THOMPSON CREEK ANNOUNCES THIRD QUARTER

2011 FINANCIAL RESULTS

Thompson Creek Metals Company Inc. (NYSE: TC, TSX: TCM, TSX-V:TRX.WT)
(�Company� or �Thompson Creek�), a growing, diversified, North American mining company, today announced financial results for the three and nine months ended September 30, 2011 prepared in accordance with United States generally accepted accounting principles (�US GAAP�). All dollar amounts are in United States (�US�) dollars unless otherwise indicated.

�Thompson Creek�s third quarter financial performance was generally in line with our previously announced guidance for 2011 performance,� said Kevin Loughrey, Chairman and Chief Executive Officer.  �Necessary pit sequencing at the Thompson Creek mine has resulted in higher volume, grade, and production in the first half of the year, and reduced performance in all of these areas in the second half of the year of 2011.  For the nine months ended September 30, 2011, revenue was up 26.1% to $552.4 million, cash flow from operations was up 44.4% to $181.6 million, and total molybdenum sold was up 16.7% to 32.0 million pounds.  Third quarter performance was also impacted by non-cash unrealized foreign exchange losses due to the strengthening of the US$ against the C$,� added Mr. Loughrey.

The Company�s average realized molybdenum sales price for the third quarter of 2011 increased slightly to $15.64 per pound from $15.30 per pound in the third quarter of 2010.  �We anticipate that over the balance of 2011 our average price for molybdenum sales will likely be lower than our year-to-date average due to price weakness experienced in the fourth quarter,� said Mr. Loughrey.  �For the fourth quarter of 2011, while we expect production, grade, and cash costs to be very similar at the Endako mine and improved at the Thompson Creek mine compared to the third quarter, the combination of the lower molybdenum prices and increased sales of lower margin third party purchased and processed molybdenum will likely impact performance for the fourth quarter.  We continue to believe our full year performance will remain within our previously announced guidance,� added Mr. Loughrey.

Financial Highlights:

• Revenue for the third quarter of 2011 was $154.8 million, compared to $161.8 million for the third quarter of 2010.  Sales volumes for the third quarter of 2011 were 9.6 million pounds of molybdenum, compared to 10.3 million pounds for the third quarter of 2010. 
  
  Revenue for the nine months ended September 30, 2011 was $552.4 million, compared to $438.0 million for the same period in 2010.  Sales volumes for the nine months ended September 30, 2011 were 32.0 million pounds of molybdenum, compared to 27.5 million pounds for the same period in 2010.
• Losses on foreign exchange for the third quarter of 2011 were $23.9 million, or $0.14 per basic and diluted share, which included a non-cash unrealized foreign exchange loss of $20.5 million, or $0.12 per basic and diluted share.  The foreign exchange loss was the result of the strengthening of the US$ against the C$. This compares to a foreign exchange gain of $6.7 million, or $0.05 per basic and diluted share, for the third quarter of 2010.
  
  Losses on foreign exchange for the nine months ended September 30, 2011 were $21.8 million, or $0.13 per basic and diluted share, which included a non-cash unrealized foreign exchange loss of $20.5 million, or $0.12 per basic and diluted share.  This compares to a foreign exchange gain of $8.0 million, or $0.06 per basic and $0.05 per diluted share, for the same period in 2010.
• Net Income for the third quarter of 2011 was $45.6 million, or $0.27 per basic and diluted share, compared to $31.1 million, or $0.22 per basic and diluted share for the third quarter of 2010.  Net income for the third quarter of 2011 included a non-cash unrealized gain on common stock warrants of $42.0 million, or $0.25 per basic and diluted share.  Net income for the third quarter of 2010 included a non-cash unrealized loss on common stock warrants of $20.5 million, or $0.15 per basic and $0.14 per diluted share.
  
