Terrane Finalizes Contracts for Long Lead-Time Equipment
May 20 2010 - 9:00AM
Marketwired
Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane"
or the "Company") (TSX VENTURE: TRX), is pleased to announce that
the Company has finalized contractual terms for the procurement of
long lead-time equipment for its 100%-owned Mt. Milligan
Gold-Copper Project. Purchase orders placed for process plant and
power supply equipment represent approximately 12% of the total
initial capital cost and are within budget and on schedule (see
press release October 13, 2009).
Metso is contracted to supply the primary crusher, SAG mill, two
ball mills and other associated process plant equipment while ABB
Switzerland Ltd. will supply process plant drive motors for the SAG
mill and ball mills. Delivery is scheduled for Q4 2011. Siemens
Canada Limited is contracted to supply the three main transformers
for the mine site substation with delivery scheduled for Q3
2011.
Mt. Milligan will be a conventional truck-shovel open pit mine
with a 60,000 tpd copper flotation process plant. The first six
years of the 22-year mine plan are designed to accelerate the
extraction of near-surface and higher-grade gold reserves with
production forecast to average 262,100 oz per year at a cash cost,
net of a copper credit, of negative US$8 per oz. Mt Milligan will
provide about 400 direct permanent jobs and significant long-term
economic benefits for the region.
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 52.4% 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
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. Darin Labrenz (604) 681 9930
www.terranemetals.com