Terrane Closes Berg Flow-Through Private Placement

Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE:TRX) is pleased
to announce that it has, effective July 17, 2008, completed a non-brokered
private placement of 10,000,000 flow-through common shares at a price of $0.55
per common share for gross proceeds of $5,500,000.


The common shares issued in connection with this private placement are now
subject to a four month hold period from the closing date in accordance with the
policies of the TSX Venture Exchange and applicable securities laws.


In connection with the completion of the private placement Terrane is now
obligated to pay a finder's fee, from general working capital, of 3.5% of the
gross proceeds raised in this private placement to Anthem Capital Group Inc.


Proceeds from the private placement will be used for further exploration of the
Company's Berg copper-molybdenum-silver project in British Columbia, Canada.


About Terrane

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 approximately a 57% 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 (the "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 Terrane 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
Terrane 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 Terrane 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.