TRX

Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the
"Company") (TSX VENTURE:TRX), is pleased to report results for an Induced
Polarity "IP" ground geophysical survey at its 100%-owned Mt. Milligan
Copper-Gold Project, British Columbia, Canada.


The survey was designed to prioritize 12 airborne geophysical anomalies
identified in a June 2008 1,452 line-km HeliGEOTEM magnetic-electromagnetic
survey. The IP surveys were carried out on two large exploration grids
peripheral to the main mineralized zones at Mt. Milligan. Reported IP survey
results demonstrate that five of the HeliGEOTEM anomalies have coincident
chargeability anomalies and display signatures similar to those found at the MBX
and Southern Star Zones at Mt. Milligan.


Figures illustrating the new exploration targets can be viewed at
http://www.terranemetals.com/Mt-Milligan-Exploration-Details/Slide1.HTM. Mt.
Milligan exploration and associated sampling and quality control protocols are
directed and supervised by Darren O'Brien, P.Geo., Vice President - Exploration,
Terrane Metals Corp., who is a Qualified Person as defined under National
Instrument 43-101.


SOUTH GRID

Three of the five targets were identified on the 33.6 line-km South Grid and are
within 2 km of the Southern Star Zone. The priority "D3" chargeability anomaly
is +200 metres wide and dips moderately to the southwest for +1,000 metres. It
encircles a magnetic high and sits within a well-defined 2 km long by 1 km wide
copper and gold-in-soils geochemical anomaly. In spite of historic drilling in
the area and intersections of low grade porphyry-style copper-gold
mineralization, the D3 anomaly remains untested as it sits some 150 metres below
these holes. In addition, it is projected to subcrop in an area that was not
drill tested.


NORTH GRID

The two remaining targets - Snell and Mitzi - were identified on the 20.0
line-km North Grid some 4 km northwest of the MBX Zone. The North Grid area has
seen limited historic exploration with some prospecting in the 1930's and a
wide-spaced soil sampling grid in 1983.


The Snell chargeability anomaly sits along the western edge of the North Grid.
It is 600 metres wide and 2,000 metres long and is coincident with a 500 metre
wide and 1,000 metre long magnetic high. The chargeability anomaly is near
surface and remains open to the south.


The Mitzi chargeability anomaly is located near the centre of the North Grid and
displays a ring-shaped geophysical signature similar to the MBX Zone with a 300
metre wide chargeability halo flanking a +600 metre diameter magnetic high. The
anomaly is some 150 to 300 metres below the surface.


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 59% 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.

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