Mar 17, 2010 9:30:00 AM
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 03/17/10 -- Robert Pease, President and CEO of Terrane Metals Corp. ("Terrane" or the "Company") (TSX VENTURE: TRX), is very pleased to announce that the McLeod Lake Indian Band ("MLIB") has confirmed that it will fully support the ongoing development of the Mt. Milligan copper-gold Project (the "Project") located 150 km northwest of Prince George, British Columbia.
Chief Derek Orr of the McLeod Lake Indian Band stated: "The Chief and Council, after long discussions with Terrane, and after consultation with our membership, confirm that McLeod Lake is fully supportive of this Project. The mine is situated in the traditional territory of the McLeod Lake Indian Band, and both the federal and provincial governments have affirmed our treaty rights over the Project area in recognition of our historic use and occupation of the area. Terrane has consulted with us, and addressed our concerns. We understand that the Project will be built, operated and closed in an environmentally sensitive manner. We understand as well that the mine will operate in a manner which will continue to take our treaty rights into account, and provide our community, and the region as a whole, with many benefits. We commend Terrane for its forward thinking, and we believe its conduct, through the environmental assessment processes and in its dealings with us, has been exemplary. McLeod Lake works at developing good relations with businesses while finding ways to affirm and protect our treaty rights. Terrane has provided the business community with a model for the conduct of business and good relations with aboriginal people, and we look forward to a long and prosperous relationship with them. We offer our full support to Terrane, and recommend the Project to potential development partners and investors."
President and CEO Robert Pease stated: "We are very pleased to receive this support from the McLeod Lake Indian Band. MLIB has treaty rights on the lands where the Mt. Milligan mine is proposed. Terrane greatly appreciates the meaningful engagement of the MLIB Chief, Council and members in the review of the proposed mine over the past few years. Terrane will ensure that MLIB members receive economic opportunities and benefits for the life of the Project, consistent with our vision of community engagement and sustainability for the region. We look forward to having the opportunity to build BC's next major metal mine, working closely with MLIB."
Mt. Milligan will be a conventional truck-shovel open pit mine with a 60,000 tpd copper flotation process plant. A 2009 Feasibility Update Study forecast average annual production of 262,100 oz gold and 89 million lb copper for the first six years of an estimated 22-year mine life. The Project will provide about 400 direct permanent jobs and significant long-term economic benefits for the region. Pending receipt of the balance of operational permits and subject to financing, construction is scheduled to commence in Q3 2010 with commercial production in Q1 2013.
