Taranis receives Kettukuusikko mining claims in Finland

2008-11-19 14:10 ET - News Release

Mr. John Gardiner reports

TARANIS GETS APPROVAL FOR KETTUKUUSIKKO MINING CLAIMS IN FINLAND AND AMENDS FINLAND REGIONAL EXPLORATION AGREEMENT WITH ROYAL GOLD, INC.

The Ministry of Employment and Economy in Finland has granted Taranis Resources Inc.'s 100-per-cent-owned Finnish subsidiary (Tailtiu Oy) the Kettukuusikko and Kortemannikko mining claims which host the Kettukuusikko gold deposit. These mining claims were granted on Nov. 14, 2008, and are valid for a period of five years from the date of issuance.

Kettukuusikko is a komatiitic-hosted gold deposit that has many similarities to gold deposits found in the Abitibi region of Canada. This gold deposit is located 20 kilometres southwest of Agnico Eagle's Kittila gold mine, where construction commenced in the second quarter of 2006. At Kettukuusikko, Taranis has conducted extensive diamond drilling (95 drill holes totalling 8,997.1 metres) and the Geological Survey of Finland (GTK) completed a further 71 drill holes (3,947.6 m), which have been successful in identifying a gold-bearing zone over 250 metres in strike length. The Kettukuusikko deposit remains open to the north and a variety of other exploration targets remain untested.

In a second independent development related to Finland, Taranis and Royal Gold Inc. have amended their original agreement concerning a regional exploration program in Finland to extend from Nov. 4, 2008, until May 4, 2010, as the date by which Taranis is to spend a total of $285,000 on regional exploration expenditures. (As of the date of this news release, Taranis had spent approximately $80,000 on such regional exploration.) Lengthy delays associated with issuing mining claim applications in Finland necessitated the modification to the original agreement. Taranis also has two additional mining claim applications outstanding on the Naakenavaara and Marskinkuusikko mining claims, which were applied for June 19, 2007.

John Gardiner, president and chief executive officer of Taranis Resources, states: "We are pleased to have Kettukuusikko reinstated to our active list of advanced-stage exploration projects. Notwithstanding the current economic climate, we believe that quality, advanced-stage exploration projects with significant growth potential such as our Thor and Kettukuusikko projects will add value to Taranis."