Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane"
or the "Company") (TSX VENTURE: TRX), is pleased to announce assay
results for the first 12 holes of a 31 hole program at the
Company's 100%-owned Berg Project, British Columbia, Canada and to
provide a corporate update.
The 2008 - 11,661 metre core drilling program successfully
connected the West, South and Northeast Zones into a contiguous
ring-shaped deposit with a strike length of 2.2 km and depth of
+500 metres. In addition, significant intervals of higher grade
molybdenum and silver mineralization with associated copper were
again intersected with Drill Hole 178 returning 147.4 metres of
0.097% Mo and Drill Hole 169 returning 386.6 metres of 7.4 g Ag/t,
respectively.
A previously reported Indicated Resource estimate containing 2.5
billion lbs copper, 299 million lbs molybdenum and 25.4 million ozs
silver (see Table IV) will be updated upon receipt of all assay
results from the 2008 program. Scoping-level open pit and/or
underground mine development scenarios will then be investigated to
guide future work at the Project.
Drill holes from each of the three zones are reported in Table
I. All holes are inclined at -50 degrees to -65 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 - INITIAL 2008 DRILL HOLE ASSAY RESULTS
-------------------------------------------------------------------------
Drill
Hole Interval CuEQ(i)
(BRG08-) From To (m) Cu (%) Mo (%) Ag (g/t) (%) Zone
-------------------------------------------------------------------------
167 29.3 215.0 185.7 0.22 0.068 2.0 0.87 West
-------------------------------------------------------------------------
168 20.9 269.0 248.1 0.32 0.037 3.7 0.69 West
-------------------------------------------------------------------------
169 32.4 419.0 386.6 0.24 0.047 7.4 0.73 West
-------------------------------------------------------------------------
171 42.5 314.0 271.5 0.28 0.044 8.5 0.74 West
-------------------------------------------------------------------------
174 47.0 188.0 141.0 0.28 0.060 3.1 0.87 West
-------------------------------------------------------------------------
-------------------------------------------------------------------------
170 185.0 536.0 351.0 0.19 0.044 5.7 0.64 South
-------------------------------------------------------------------------
172 9.2 354.8 345.6 0.29 0.033 3.8 0.62 South
-------------------------------------------------------------------------
-------------------------------------------------------------------------
173 21.0 440.0 419.0 0.23 0.049 2.9 0.71 Northeast
-------------------------------------------------------------------------
175 107.0 419.0 312.0 0.23 0.040 3.2 0.62 Northeast
-------------------------------------------------------------------------
176 239.0 458.6 219.6 0.24 0.064 2.4 0.86 Northeast
-------------------------------------------------------------------------
177 6.0 299.0 293.0 0.33 0.065 4.2 0.96 Northeast
-------------------------------------------------------------------------
178 103.6 404.0 300.4 0.28 0.072 3.6 0.98 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.
MOLYBDENUM-RICH MINERALIZATION
Eight of the twelve reported drill holes returned intersections
of +65 metres and +0.070% Mo within the steeply-inclined 2 km long
molybdenum-rich core zone. Two of the reported drill holes (170 and
175) intersected post-mineral dykes in the vicinity of the zone and
the two remaining holes (168 and 169) were not positioned to
intersect the core zone. Estimated true width of the core zone
ranges from 50 to 120 metres. It has been drill tested to a
vertical depth of +500 metres and remains open. Molybdenum-rich
core zone intersections are reported in Table II.
TABLE II
2008 BERG PROGRAM - MOLYBDENUM-RICH CORE ZONE RESULTS
-------------------------------------------------------------------------
Drill
Hole Interval CuEQ(i)
(BRG08-) From To (m) Cu (%) Mo (%) Ag (g/t) (%) Zone
-------------------------------------------------------------------------
167 29.3 95.0 65.7 0.24 0.125 2.3 1.42 West
-------------------------------------------------------------------------
171 128.0 209.0 81.0 0.26 0.077 6.8 1.02 West
-------------------------------------------------------------------------
174 82.3 188.0 105.7 0.20 0.075 2.4 0.92 West
-------------------------------------------------------------------------
-------------------------------------------------------------------------
172 236.0 332.3 96.3 0.30 0.070 3.4 0.98 South
-------------------------------------------------------------------------
-------------------------------------------------------------------------
173 281.0 359.0 78.0 0.22 0.087 3.0 1.05 Northeast
-------------------------------------------------------------------------
176 278.0 353.0 75.0 0.23 0.100 2.8 1.18 Northeast
-------------------------------------------------------------------------
177 23.0 113.0 90.0 0.45 0.074 6.3 1.18 Northeast
-------------------------------------------------------------------------
178 103.6 251.0 147.4 0.35 0.097 3.9 1.28 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.
