VANCOUVER – Terrane Metals has completed the $100-million bought deal and non-brokered private placement units, with Goldcorp taking up 27.3 million units at $1.10 per unit. The other 63.7 million units were purchased by a syndicate of underwriters led by National Bank Financial. Each unit consists of one common share and one-half common share purchase warrant.
Terrane will use the net proceeds primarily to fund this year’s construction program at it Mt. Milligan copper-gold development 155 km northwest of Prince George, BC. Production from the open pit is expected early in 2013 and will average 89 million lb of copper and 252,100 oz of gold for the first six years of a 22-year mine life. In 2006, Terrane acquired the property from Goldcorp, which remains the largest single shareholder in the company.
Proven and probable reserves at Mt. Milligan total 482.4 million tonnes grading 0.200% Cu and 0.388 g/t Au. Total measured and indicated resources (including reserves) are 706.7 million tonnes at 0.182% Cu and 0.330 g/t Au.
Additional information and Terrane’s corporate presentation are posted at www.TerraneMetals.com.