Thompson Creek Metals Company Announces
Application Filed Relating to the Approval of Terrane
Acquisition
Denver,
CO - December 17, 2010 - Thompson Creek Metals Company Inc. (�Thompson
Creek� or �Company�) (NYSE:TC and TSX:TCM), announced that on December 16,
2010, it received a copy of a Notice of Application filed in the Federal
Court of Canada by the Nak'azdli First Nation
("Nak'azdli") seeking a judicial
review of the decision of the Canadian Minister of Industry approving the
Company's acquisition of Terrane Metals Corp.
("Terrane"). The acquisition
was completed on October 20, 2010.
Nak'azdli
claims that the Minister failed to consult adequately with Nak'azdli before approving the acquisition. The
Company is not named as a party to the judicial review and no claims are
made against the Company. The Company intends to take appropriate
steps to participate in the judicial review to the extent necessary to
ensure that the interests of the Company are protected.
Although the
Notice of Application states that Nak'azdli are
seeking a variety of remedies, including setting aside of the Minister's
decision, the Company does not believe that this judicial review
will have a material impact on the Company�s results of operations
or financial condition.
The Company
is committed to working with First Nations, including Nak'azdli,
concerning employment, training and other benefits in connection with the
Mt. Milligan Project.
About
Thompson Creek Metals Company Inc.
Thompson
Creek Metals Company Inc. is a growing, diversified North American mining
company. The Company produces molybdenum at its 100%-owned
Thompson Creek mine in Idaho and Langeloth
Metallurgical Facility in Pennsylvania and its 75%-owned Endako mine in northern British Columbia. The
Company is also in the process of constructing the Mt. Milligan
copper-gold mine in northern British Columbia, which is expected to
commence production in 2013. Among the Company�s development
projects are the Mount Emmons molybdenum deposit in Colorado and the
Davidson molybdenum and Berg copper-molybdenum-silver deposits in
northern British Columbia. Thompson Creek has approximately 875 employees.
Its principal executive office is in Denver, Colorado, and it also has
offices in Toronto, Ontario and Vancouver, British Columbia. More
information is available at www.thompsoncreekmetals.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains
��forward-looking information�� within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities legislation. Often, but not always,
forward-looking statements can be identified by the use of words such
as ��plans��, ��expects��, ��is expected��, ��budget��, ��scheduled��,
��estimates��, ��forecasts��, ��intends��, ��anticipates��, or
��believes�� or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
��may��, ��could��, ��would��, ��might�� or ��will�� be taken, occur or
be achieved or are �subject� to future events. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of
Thompson Creek and its subsidiaries to be materially different from any
future results,
performance or achievements expressed or implied by the forward-looking
statements. Examples of forward-looking information include, but
are not limited to: statements with respect to the future financial or
operating performance of Thompson Creek or its subsidiaries and its
projects; the estimation of mineral reserves and resources; the
realization of mineral reserve estimates; the timing and amount of
estimated future production; capital, operating and exploration
expenditures; the costs and timing of the development of new deposits
including Mt. Emmons, Davidson and Berg; the costs and timing of future
exploration; requirements for additional capital; the
expected increase in Thompson Creek�s share of annual production
resulting from the expansion of the Endako
mine; the benefits of the Terrane acquisition to Thompson Creek shareholders
(including the diversification of Thompson Creek�s assets; the benefits
of the gold stream transaction with Royal Gold; the ability to finance
future projects without equity dilution; and Thompson Creek�s potential
to obtain significant production growth by 2013); the achievement of
the mine plan at Mt. Milligan, including estimated mine life, expected
annual production, and creation of up to 400 direct permanent jobs;
Thompson Creek�s plans for funding of initial capital costs at Mt.
Milligan; the commissioning of a mine and mill complex at Mt. Milligan
in 2013; disruption to Thompson Creek�s business as a result of the Terrane acquisition; and Thompson Creek�s ability
to achieve its expected growth strategy.
Such factors include, among
others, risks related to general business, economic, competitive,
political and social uncertainties including the current global
recessionary economic conditions, the associated low molybdenum prices
and the levels of disruption and continuing illiquidity in the credit
markets; risks related to foreign currency fluctuations; energy prices
& fluctuations; title disputes or claims; limitations of insurance
coverage; changes in governmental regulation of mining operations; risks
related to the volatility of Thompson Creek�s share price; changes in
environmental regulation; the actual results of current exploration
activities; actual results of reclamation activities; conclusions of
economic evaluations; changes in project parameters as plans continue
to be refined; possible variations of ore grade or recovery rates; impurities and toxic substances in
the mined material, failure of plant, equipment or processes to operate as
anticipated; the age of the Langeloth
Facility; structural integrity and old equipment at the Endako Mine; accidents, labor disputes and other
risks of the mining industry; access to skilled labor; relations with
employees; dependence upon key management personnel and executives;
political instability, insurrection or war; disruption of
transportation services; increased transportation costs and delays in
obtaining governmental permits and approvals, or financing or in the
completion of development or construction activities. Additional factors that could cause Thompson Creek�s results to
differ from those described in the forward-looking information can be
found in the section entitled ��Risk Factors�� in Thompson Creek�s
current Annual Report on Form 10-K, and subsequent documents filed on EDGAR at www.sec.gov and on SEDAR at www.sedar.com. Although Thompson Creek
has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated, estimated
or intended. Forward-looking statements contained herein are made as of
the date of this news release and Thompson Creek disclaims any
obligation to update any forward-looking statements, whether a result of new information,
future events or results or otherwise, except as required by law.
There can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.
Readers should refer to Thompson
Creek�s current Annual Report on Form 10-K, as amended, which is
available on SEDAR at www.sedar.com and EDGAR at www.sec.gov and other continuous disclosure documents available at www.sedar.com and www.sec.gov for further information on ore reserves and mineralized
material, which is subject to the qualifications and notes set forth
therein.
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