Thompson
Creek Metals Company Announces Entry Into New Credit
Agreement
Thompson Creek Metals Company Inc.
("Thompson Creek" or "Company") (NYSE:TC and TSX:TCM), today announced that it has executed a senior secured
revolving credit agreement (the "Credit Agreement"). The Credit
Agreement provides for a four-year revolving credit facility (the "Credit
Facility") in the original amount of $290 million and permits the Company
to increase the size of the Credit Facility to $300 million at any time. Up to
$100 million of the Credit Facility will be available for letters of credit,
and up to $30 million will be available for swingline
loans. The Credit Facility will be available for borrowings by the Company in
U.S. dollars and Canadian dollars. The Credit Facility will terminate and all
amounts outstanding thereunder will be due and
payable on December 10, 2014.
"We are very pleased with the clear showing of support and confidence from
the banking community," said Kevin Loughrey, the
Company's Chairman and Chief Executive Officer. "This Credit Facility
provides Thompson Creek with the financial flexibility to continue executing
its business and financial strategies."
Proceeds under the Credit Facility will be used for general corporate purposes,
including capital expenditures relating to the Company's mill expansion project
at its Endako mine in British Columbia and its
copper-gold mine construction project at Mt. Milligan in British Columbia.
JPMorgan Chase Bank, N.A. acted as administrative agent for the Credit
Facility, with Royal Bank of Canada as syndication agent and J.P. Morgan
Securities LLC and RBC Capital Markets as joint bookrunners
and joint lead arrangers. In addition, BBVA Compass, Deutsche Bank AG (Canada
Branch), Standard Bank and Soci�t� G�n�rale (Canada Branch) acted as documentation agents for
the Credit Facility. The Company will be filing a current report on Form 8-K
with the Securities and Exchange Commission which will include a copy of the
new Credit Agreement.
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, as amended, 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 as 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.
For more information, please contact:
Pamela Solly
Director Investor Relations
Thompson Creek Metals Company Inc.
Tel: (303) 762-3526
psolly@tcrk.com