Dear ShareholderUNSOLICITED OFFER BY IRON MOUNTAIN MINING...

Dear Shareholder

UNSOLICITED OFFER BY IRON MOUNTAIN MINING LIMITED

On 10 March 2009 Iron Mountain Mining Limited (IRM) announced its intention to make a takeover bid to acquire all shares and options in Terrain Minerals Limited (Terrain).

IRM’s offer is unsolicited and proposes to offer IRM shares for Terrain shares on terms and conditions outlined in their announcement to ASX. Until IRM lodges a Bidder’s Statement your Board does not anticipate being in a position to make a final assessment of the merits or otherwise of the offer. Terrain shareholders are advised to TAKE NO ACTION until the Terrain Board has had an opportunity to fully consider the offer and make a recommendation.

Terrain will keep its Shareholders fully informed of developments as they occur and provide a formal recommendation on IRM’s offer with ample time for Shareholders to make a fully informed decision on the IRM offer.

In the meantime please do not hesitate to call me on +618 9481 2455 should you require further information.

Yours faithfully