Terrain Minerals Limited (ASX: TMX) is pleased to announce that its JV partners have confirmed that expenditure commitments of $250,000 has been reached and as a result the 80% ownership in the Smokebush JV tenement are now being transferred to Terrain.

This initial milestone was achieved within the 2-year timeframe.

Terrain has also continued to strengthen its ground position in the region with three adjoining tenements being recently granted, all owned 100%.

Monza Prospect (80%)

Ground Magnetic data over the Monza Prospect has revealed a break in the stratigraphic magnetic feature (trending E-W), corresponding with the location of the shear zone hosting mineralisation at Monza. There is also a subdued Magnetic feature trending north-south along the Monza corridor. Terrain geologists have interpreted an 800m corridor of potential gold mineralisation along the northern extension of this structure based on the magnetics and locations of 2020 Rock Chips taken from historic workings. Drilling undertaken by Terrain in 2020 has defined 200m strike extent of gold mineralisation along this structure. 2021 drill planning will look to extend known mineralisation to the north and down dip.

Wildflower Prospect (80%)

Ground Magnetic data over the Wildflower Prospect reveals a broad, indistinct anomaly that roughly coincides with elevated gold in soil geochemistry.

Paradise City Prospect (100%)

Ground Magnetic data over the Paradise City Prospect reveals a stratigraphic anomaly forming a synformal folded feature with known gold mineralisation between contrasting magnetic stratigraphy around the closure of this feature. Terrain geologists have interpreted a 600m long surface expression of potentially anomalous gold associated with the Paradise city prospect.

Contact:

Justin Virgin

Tel: +61 8 9381 5558

Email: terrain@terrainminerals.com.au

ABOUT TERRAIN MINERALS LIMITED

Terrain Minerals Limited (ASX:TMX) is a minerals exploration company with a Western Australian based asset portfolio consisting of: Wild-viper - WA gold exploration Project 100% owned - which incorporates the strategic land holding know as Wilson Patch (WP). Wild-viper tenement package is strategically located and also surrounds Red5 Ltd - Great Western Project (GW) as well as being adjacent to Saracen's (ASX: SAR) Bundarra gold deposits. As of the date of this announcement Terrain held 3.5 million Red5 shares (ASX: RED) from the GW sale. Terrain plans to continue exploration over this strategic located tenement.

Smokebush - WA gold exploration Project JV (80% TMX) - Terrain has identified multiple drill targets along with several other prospective areas that require additional work. Terrain executed its highly successful maiden RC drill program in August 2020, which followed up on historic drilling. Terrain is excited about the results and has now completed a detailed ground mag and mapping program over the Monza, Paradise City (100% TMX) and Wildflower prospects. Preparing for drilling over these key areas has commenced, including the application permits for drilling.

Project Review - Terrain Minerals is currently searching and has been assessing potential projects: Gold, Copper, Nickle and industrial minerals in Australia. Due to COVID-19 travel restrictions all regions outside of WA as well as foreign jurisdictions are still being considered but are becoming more problematic as due diligence cannot be carried out and staff safety cannot be guaranteed. All economic commodities are being considered as indicated in previous Quarterly reports.

Due to the COVID-19 Situation - Terrain has been concentrating on WA based opportunities, due to the current travel restrictions that are in place. The board will continue to monitor advice from the relevant authorities (WHO and Australian Government) about the virus and the factors effecting the health and safety of all Terrain's stake holders, as well as the current travel restrictions.

Disclaimer

Information included in this release constitutes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'continue' and 'guidance' or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate environmental conditions including extreme weather conditions, staffing and litigation.

Forward looking statements are based on the company and its management's assumptions made in good faith relating to the financial, market, regulatory and other relevant environments that exist and effect the company's business operations in the future. Readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements are only current and relevant for the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or advise of any change in events, conditions or circumstances ono which such statement is based.

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