Taranis Resources Inc. announces Debt Settlement Agreements and Granting of Incentive Stock Options

FOR IMMEDIATE RELEASE

Taranis Resources Inc.

14247 West Iliff Avenue Lakewood, Colorado 80228-5421 www.taranisresources.com

Taranis Resources Inc. announces Debt Settlement Agreements and Granting of Incentive Stock Options

Lakewood, Colorado, February 10, 2010 – Taranis Resources Inc. ("Taranis") [TSX.V: TRO] announces that it has entered into debt settlement agreements with various creditors pursuant to which $171,100 (U.S.) of indebtedness ($183,077 Cdn.) is to be satisfied by the issuance of 915,385 common shares in the capital of Taranis at a deemed price of $0.20 (Cdn.) per share, subject to regulatory acceptance.

Taranis also announces that it has granted incentive stock options to its directors and officers, entitling them to purchase up to a total of 700,000 common shares at a price of $0.21 per share for a period of five years.

About Taranis Resources Inc.

Taranis currently has 20,707,875 shares issued and outstanding (27,115,215 shares on a fullydiluted basis).

TARANIS RESOURCES INC.

Per: John J. Gardiner (P. Geol.), President and CEO

For Investor Relations, contact: George Kent John Gardiner 130 Carlton Street 14247 West Iliff Avenue Toronto, Ontario Lakewood, Colorado Phone: (416)-323-0783 Phone: (303)-716-5922 or (720)-209-3049 [email protected] [email protected]

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

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