Page 2 November 7th, 2006 QTA-TSX. VENTURE NR-15

1550-1185 W. Georgia Street
Vancouver, B.C. V6E 4E6
Tel: 604-681-9059
Fax: 604-688-4670
November 7th, 2006
Quaterra Acquires Peg Leg Porphory Copper Prospect in Arizona
Quaterra Resources Inc. announces the acquisition of the Peg Leg porphyry copper prospect in south-central Arizona.
The primary target is a classic San Manuel-Kalamazoo type deposit with the possibility of higher copper grades associated
with either a classic chalcocite blanket, or with abundant diabase as at the Ray copper deposit that is located eight miles to
the north.
The Peg Leg project is in a region with the highest density of known porphyry copper deposits in the world. The company
acquired approximately 11 square miles of mineral rights over the prospect by staking 247 unpatented U.S. lode claims and
leasing three Arizona State prospecting permits along the western flank of the Tortilla Mountains, twenty miles east of the
Poston Butte copper deposit near Florence, Arizona.
Exploration of the Peg Leg porphyry copper prospect was initiated by Exxon Minerals in the early 1980s. The program
defined a large IP (chargeability high-resistivity low) geophysical anomaly that extends over an area of 10 square miles.
Five core drill holes (11,726 feet) ranging in depth from 1,948 to 3,283 feet targeted a small part of the anomaly and
encountered alteration and low grade copper mineralization interpreted to represent the margins of a large porphyry copper
system. The holes may have stopped short of, or been drilled adjacent to, a possible “ore shell”.
The first and deepest drill hole had the best intercept with 473 feet of 547 ppm Cu from a depth of 2810 feet to the bottom of
the hole. Mineralization is related to a large zone of potassic-altered quartz monzonite. The remaining four holes intercepted
anomalous copper mineralization related to propylitic and outer phyllic alteration along the margins of the system. The large
size of the target and the structural complexity of the area suggest that shallower oxide and/or sulfide mineralization may be
“We are quite excited about the potential for discovery at Peg Leg.” commented Quaterra President, Dr Thomas Patton.
“The prospect has the right address and all the ingredients necessary for major porphyry copper deposit.”
Dr. Patton also announced that Quaterra has signed a consulting agreement to retain the services of James P. Vroman of
Tucson, Arizona as exploration manager for the Peg Leg project. Mr. Vroman has 15 years of experience in minerals
exploration including six years with Exxon Minerals where as Senior Minerals Geologist, he was responsible for planning
and implementing exploration projects throughout the western United States.
Quaterra will carry out geophysical surveys at Peg Leg during 2007 in advance of a possible drilling program.
-30Dr. Thomas Patton is the qualified person responsible for the preparation of this news release.
On behalf of the Board of Directors,
“Thomas Patton”
Thomas Patton, President, Quaterra Resources Inc.
Expanded information on the company’s projects is described on our website at or contact Jay
Oness at 1-888-456-1112, 604-681-9059 or email:
Statements contained in this news release that are not historical facts are forward-looking statements as the term is defined in the private securities
litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially
from estimated results. Quaterra relies upon litigation protection for forward-looking statements. The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.