Terrane Board Approves Mt. Milligan Feasibility Report
May 14 2008 - 8:30AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: TRX) is pleased to
announce that the Board of Directors has approved the Feasibility
Study Report (the "Report") for its 100%-owned Mt. Milligan
Copper-Gold Project ("Project") in British Columbia, Canada and
authorized management to proceed with the awarding of a contract
for the procurement of long lead-time process plant equipment.
Summary results of the Report were reported in a press release
dated March 31, 2008. It describes and recommends a Project
Execution Plan for the construction and operation of a conventional
truck-shovel open pit mine and 60,000 tpd copper flotation process
plant at Mt. Milligan. The Project is in close proximity to
existing infrastructure and low cost power and would be built at a
capital cost of $917 million. Average annual metal production over
a 15.3 year mine life is forecast to be 88 million lb copper and
217,000 oz gold. Commercial production is scheduled for Q1
2012.
A key recommendation of the Report was to initiate the
procurement process for long lead-time capital equipment. To that
end, and following a competitive tendering process, the Company is
pleased to announce that a contract for the procurement of long
lead-time process plant equipment has been awarded to Metso
Minerals Industries, Inc. ("Metso"). Metso will supply the Primary
Crusher, SAG Mill, two Ball Mills and other associated process
plant equipment with first delivery scheduled for Q1 2011.
Robert Pease, President and Chief Executive Officer of Terrane,
stated: "The awarding of the Metso contract is the first step in a
well-defined Project Execution Plan to construct a mine at Mt.
Milligan on schedule and within budget. We look forward to on-going
consultation with local communities and First Nations to ensure
that the implementation of the Project Execution Plan successfully
combines long term commercial viability with environmental
stewardship."
"We congratulate Terrane on reaching this important milestone in
the development of Mt. Milligan," said Kevin McArthur, President
and Chief Executive Officer of Goldcorp, Terrane's majority owner.
"This large copper-gold project possesses an attractive mix of
attributes, including potentially significant gold production and
very attractive location and infrastructure. We fully support the
decision of the Terrane Board of Directors to move forward on
recommendations in the Report."
About the Company
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. 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
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