Taranis Intersects 11.17% Zn & 1.26 g/t Au Over 3.57 m in True Fissure Zone, Expands Zone to North



    LAKEWOOD, CO, Oct. 24 /CNW/ - Taranis Resources Inc. ("Taranis") (TSX.V:
TRO), a Colorado-based resource company with a number of gold and silver
projects in Nevada, British Columbia and Finland, is pleased to provide an
update of its ongoing exploration activities on the Thor Property, British
Columbia.
    Taranis completed a total of 60 drill holes (5,378 m) in a number of
different areas on the property. Drilling has been conducted within the True
Fissure Zone ("TFZ"), and along extensions to the north (Section 330m North)
and to the south (Section 330m South). Massive sulphide and/or quartz-
sulphide mineralization was intersected in all 60 drill holes, although assays
are available for only 14 drill holes at this time.
    Taranis owns a 100% interest in the Thor Property which was acquired in
2006 after due-diligence demonstrated significant precious and base-metal
mineralization over a strike length of 1.4 km (News Release dated November 16,
2006). The limited diamond drilling reported in this News Release pertains
only to only the TFZ, but at least 4 other zones are known at Thor. Initial
drilling was focused on the TFZ, and holes were drilled westerly from multiple
drill pads normal to strike and dip of the TFZ, and as such the intercepts
approximate the true thickness of the TFZ.

    Section 0m North (Correction)

    It was previously reported in a previous News Release (September 5, 2007)
that Thor-4 and Thor-5 failed to intersect any significant precious or base
metal values. Thor-4 intersected massive sulphide mineralization. This has
demonstrated that on Section 0m North the gold and precious metal-bearing TFZ
has been extended for over 110 m down-dip. The assays from Thor-5 have not
been received.

    
    -------------------------------------------------------------------------
    Thor-4
    -------------------------------------------------------------------------
      From       To       Au       Ag       Cu       Pb       Zn   Thickness
        (m)      (m)    (g/t)    (g/t)      (%)      (%)      (%)         (m)
    -------------------------------------------------------------------------
     88.70    90.53     0.95    11.98     0.04     0.16     2.81        1.83
    -------------------------------------------------------------------------
    including
    -------------------------------------------------------------------------
     89.00    89.31     4.08    23.96     0.17     0.23    13.01        0.31
    -------------------------------------------------------------------------


    Section 80m North

    Drill results have now been received for drill hole Thor-9 (-45 degrees).
This hole intersected massive sulphide and quartz-sulphide breccia
mineralization which is continuous with the previously reported intercepts in
Thor-10 and Thor-11 (see News Release dated September 5, 2007).

    -------------------------------------------------------------------------
    Thor-9
    -------------------------------------------------------------------------
      From       To       Au       Ag       Cu       Pb       Zn   Thickness
        (m)      (m)    (g/t)    (g/t)      (%)      (%)      (%)         (m)
    -------------------------------------------------------------------------
     22.98    28.96     0.58    73.43     0.08     1.83     4.44        5.98
    -------------------------------------------------------------------------
     including
    -------------------------------------------------------------------------
     23.68    24.54     1.70   310.79     0.21     9.92    14.57        0.86
    -------------------------------------------------------------------------


    Section 120m North

    Drill Hole Thor-14 (-85 degrees) was north of the True Fissure Open Pit
and intersected a wide zone of precious and base metal mineralization.

    -------------------------------------------------------------------------
    Thor-14
    -------------------------------------------------------------------------
      From       To       Au       Ag       Cu       Pb       Zn   Thickness
        (m)      (m)    (g/t)    (g/t)      (%)      (%)      (%)         (m)
    -------------------------------------------------------------------------
     18.44    23.10     0.71   100.74     0.08     2.26     2.00        4.66
    -------------------------------------------------------------------------
     including
    -------------------------------------------------------------------------
     19.32    20.94     1.77   264.81     0.17     6.21     5.00        1.62
    -------------------------------------------------------------------------

    Drill Holes Thor-12 (-45 degrees) and Thor-13 (-65 degrees) were drilled
up-dip of Thor-14, and intersected both massive sulphide and quartz-sulphide
breccia, but the assay results have not been received.
    Drill Hole Thor-41 (-65 degrees) was located east of holes Thor-12, 13 and
14 and intersected the TFZ at depth, demonstrating that the TFZ extends for at
least 60 m down-dip on Section 120m North.

