Taranis Extends Thor Mineralization 590m North of True Fissure Zone. Underground Sampling Returns 4.61 g/t Au and 233.0 g/t Ag over 1.90 m in the Blue Bell North Zone



    LAKEWOOD, CO, Jan. 2 /CNW/ - Taranis Resources Inc. ("Taranis") (TSX.V:
TRO) continues to outline a large precious and base metal bearing deposit
found within the Combined Metals Unit ("CMU"), now extending for over 1.6 km
in strike length on its Thor property in southeastern British Columbia.
    Underground sampling of the Blue Bell (Level 2) in 6 cross-cuts has
demonstrated that precious and base metal mineralization extends north of the
True Fissure Mine for at least 590m. Additionally, an EM-37 geophysical survey
has also identified a strong conductor extending this zone for another 300m
north of Section 590m North. Two separate lenses of massive sulphide are found
in the CMU at the Blue Bell Mine, and the St. Elmo Mine is believed to be
connected to the most northerly section exposed underground in the Blue Bell
Level 2, called the Blue Bell North Zone.

    
                             Blue Bell North Zone
    

    In contrast to other zones found at Thor, the Blue Bell North Zone is
dominated by gold and silver mineralization within a siliceous and tabular
massive sulphide deposit. The zone is exposed along strike for 89m underground
and consists largely of massive sulphide occasionally exhibiting delicate
bands of pyrite, galena and sphalerite.

    Section 590m North

    Section 590m North is the northern-most end of the Blue Bell underground
workings found at Thor. Underground development was not extended beyond this
area for unknown reasons over 70 years ago, despite the presence of high-grade
mineralization likely correlating with the St. Elmo Mine found further up the
mountainside (see Taranis News Release dated October 29, 2007). Chip sampling
on Section 590m North at the northernmost point returned high levels of gold
and silver mineralization.

    
    -------------------------------------------------------------------------
    590m
    North
    -------------------------------------------------------------------------
    From     To (m)   Au       Ag       Cu (%)   Pb (%)   Zn (%)   Thickness
    (m)               (g/t)    (g/t)                               (m)
    -------------------------------------------------------------------------
    0.80     2.70     4.61     233.0    0.09     1.33     0.26     1.90
    -------------------------------------------------------------------------

    Section 547m North

    A small cross-cut in this area exposes the Blue Bell North Zone, and chip
sampling returned the following values.

    -------------------------------------------------------------------------
    547m
    North
    -------------------------------------------------------------------------
    From     To (m)   Au       Ag       Cu (%)   Pb (%)   Zn (%)   Thickness
    (m)               (g/t)    (g/t)                               (m)
    -------------------------------------------------------------------------
    3.80     6.20     0.48     58.24    0.03     0.29     0.10     2.40
    -------------------------------------------------------------------------

    Section 517m North

    The Blue Bell North Zone was exposed in a small cross-cut and returned the
following values.

    -------------------------------------------------------------------------
    517m
    North
    -------------------------------------------------------------------------
    From     To (m)   Au       Ag       Cu (%)   Pb (%)   Zn (%)   Thickness
    (m)               (g/t)    (g/t)                               (m)
    -------------------------------------------------------------------------
    0.90     1.70     0.16     18.91    0.13     0.02     0.15     0.80
    -------------------------------------------------------------------------

    Section 501m North

    The Blue Bell North Zone was chip sampled in another small cross-cut, and
returned high levels of copper and precious metals.

    -------------------------------------------------------------------------
    501m
    North
    -------------------------------------------------------------------------
    From     To (m)   Au       Ag       Cu (%)   Pb (%)   Zn (%)   Thickness
    (m)               (g/t)    (g/t)                               (m)
    -------------------------------------------------------------------------
    1.30     2.80     1.00     242.65   0.51     0.05     0.11     1.50
    -------------------------------------------------------------------------

                 Area Between Blue Bell North and South Zones

    Section 475m North

    A wide crosscut (10 m) exposes the Blue Bell Horizon here, but it is
barren. This is believed to be the area that separates the South Blue Bell
Zone from the St. Elmo/Blue Bell North Zone.

                             Blue Bell South Zone

    The Blue Bell South Zone is enriched in both base and precious metals.
Several intercepts previously reported (see Taranis News Release dated
November 16, 2006) for the Blue Bell South Zone in the Upper Blue Bell Adit
include 3.03 g/t Au, 129.12 g/t Ag, 0.12% Cu, 1.52% Pb and 5.80% Zn over
3.70 m (cross-Cut 1) and 2.26 g/t Au, 92.69 g/t Ag, 0.12% Cu, 0.96% Pb and
7.49% Zn over 2.3 meters (cross-Cut 2). A raise connects the Upper Blue Bell
Adit to the Lower Blue Bell adit, exposing the mineralization for over 60m on
the dip-slope and returned a trace of Au, 60.0 g/t Ag, 0.60% Pb and 39.70% Zn
over 0.97 m.

    Section 418m North

    Underground chip sampling located immediately down-dip of the raise that
connects to the Blue Bell Level 1 in the Blue Bell South Zone (Level 2)
returned the following values.

    -------------------------------------------------------------------------
    418m
    North
    -------------------------------------------------------------------------
    From     To (m)   Au       Ag       Cu (%)   Pb (%)   Zn (%)   Thickness
    (m)               (g/t)    (g/t)                               (m)
    -------------------------------------------------------------------------
    2.20     5.30     0.24     260.96   0.09     1.07     0.12     3.10
    -------------------------------------------------------------------------
    

    Analytical work was completed by AccurAssay Laboratories in Thunder Bay,
Ontario that is accredited to Standards Council of Canada, Scope of
Accreditation 434 (conforms with requirements of CAN-P-4D (ISO/IEC 17025), and
CAN-P-1579). Underground chip sampling was undertaken using a hammer and
chisel allowing the collection of representative samples normal to the strike
and dip of the mineralization. Exploration activities on the Thor property
were overseen by John Gardiner (P. Geol.) and Jim Helgeson (P. Geo.), both
Qualified Persons under the meaning of Canadian National Instrument 43-101.

    About Taranis Resources Inc.

    Taranis currently has 14,847,008 shares issued and outstanding
(17,256,626 shares on a fully-diluted basis).

    TARANIS RE

SOURCES INC. Per: John J. Gardiner (P. Geol.), President and CEO The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For further information:

For further information: For Investor Relations, contact: John Gardiner,
14247 West Iliff Avenue, Lakewood, Colorado, Phone: (303) 716-5922 or (720)
209-3049, info@taranis.us; George Kent, 130 Carlton Street, Toronto, Ontario,
Phone: (416) 323-0783, georgerkent@sympatico.ca

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