Taranis Intersects 12.32% Zn, 3.57% Pb, 0.17% Cu, 1.09 g/t Au and 284.60 g/t Ag over 1.01 m in Great Northern Zone and Establishes Thor as a Volcanogenic Massive Sulphide Deposit

    LAKEWOOD, CO, Jan. 22 /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.
    The drill results pertain to the Great Northern Zone ("GNZ") where
Taranis has reported a number of ore-grade intercepts (see News Releases dated
November 5, 2007 and December 11, 2007).

    Great Northern Zone

    Taranis has drilled a total of 13 holes in the GNZ, all of which
identified intercepts of sulphide mineralization highly enriched in base and
precious metals. Thor-58 is the last drill hole to be reported from the GNZ
which remains open at depth and along strike to the north and south. The GNZ
is thought to have particular importance at Thor owing to a progressive
widening of the mineralized zones and increasing abundance of volcanic rocks
at depth.

    Section 330m South

    Drill Hole Thor-58 (-51 degrees) was drilled down-dip of drill holes
Thor-50 through 54 (see News Release dated November 5, 2007) and intersected a
zone of massive sulphide mineralization that was separated from an interval
below by an interval of lost core. The upper zone corresponds with CMU-1 and
the lower zone with up-dip portion of the CMU-2 found in drill holes Thor-59
and Thor-60.

    From     To (m)   Au       Ag       Cu (%)   Pb (%)   Zn (%)   Thickness
    (m)               (g/t)    (g/t)                               (m)
    77.48    78.49    1.09     284.60   0.17     3.57     12.32    1.01
    83.15    84.19    0.41     337.70   0.12     2.96     3.36     1.04

    Geological Setting of Precious and Base Metal Mineralization at Thor

    Taranis has assembled overwhelming geological data which supports the
observation by Chris Von Hessert (1984) that Thor is a volcanogenic massive
sulphide ("VMS") deposit. More specifically, Taranis' recent geologic work has
further defined Thor as a "structurally deformed (overturned) VMS deposit with
many affinities to Besshi-type VMS deposits". Both the Goldstream and the J&L
Deposits located around Revelstoke are other examples of VMS deposits hosted
in similar age rocks.
    Some of the important geological characteristics of base/precious metal
mineralization at Thor are listed below.

    -  Precious and base metals are confined to a tabular, stratigraphic
       horizon termed the CMU that is over 1,800 m in strike length (of
       unknown dip-extent) that is conformable to the enclosing host rocks.
       Ore-bearing zones within the CMU have been drag-folded and sheared,
       indicating that the ore-bearing zones pre-date folding and deformation
       of the rocks at Thor, and the ore-bearing zones have not been injected
       along "fissures or veins".

    -  The presence of consistently high levels of Au with Zn-Pb-Cu-Ag
       documented at Thor is characteristic of many VMS deposits, and is
       inconsistent with vein/fissure-type deposits found in Southeastern
       British Columbia.

    -  The CMU and the associated base/precious metal mineralization is
       associated with three rock types. In order of importance these
       include massive sulphide, quartz-sulphide breccia and massive
       ankerite (carbonate) zones. The latter two zones are deformed
       equivalents of the cherty and carbonate-exhalative facies commonly
       found in VMS deposits.

    -  Millimeter-scale banding seen in the TFZ and Blue Bell massive
       sulphide ore at Thor is characteristic of Besshi-type VMS deposits.
       In other portions of the CMU, similar sulphide bands have been
       deformed and subjected to recrystallization, indicating structural

    -  Taranis has also been able to document large-scale metal zonation in
       the CMU with the comprehensive UG chip sampling and drilling that has
       been completed in 2006 - 2007. The south end of the CMU is
       Cu-dominated, the central portion is Zn-Pb-Ag dominated, and the
       northern end is Au-Ag dominated.

    -  The stratigraphic succession at Thor shows a consistent pattern and
       moves upwards through carbonaceous sediments (phyllites), tuffaceous
       sedimentary rocks (felsic volcanics), massive sulphide,
       cherty/carbonate exhalite, a graphitic marker horizon, and finally
       ending in purely sedimentary rocks (phyllites) that are weakly-
       carbonaceous. This sequence is found throughout the CMU, and is
       typical of many VMS deposits.

    -  Dr. Eva Schandl (GeoConsult) has undertaken petrographic/microprobe
       analysis of both the ore-bearing and host rocks found at Thor. While
       most of the host rocks are fine-grained sedimentary rocks
       ("phyllites"), the structural hanging-wall of the CMU is dominated by
       tuffaceous sediments described as a crystal tuff unit which are "most
       likely derived from felsic volcanic rocks or felsic intrusives".
       These rocks have been subjected to intense hydrothermal alteration
       (sericitization) that pre-dates the deformation and shearing of the
       hosts rocks - consistent with a VMS origin for Thor.

    -  While there are no sub-volcanic intrusive bodies found at Thor, the
       presence of a large, low amplitude magnetic feature ("50-0-50"
       anomaly) discovered in 2007 suggests that such a feature is likely
       present under the GNZ, and will become a top priority for exploration
       in 2008.

    -  Structural deformation of the CMU has impacted the current
       configuration of the zones found at Thor. In the GNZ, drag-folding of
       the CMU has been documented, and the down-dip portion of the True
       Fissure Mine has been sheared and faulted. In the 2007 exploration
       program, evidence was found that suggests that the TFZ has been
       dislocated laterally from the lower portion of the GNZ along a
       graphitic fault that is post mineralization in age.

    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). 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.), 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
(16,530,376 shares on a fully-diluted basis).


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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