  Net income for the nine months ended September 30, 2011 was $291.3 million, or $1.75 per basic and $1.67 per diluted share, compared to $158.7 million, or $1.14 per basic and $1.08 per diluted share for the same period in 2010.  Net income for the nine months ended September 30, 2011 included a non-cash unrealized gain of $168.4 million, or $1.01 per basic and $0.96 per diluted share.  Net income for the nine months ended September 30, 2010 included a non-cash unrealized gain of $29.8 million, or $0.21 per basic and $0.20 per diluted share.
• Non-GAAP Adjusted Net Income for the third quarter of 2011 (excluding the non-cash unrealized gain on the warrants) was $3.6 million, or $0.02 per basic and diluted share, compared to $51.6 million, or $0.37 per basic and $0.36 per diluted share for the third quarter of 2010 (excluding the non-cash unrealized loss on the warrants).  Non-GAAP adjusted net income for the nine months ended September 30, 2011 (excluding the non-cash unrealized gain on the warrants) was $122.9 million, or $0.74 per basic and $0.70 per diluted share, compared to $128.9 million, or $0.92 per basic and $0.88 per diluted share for the same period in 2010 (excluding the non-cash unrealized gain on the warrants).
  
  The Company�s net income continues to be affected by the previously disclosed requirements under US GAAP to account for the Company�s outstanding common stock warrants as a derivative liability, with changes in the fair market value recorded in net income.
• Molybdenum Production for the third quarter of 2011 was 3.7 million pounds, compared to 8.0 million pounds for the third quarter of 2010.  Molybdenum production for the nine months ended September 30, 2011 was 24.0 million pounds, compared to 23.3 million pounds for the same period in 2010.
• Non-GAAP Average Cash Cost Per Pound Produced for the third quarter of 2011 was $15.62 per pound, compared to $6.24 per pound for the third quarter of 2010.  Non-GAAP average cash cost per pound produced for the nine months ending September 30, 2011 was $7.09 per pound, compared to $6.17 per pound for the same period of 2010.
• Cash Flow from Operations was $51.4 million for the third quarter of 2011, compared to $59.0 million for the third quarter of 2010.  Cash flow from operations for the 2011 third quarter continued to be relatively strong despite mine pit sequencing activities and increased costs at the Thompson Creek Mine.  Cash flow from operations for the nine months ended September 30, 2011 was $181.6 million, compared to $125.8 for the same period of 2010.
• Capital Costs for the first nine months ended September 30, 2011 were $555.3 million, comprised of $341.1 million for the development of Mt. Milligan, $171.1 million for the Endako mill expansion project (which represents Thompson Creek�s 75% share), and $43.1 million for the Endako and Thompson Creek mines, the Langeloth facility and corporate combined.  The capital costs for the first nine months of 2011 included an increase in amounts accrued of $63.0 million and accrued capitalized interest of $9.8 million at September 30, 2011; therefore cash used for capital expenditures for the first nine months of 2011 was $482.5 million.
• Cash, Cash Equivalents and Short-term Investments as of September 30, 2011 were $365.4 million, compared to $316.0 million as of December 31, 2010.  Total debt as of September 30, 2011 was $368.0 million, compared to $22.0 million as of December 31, 2010.

On October 24, 2011, Thompson Creek�s warrants expired unexercised as the Company�s common stock trading price on the TSX was below the C$9.00 exercise price.  As a result, subsequent to October 24, 2011 there will not be any non-cash unrealized gains and losses on the Company�s common stock purchase warrants that expired on such date in the income statement.  The 2012 Terrane warrants remain outstanding and the Company will continue to record unrealized gains and losses on those warrants until such warrants are exercised or expire.

At September 30, 2011, Thompson Creek had working capital of $407.6 million, including $365.4 million of cash, cash equivalents and short-term investments, $93.7 million of receivables, and $5.6 million of current debt primarily related to mining equipment financings.  The Company intends to fund the remaining mill expansion costs at the Endako Mine and the Mt. Milligan development costs from a combination of cash on hand, cash flow from operations, funds from various financing facilities, the remaining proceeds from the gold stream transaction with Royal Gold and other financing options currently being pursued.