Drilling Results At Bear Copper Deposit

VANCOUVER, BC - Quaterra Resources Inc. reported results from Hole B-052, the fifth core hole of a drill program to explore and further define the Bear deposit, a large porphyry copper system on the Company’s 52-square mile property in the historic Yerington Copper District of Nevada. The drill program is being funded with option payments to SPS by Freeport-McMoRan Nevada LLC.

Hole B-052, drilled vertically to a depth of 3,468 feet, intercepted two zones of 0.4% copper, the first of 43 feet with 201 ppm molybdenum starting at 2,508 feet and another of 29 feet starting at 2,667 feet. Overall, the hole intercepted 666.2 feet of 0.14% copper mineralization beginning at a depth of 2,081.3 feet.

Hole B-052, collared 700 feet north-northeast of hole B-051, was sited to determine if the favorable alteration and mineralization intersected in hole B-051 extended and strengthened to the north. Although the alteration and style of mineralization  encountered in hole B-052 is similar to B-051, the narrower and lower grade mineralization shows that this is most likely not the case. Molybdenite is more common than in previous SPS holes, occurring in narrow quartz veins that cut and often offset chalcopyrite-pyrite veins and veinlets and continuing over a longer vertical range (709.5 feet) than the copper mineralization. The lower copper and gold grades, combined with a higher pyrite/chalcopyrite ratio, indicate that hole B-052 was drilled in a more distal part of the system. Additional drilling will be necessary to test this concept as Bear mineralization remains open in three directions.

Hole GHH-001, the sixth and final drill-hole of the current program located in Ground Hog Hills about 6,000 feet south of previous SPS holes, has been drilled to a depth of 2,017.5 feet and cased for possible future deepening. It was drilled to test an area of favorable geology and mineralization coincident with an historic IP anomaly. Assays for this drill hole are pending.