    -------------------------------------------------------------------------
    Thor-41
    -------------------------------------------------------------------------
      From       To       Au       Ag       Cu       Pb       Zn   Thickness
        (m)      (m)    (g/t)    (g/t)      (%)      (%)      (%)         (m)
    -------------------------------------------------------------------------
     39.35    42.76     0.49   249.84     0.17     3.83     7.88        3.41
    -------------------------------------------------------------------------
     including
    -------------------------------------------------------------------------
     39.35    39.78     0.23    96.43     0.08     1.74    25.04        0.43
    -------------------------------------------------------------------------
     and
    -------------------------------------------------------------------------
     41.36    42.76     0.49   225.06     0.13     3.44     8.42        1.40
    -------------------------------------------------------------------------

    Drill Hole Thor-15 (-45 degrees) was drilled east of hole Thor-41 and
intersected the TFZ at depth, and has extended the TFZ down-dip in excess of
87 m dip length.

    -------------------------------------------------------------------------
    Thor-15
    -------------------------------------------------------------------------
      From       To       Au       Ag       Cu       Pb       Zn   Thickness
        (m)      (m)    (g/t)    (g/t)      (%)      (%)      (%)         (m)
    -------------------------------------------------------------------------
     55.60    61.17     1.14    23.58     0.07     0.13     8.04        5.57
    -------------------------------------------------------------------------
    including
    -------------------------------------------------------------------------
     57.60    61.17     1.26    13.87     0.06     0.10    11.17        3.57
    -------------------------------------------------------------------------
    

    John Gardiner, President & CEO comments "Taranis' geological work has
demonstrated that Thor hosts a volcanogenic massive sulphide ("VMS") deposit
with many similarities to the Besshi variety, such as Green's Creek (Alaska)
and Windy Craggy (B.C.). The massive sulphide portion of the deposit is
extremely high-grade and was the focus of previous exploration activities on
the project. Precious and base metal values are now being found within the
quartz-sulphide breccia zones that surround the massive sulphide portion,
enhancing the potential widths and size of the deposit. The massive sulphide
and quartz-sulphide breccia zones are now collectively referred to as the
Combined Metal Unit ("CMU"). Drilling has shown that volcanic rocks become
more abundant south of the TFZ, and it is very likely that the feeder portion
of the VMS deposit lies in this area where a very large coincident
magnetic/conductive geophysical target was recently located".

    Geophysical Surveying and Geology

    Ground magnetic surveys have been completed on the property and show that
the CMU occurs at the interface of two distinct rock units that strike
North-northwest, and dips moderately eastward. The contact between the two
units is also marked by a strongly conductive horizon that extends for over 2
km in length that hosts numerous precious and base metal zones at Thor.

    About Taranis Resources Inc.

    Taranis is a precious metal resource company that owns 100% interests in
three active exploration projects: 1) three properties ready for drilling in
Nevada, USA 2) the advanced-stage Kettukuusikko property located in Lapland,
Finland, being explored and drilled by Taranis and Royal Gold, Inc. of Denver
and 3) the Thor property located in British Columbia. Taranis currently has
14,847,008 shares issued and outstanding (17,256,626 shares on a fully-diluted
basis).
    Analytical work was completed by the 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. The certification also complies with the Standards Council of
Canada (CAN-P-1579). Drill core is logged on-site and is sawed in half for
analysis. One half is retained for geologic records and further assay
verification if required. Exploration activities on the Thor Property were
overseen by John Gardiner (P. Geol.) and Jim Helgeson (P. Geo.), who are both
Qualified Persons under the meaning of Canadian National Instrument 43-101.

    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

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TARANIS RESOURCES INC.

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