Terrane is focused on the future commercial development of the large-scale copper and gold reserve at Mt. Milligan, British Columbia. Mt. Milligan has an open pit reserve of 2.1 billion lb contained copper and 6.0 million oz contained gold. Upon development the project will have an average annual production of 262,100 oz gold and 89 million lb copper for the first six years of a 22.1 year mine life. At Mt. Milligan Terrane has completed a Feasibility Update Study demonstrating economic viability, secured long lead-time capital equipment, and engaged Wardrop Engineering Inc. for engineering and procurement. Terrane has received an Environmental Assessment (EA) Certificate and a Mines Act Permit from the province of British Columbia. The project is in the final stages of the federal EA review and approval is expected in Q4 2009. As a first step towards project financing Terrane shareholders approved a joint venture option agreement with majority shareholder Goldcorp. Goldcorp has guaranteed a credit facility of $40 million and has an 18 month option (expiring Jan. 08, 2010) to convert its equity interest in Terrane into a participating joint venture interest in the Mt. Milligan project.
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