Templar Minerals announces that following the completion of a preliminary technical report that its 100% subsidiary Paranaiba Minerals Ltd. (“Paranaiba”) will commence Phase 1 of the exploration expenditure commitment to earn 50% in the Rio Paranaiba Iron Ore Project. Pursuant to a revised letter of agreement dated 15 January, 2009, Paranaiba and the Company’s Joint Venture Partner have agreed to defer negotiation and signing of the definitive exploration agreement until the completion of Paranaiba’s C$200,000 expenditure commitment and its earning of 50% in the Project.

The Company’s consultant, Mr. Andrew Fleming ,P.Geo. completed the technical review in January 2009 and his report is summarized as follows:

•	The Rio Paranaiba Project (“the Project”) represents a new iron ore discovery in the Brazillian State of Minas Gerais.
•	The Project area is contained within 8 applications for Mineral Licenses covering approximately 14,000 ha (140 km2) and is located approximately 70km from the Ferrovia Centro Atlantica (‘FCA’) rail network and 210km from the city of Divinopolis. Divinopolis is a key manufacturing hub and steel production centre.
•	At the end of 2008, 27 samples and 5 duplicates were collected from several sites across the Project. Recently received results had a range of values for iron from 26.8% to 67.2% with an arithmetic average 45.6% iron and .07% phosphorous.
•	10 samples from the Casa Velha site returned iron values between 35.3% and 49.7% (average 43.7%) and phosphorous values between 0.02% and 0.094% (average 0.056%). At the Perfis site, 12 samples gave iron values between 34.4% and 54.7% (average 47.1%) and phosphorous values between 0.044% and 0.298% (average 0.10%).
•	As a working model or concept for exploration purposes, with an average grade of 43% Fe, it is expected to yield approximately 25 million metric tonnes (Mt) of iron rich material for each 1km of strike length. Work previously carried out has delineated an iron-rich horizon over a folded strike length distance of 29 km.
•	Thus far no metallurgical test work has been carried out on the iron mineralisation from the Project area; however, preliminary work is planned for the Phase 1 programme.
•	There are no known environmental concerns from the Project area and there are no parks or reserves within the general area.
•	It is considered that the Project is of merit and that it has the potential to host iron mineralization of economic significance  The Project is at an early stage of exploration and to evaluate the economic potential of the recognized mineralization, a two phase exploration programme is recommended. Phase 1 with a budget of C$207,000 would be a continuation of the work initiated by the Company’s Joint Venture Partner with the objective being to trace out the iron formation horizon and to define the most promising areas of mineralization for drilling. Phase 2 would be a drilling programme to define a preliminary inferred mineral resource.

Following completion of the Phase 1 the Company has the right to increase its interest in the Project by a further 27% interest (i.e. Paranaiba’s interest going from 50% to 77%), by incurring a further minimum expenditures of C$600,000 before date that is two (2) years from 15th January 2009.