SILVER-RICH MINERALIZATION
Significant intervals of above average grade silver
mineralization were again intersected at the West Zone where 2007
Drill Hole 162 returned 356.6 metres grading 24.5 g/t Ag, 0.29% Cu,
0.057% Mo. Reported Drill Holes 169 and 171 intersected the Berg
Stock 125 metres and 220 metres, respectively, northeast of Drill
Hole 162. Both holes were continuously mineralized over hundreds of
metres and returned well above-average silver grades of 7.4 g/t and
8.5 g/t, respectively. These intersections are reported in detail
in Table III. The silver-rich zone remains open to expansion.
TABLE III
2008 BERG PROGRAM - SILVER-RICH MINERALIZATION WEST ZONE RESULTS
--------------------------------------------------------------
Drill
Hole Interval CuEQ(i)
(BRG08-) From To (m) Cu (%) Mo (%) Ag (g/t) (%)
--------------------------------------------------------------
169 32.4 419.0 386.6 0.24 0.047 7.4 0.73
--------------------------------------------------------------
171 42.5 314.0 271.5 0.28 0.044 8.5 0.74
--------------------------------------------------------------
(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.
BERG MINERAL RESOURCE
The 100%-owned Berg Project is in west-central British Columbia
close to infrastructure associated with the Huckleberry Mine,
located approximately 22 km to the southeast. In April 2008, the
Company announced a NI 43-101 compliant mineral resource estimate
for the Berg Project with Indicated Resources containing 2.5
billion lbs copper, 299 million lbs molybdenum and 25.4 million ozs
silver. Inferred Resources contain a further 0.8 billion lbs
copper, 122 million lbs molybdenum and 9.7 million ozs silver (see
Table IV below and Press Release dated April 30, 2008 for further
details).
TABLE IV
BERG MINERAL RESOURCE ESTIMATE (1)
At 0.30% Copper Equivalent Cutoff Grade (2)
--------------------------------------------------------------------------
Tonnes Ag Cu lbs Mo lbs Ag ozs
Category (millions) Cu (%) Mo (%) (g/t) (millions) (millions) (millions)
--------------------------------------------------------------------------
Indicated 372.5 0.31 0.036 2.1 2,524 299 25.4
--------------------------------------------------------------------------
Inferred 140.9 0.25 0.039 2.2 771 122 9.7
--------------------------------------------------------------------------
Note:
(1) Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
(2) Copper Equivalent for cutoff grade purposes is calculated using
four-year rolling average metal prices of US$2.43/lb Cu, US$27.43/lb
Mo, US$10.23/oz Ag and takes into account forecast metallurgical
recoveries into separate copper and molybdenum concentrates.
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 is 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 utilize aqua regia sample decomposition with
analysis by atomic absorption spectrometry. Non-sulphide copper is
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.
CORPORATE UPDATE
The Company is pleased to announce the appointment of Paul
Hosford, P.Eng. to the position of Vice-President, Engineering. Mr.
Hosford will be responsible for managing the engineering and
procurement functions for the Mt. Milligan Copper-Gold Project. He
has extensive experience in all aspects of project management and
engineering design and was for 14 years Manager of Metallurgy at
Hatch Ltd. Rob Pease stated: "Paul is an excellent addition to our
mine development team and I look forward to his strategic
leadership at Mt. Milligan."
The Company has granted a total of 700,000 stock options to an
officer at an exercise price of $0.48 valid for a period of five
years from the date of grant, subject to regulatory approval.
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. Terrane and Goldcorp recently
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
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