franzen, Douglas Leishman, The Hon. John Reynolds, P.C.,
Timo Jauristo and Rohan Hazelton were elected to the Board as
independent directors. Shareholders also approved the continuation
of the Company's current rolling incentive stock option plan.
Immediately following the AGM, the Board met with appointments
made for each of its five standing committees and the
re-appointment of the following Company officers:
Jeffrey Franzen Chairman
Robert Pease President and Chief Executive Officer
Darren Morgans Corporate Secretary
Edward Farrauto Chief Financial Officer
Peter Marshall Senior Vice President Project Development
Darren O'Brien Vice President Exploration
Paul Hosford Vice President Engineering
Glen Wonders Vice President Corporate Affairs and Sustainability
Corporate Update
The Company had another active and successful year with work
programs advancing both the Mt. Milligan copper-gold development
project and Berg copper-molybdenum-silver exploration project. All
employees worked safely and management achieved targeted milestones
and did so within the Company's core framework of safety,
environment-community-sustainability and
quality-budget-schedule.
A $22.1 million - 14 month Modified Project Execution Plan at
Mt. Milligan further de-risked the Project and with British
Columbia EA approval on March 19, 2009 and Government of Canada EA
approval on December 1, 2009, the Project is now
construction-ready, subject to financing and receipt of final
permits and approvals. An updated resource estimate and
scoping-level development studies were completed at Berg. These
work programs were funded in the face of difficult equity markets
through a credit facility guaranteed by majority shareholder
Goldcorp and an issuance of flow-through common shares.
Robert Pease, President and CEO, Terrane stated: "I am very
confident about the future prospects of the Company. With
completion of the 2009 Feasibility Update Study and receipt of key
environmental permits and approvals, we not only achieved our goals
and commitments but we improved upon them. At Mt. Milligan, Terrane
shareholder value is firmly underpinned by a six million ounce,
low-cost and construction-ready reserve and our absolute commitment
to long term environmental stewardship and sustainable development
for the region. The project will generate the opportunity for some
400 direct permanent jobs and significant long-term economic
benefits for the region."
Chuck Jeannes, President and CEO, Goldcorp Inc. stated: "Over
the past year the Terrane management team has continued to deliver
value for stakeholders and shareholders, alike. Mt. Milligan is an
outstanding and construction-ready gold project. Goldcorp continues
to work closely with the Terrane Board of Directors to make the
commercial development of Mt. Milligan a reality."
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. (GG: NYSE; G: TSX) owns a 60% 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 9, 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 www.terranemetals.com