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TORONTO, ONTARIO–(Marketwire – Dec. 6, 2012) –Â Terreno Resources Corp. (“Terreno” or the “Company”) (TSX VENTURE:TNO) announces that it has renegotiated payment terms under which it can earn its interests in its Argentinean projects as follows:
Poposa:
Terreno and the vendor have agreed to extend the payments and expenditure requirements to earn into the Poposa project as follows:
| Completion Date | Cash Payments due to Vendor | Terreno Shares | Expenditures | Interest Earned | |||
| 12/31/2013 | $ | 200,000 | 1,000,000 | $ | 1,000,000 | 51 | % |
| 12/31/2014 | $ | 300,000 | 1,000,000 | $ | 2,000,000 | 81 | % |
| 12/31/2015 | $ | 1,700,000 | 2,400,000 | $ | 2,500,000 | 100 | % |
As consideration for the extension, Terreno has agreed to issue to the vendor 200,000 common shares, subject to approval of the TSX Venture Exchange. All other terms and conditions remain the same.
Socompa:
Terreno and the vendor have agreed to extend the payments (there are no expenditure requirements) to earn its 85% interest in the Socompa project as follows:
| Completion Date | Cash Payments due to Vendor | |
| 6/14/2014 | $ | 100,000 |
| 12/15/2014 | $ | 500,000 |
| 6/15/2015 | $ | 500,000 |
| 12/15/2015 | $ | 1,000,000 |
As consideration for the extension, Terreno has agreed to issue to the vendor 200,000 common shares, subject to approval of the TSX Venture Exchange. All other terms and conditions remain the same.
Trigal:
Work at the Trigal option was suspended earlier in 2012 and the Company has determined not to proceed with further payments to the vendor and has thereby forfeited any ability to earn an interest in that project.
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 two exploration projects in Argentina; Poposa (formerly referred to as Amarillo) in San Juan, and Socompa in Salta. Both projects boast significant alteration systems and have the potential for copper, gold and silver mineralization. For more information, please visit www.terrenoresources.com.
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.
