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This statement is provided for shareholders who are United States
persons for purposes of the U.S. Internal Revenue Code of 1986, as
amended ("IRC") and the regulations thereunder. It is not relevant to
other shareholders.
Terrane Metals Corp.("TERRANE") believes that it is would be currently
classified as a Passive Foreign Investment Corporation ("PFIC") as
defined in Section 1297(a) of the IRC for the year ended June 30, 2009.
TERRANE is hereby making available its PFIC Annual Information Statement
for the year ended June 30, 2009 pursuant to Treasury Regulations
U.S. PFIC INFORMATION FOR U.S. SHAREHOLDERS OF TERRANE METALSCORP.1.1295-1(g)(1).
TO ENSURE COMPLIANCE WITH TREASURY DEPARTMENT CIRCULAR 230, YOU ARE HEREBY NOTIFIED THAT ANYTHING CONTAINED IN THIS NOTICE CONCERNING ANY U.S. FEDERAL TAX ISSUE IS NOT INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE USED BY A U.S. HOLDER, FOR THE PURPOSE OF (i) AVOIDING FEDERAL TAX PENALTIES THAT MAY BE IMPOSED ON THE TAXPAYER OR (II) PROMOTING, MARKETING OR RECOMMENDING TO ANY PARTY ANY MATTERS ADDRESSED HEREIN.
This information is provided in order to assist shareholders in making calculations and does not constitute tax advice. The U.S. tax laws regarding PFICs are extremely complex and shareholders are advised to consult their own tax advisor concerning the overall tax consequences of their respective investment in, and ownership of shares, Terrane under United States federal, state, local and foreign law.
Further information on PFIC rules is available on the internet at the Internal Revenue Service website at IRS.GOV including Form 8621 and the instructions to file a Qualifying Electing Fund election.
PFIC Annual Information Statement.
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