Mr. Rick Gittleman reports

INTERRA COPPER ANNOUNCES LETTER OF INTENT FOR RIP COPPER-MOLYBDENUM PROJECT EARN-IN

Interra Copper Corp. has entered into a non-binding letter of intent (LOI) with ArcWest Exploration Inc., to negotiate an 80 per cent earn-in and joint venture agreement on ArcWest's Rip Cu-Mo (copper-molybdenum) project in central British Columbia, a prolific mining region on Canada's west coast. A technical presentation for Rip is available for download on-line.

The Rip project comprises 2,309 hectares, and is located about 63 kilometres south of Houston and 79 km southwest of Burns Lake in central British Columbia. The Rip project is situated in Stikine terrane in a prolific belt of Late Cretaceous (Bulkley plutonic suite) porphyry copper-molybdenum deposits, which includes Imperial Metals' Huckleberry mine, 33 km to the southwest, and presently on care and maintenance. In addition to the Huckleberry mine, the Bulkley porphyry belt includes the Whiting Creek, Poplar, Seel and Ox Cu-Mo (gold-silver) deposits. The fully permitted Rip project is road accessible from either Houston or Burns Lake.

Rip project earn-in agreement with ArcWest

Under the terms of the LOI, Interra obtains a two-stage option to earn up to an 80-per-cent ownership interest in the Rip project over up to an eight-year period.

In the first stage, Interra has the option to earn, over a four-year staged work schedule, a 60-per-cent share ownership in the Rip by issuing 1.05 million shares of Interra, completing geological and exploration expenditures of $2-million, and paying $100,000 cash to ArcWest, over a period four years and three months, until Dec. 31, 2027.

The second stage of the earn-in requires Interra to advance the project to feasibility study level in order to obtain an additional 20 per cent for a total of 80-per-cent ownership, within four years of completing the first tier earn-in, or at the latest Dec. 31, 2031. This second stage of the option requires Interra financing $2-million in work and paying ArcWest $250,000 per year. Possible extensions are granted to Interra for three additional years, until 2033 at the latest, by continuing these same terms plus an additional $100,000 per year.

A primary target area is defined by a previously outlined high-chargeability zone.

The first work program financing requirement, for a minimum of $300,000, is set to Dec. 31, 2024. Work will commence this year with 3-D topography and satellite-aerial survey of the entire project for a committed budget of $25,000. Further exploitation work will consist of geophysics to refine targets for the first stage of drilling, planned for the 2024 or 2025 drilling season.

The Rip project covers the central axis of a 15 km by six km window of Early Jurassic Hazelton group volcano-sedimentary rocks intruded by several small stocks of Late Cretaceous Bulkley plutonic suite porphyritic granodiorite. Faults bounding this block trend northwesterly and separate the Hazelton group from surrounding blocks of younger (Late Cretaceous to Eocene) volcanics.

The Rip target was initially advanced by Kennco Explorations between 1975 and 1981. Kennco completed an induced polarization survey in 1975 which delineated a significant chargeability high. Although Kennco stated "in the final analysis, this area will require an extensive drilling program to determine whether a zone of economic mineralization exists within the sulphide system" (Dorval and Stevenson, 1976), it was tested only by a single, 294-metre-long diamond drill hole (at minus-45-degree inclination) in 1975. The drill hole intersected intensely quartz-sericite-pyrite (QSP)-altered andesite and quartz diorite to a depth of 115 metres where the zone was cut off by a fault. The QSP-altered zone above the fault averaged 0.07 per cent Cu and 0.005 per cent Mo over 70.3 metres (35.3 m to 105.6 m). The IP survey was extended in 1980, outlining the 0.8 km to 1.5 km by 2.2 km chargeability high, and 36 shallow percussion drill holes totalling 1,763 metres were completed (11 of the drill holes failed to reach bedrock). Logging of drill cuttings from these percussion holes delineated a zone of QSP alteration approximately corresponding to the chargeability high. A multielement analysis of the core cuttings from 26 of the percussion holes in 1981 outlined a central 0.5 km by 1.5 km Cu-Mo anomaly coring a broad peripheral lead-zinc-arsenic-manganese anomaly, a geochemical zonation typical of porphyry copper systems. Although most of the Rip property is covered by glacial deposits, near the core of the Kennco chargeability anomaly a small (50 m by 100 m) area of outcrop and shallow trenches exposes strong multistage porphyry-style stockwork veining within altered Hazelton volcanics and feldspar-quartz porphyry. Early magnetite-chalcopyrite-pyrite A veins with white K-feldspar (or albite) halos are cut by later quartz-chalcopyrite-pyrite-molybdenite B veins. Veining accompanies pervasive magnetite-biotite (potassic) alteration which is variably overprinted by quartz-sericite-pyrite. Multistage porphyry-style veining locally reaches strong stockwork density. Limited rock sampling of these outcrops in 2017 to 2018 (eight samples), returned 258 parts per million to 1,490 ppm copper, three ppm to 238 ppm molybdenum, seven parts per billion to 69 ppb gold and 0.2 ppm to 1.5 ppm silver. Deleterious elements occur at very low levels (for example, zinc less than 77 ppm, lead less than four ppm and arsenic less than five ppm). Further details of the Rip Cu-Mo project can be found on-line.

Jason Nickel, Interra's director and chief operating officer, commented: "The Rip project fits nicely into our portfolio of B.C. copper properties, located in a high-profile jurisdiction, and with nearby infrastructure and past-producing mines. Partnering with ArcWest on the initial work programs and our phase 1 earn-in, we look forward to uncovering what the present anomalies may discover."

Tyler Ruks, president and chief executive officer of ArcWest, commented, "ArcWest views the Rip project as containing a highly underexplored porphyry copper system and is looking forward to working with Interra to advance the project."

The proposed transaction is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.

Technical disclosure/qualified person

The scientific and technical information in this press release has been reviewed and approved by Dr. Scott Jobin-Bevans, PGeo, PhD, PMP, principal geoscientist and managing director at Caracle Creek Chile SpA, and an independent consultant and qualified person as defined in National Instrument 43-101.

About Interra Copper Corp.

Interra is focused on building shareholder value through the exploration and development of its portfolio of highly prospective/early-stage exploration copper assets located in Chile and British Columbia, Canada.

The company's portfolio includes three copper projects located in the Central Volcanic zone, within a prolific Chilean copper belt: Tres Marias and Zenaida in the Antofagasta region, and Pitbull in the Tarapaca region. The company now holds a significant land package covering an area of 20,050 hectares, with the projects situated amongst several of the world's largest mines owned by the largest global mining companies, including Glencore, Anglo American, Teck Resources and BHP, among others. The company also owns two exploration projects in Northern British Columbia: Thane and Chuck Creek. The Thane project is located in the Quesnel terrane of Northern British Columbia and spans over 20,658 hectares with six high-priority targets identified, demonstrating significant copper and precious metal mineralization.

Interra Copper's leadership team is composed of senior mining industry executives who have a wealth of technical and capital market experience, and a strong record of discovering, financing, developing and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which it operates.

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