Dec. 15, 2010 (Filing Services Canada) -- Terreno Resources Corp. (TNO - TSX Venture), is pleased to announce that it has signed two option agreements with a private Argentinean vendor (the "Vendor") to earn 85% of the Socompa and Trigal projects in Salta Province, Argentina. Under the terms of the agreements, Terreno can earn an 85% interest in each project by making staged payments to the Vendor, over 48 months from execution of the agreements, in aggregate amounts of $2,380,000 for Socompa and $1,710,000 for Trigal. Following exercise of the option, Terreno and the Vendor will form a joint venture over the respective projects, with customary terms including dilution rights in the event of a non-participating partner. Importantly, the options can be maintained by making payments to the Vendor of $380,000 for Socompa and $260,000 for Trigal over the first 30 months.
About Socompa
The Socompa project is a porphyry copper-gold target located in western Salta province approximately 70 kms from BHP Billiton's Escondida mine. The project area is 8,679 hectares and hosts a large zone of porphyry alteration (~20 km2) with the main exploration target being an 800 metre long, structurally controlled quartz vein stockwork in potasic alteration. Terreno intends to commence an initial program of mapping, surface sampling and geophysics early in the New Year with the goal of identifying potential drill targets to be tested in the second quarter of 2011.
About Trigal
The Trigal project is a high sulphidation silver-gold system located in north-western Salta province immediately to the north-east of the El Quevar project owned by the Golden Minerals Company. The project area is 1,200 hectares and hosts a large area of acid sulphate alteration (silica alunte) with the main exploration target being high grade structurally controlled mineralization. At Trigal, Terreno intends to commence road building and access work early in the New Year followed by rock chip sampling, trenching and geophysics with the goal of identifying potential drill targets for testing in late 2011.
"Similar to our La Poposa project in San Juan we were attracted to the Socompa and Trigal projects because of their strong alteration signatures and that each has been underexplored to date," commented Peter Mullens, Vice President of Exploration. "We will commence ground programs immediately with the goal of identifying drill targets for testing next year. Terreno has come a long way in a short time with three exciting exploration projects now in its portfolio and the expectation of drill testing each over the next 12 months."
A map showing Terreno's three properties can be seen on the company web site at http://www.terrenoresources.com/i/maps/N-Arg.jpg
About Terreno Resources
Terreno, meaning "of the earth" in Spanish, represents the Company's focus on natural resource opportunity development in South America. Terreno has option agreements on three exploration projects in Argentina; La Poposa (formerly referred to as Amarillo) in San Juan, Socompa and Trigal in Salta. All three projects boast significant alteration systems and have the potential for copper, gold and silver mineralization. For more information, please visit www.terrenoresources.com.
For further information, please contact:
Nicola Street Capital
Tel: 604.569.0056
Philip Williams, CFA
President and CEO
Terreno Resources
Tel: 416.643.7631
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Terreno Resources Corp.
1430- 800 West Pender Street
Vancouver, BC, Canada V6C 2V6
Tel 604.688.8316
Fax 604.684.2990
www.terrenoresources.com
info@terrenoresources.com
Terreno Resources Corp
130 King Street West, Suite 2500
Toronto, Ontario M5X 1A9
Tel 416.941.9600
Fax 416.941.1090
www.terrenoresources.com
info@terrenoresources.com
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