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Terra Ventures Inc.: TERRA PARTNER HATHOR DRILLS 46 METRES GRADING 3.25% U3O8 AT MIDWEST NORTHEAST PROPERTY

Vancouver, BC – October 2, 2008 -- Terra Ventures Inc. (TSX-V: TAS) is pleased to provide an update on the Midwest NorthEast Uranium property in which Terra owns a 10% production carried interest.

In a press release dated October 2, 2008, Hathor reported: “Hathor Exploration Ltd. is releasing more significant assay results for basement-hosted uranium mineralization in diamond drill holes MWNE-08-33, MWNE-08-34 and MWNE-08-35.

For a complete list of assay results for drill holes MWNE-08-33 through MWNE-08-35, all recently completed during the summer 2008 drill program on Hathor's 90-per-cent-owned Midwest NorthEast project, and a drill hole location map, please visit Hathor's website.

Highlights from U3O8 assayed core-length intervals (using a cut-off grade of 0.05 per cent U3O8)

Drill hole MWNE-08-33:
• 46 metres grading 3.25 per cent U3O8, consisting of 7.0 metres grading 11.99 per cent U3O8 from 314.5 to 321.5 metres core length, 4.5 metres grading less than 0.01 per cent U3O8 from 321.5 to 326.0 metres core length and 34.5 metres grading 1.89 per cent U3O8 from 326.0 to 360.5 metres core length.

Drill hole MWNE-08-34:
• 6.5 metres grading 8.93 per cent U3O8 from 309.0 to 315.5 metres core length;
• 3.0 metres grading 1.74 per cent U3O8 from 318.5 to 321.5 metres core length;
• 12.0 metres grading 0.69 per cent U3O8 from 327.5 to 339.5 metres core length;
• 1.5 metres grading 0.15 per cent U3O8 from 345.0 to 346.5 metres core length;
• 1.0 metres grading 0.42 per cent U3O8 from 348.5 to 349.5 metres core length

Drill hole MWNE-08-35:
• 1.5 metres grading 0.08 per cent U3O8 from 303.5 to 305.0 metres core length;
• 1.5 metres grading 2.70 per cent U3O8 from 312.0 to 313.5 metres core length.

FIVE HIGHEST INDIVIDUAL CORE INTERVAL (i) U3O8 ASSAY RESULTS

Drill hole From (m) To (m) Interval (m) U3O8 (wt %)

MWNE-08-33 316.0 316.5 0.5 29.7
MWNE-08-33 316.5 317.0 0.5 23.2
MWNE-08-34 312.5 313.0 0.5 20.9
MWNE-08-34 313.0 313.5 0.5 41.8
MWNE-08-34 313.5 314.0 0.5 34.7

(i) The reader is cautioned that all intersections reported are downhole, core-length intervals and true thickness of mineralization is yet to be determined.

Vertical depth to the unconformity is approximately 210 to 215 metres. The high-grade uranium mineralization encountered in these drill holes occurs in basement rocks that are a heterogeneous mix of variably clay-altered to clay-replaced pelitic gneiss, graphitic pelitic gneiss, granitic pegmatite and microgranite.

Drill core samples were analyzed for U3O8 at the geoanalytical laboratories of the Saskatchewan Research Council (SRC) in Saskatoon, Sask. The facilities used for the analysis operate in accordance with ISO/IEC 17025:2005 (CAN-P-4E). The samples were analyzed using ISO/IEC 17025:2005-accredited U3O8 method. Laboratory method quality controls included the insertion of certified reference materials applicable for the ranges of mineralization encountered and duplicate samples. In addition to the laboratory duplicates, reject repeat analyses were performed on every 20th sample and a number of reinserted, blind one-fourth core duplicate samples. All repeat samples had good reproducibility. All samples are being analyzed for a suite of other elements, including nickel, cobalt, copper and lead. Further assay results for the balance of the summer drill program will be released by Hathor as they are received from the SRC.

The Roughrider zone was discovered in February, 2008. During the winter drill program, Hathor completed 10,654 metres in 29 NQ-sized, vertical and angled diamond drill holes. The summer diamond drill program comprised 13 drill holes totalling 5,296 metres. Anomalous radioactivity was encountered in 11 of the summer drill holes. Hathor's management believes that the Roughrider zone remains open in all dimensions and that, in particular, the potential for classic, unconformity-style uranium mineralization occurring at or above the sub-Athabasca unconformity (as suggested by detailed resistivity and gravity geophysical surveys) remains untested.

Terra Ventures owns a 10-per-cent carried interest in the Midwest NorthEast property.

With capital resources in excess of $27-million, Hathor continues to aggressively advance its portfolio of Athabasca region uranium exploration projects. This area accounts for approximately 23 per cent of the world's annual mine production of uranium. All of this production comes from unconformity-style uranium ore deposits -- the highest-grade uranium ore deposits in the world.

Benjamin Ainsworth, PEng, a director of the company and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.”

Terra Ventures is a junior exploration company focused on acquiring and developing quality uranium projects which have world class potential. The Company is dedicated to building shareholder value by acquiring strategic uranium properties in this period of strengthening global demand for uranium supply. The Company's combination of strategic land positions, advanced stage projects and no risk carried interest projects - combined with technical expertise and management's fundraising ability – are the foundation for growth in the uranium business.

For further particulars about Terra Ventures, please contact Gunther Roehlig, President, at 1-866-683-0911 or visit the Company’s website at www.terrauranium.com.

On behalf of the board of directors of

TERRA VENTURES INC.

“Gunther Roehlig”

Gunther Roehlig, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.


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