THOMPSON CREEK ANNOUNCES REVISED 2008 ENDAKO PRODUCTION GUIDANCE AND 2007 PRODUCTION AMOUNTS
Toronto, Ontario, February 19, 2008 - Thompson Creek Metals Company Inc. NYSE: TC , TSX: TCM , TCM.WT , Frankfurt: A6R one of the world's largest publicly traded, pure molybdenum producers, today announced a revised 2008 molybdenum production estimate for its Endako Mine and 2007 fourth-quarter and full-year molybdenum production amounts for both of its mines.
Revised Production Estimate for 2008
The Company forecasts its 75% share of molybdenum production from the Endako Mine in 2008 will be between 6.5 and 7.5 million pounds, compared with the prior estimate of between 7.5 and 8.5 million pounds. This revised guidance is based on a new mine plan necessitated by a pit-wall slide experienced last November at the mine's Endako Pit.
At the time of the slide, some of the ore for the mill was being produced from the Denak West Pit. That production has been increased with excellent results, allowing the mine to complete 2007 production above its December 12, 2007 guidance. Since the beginning of January, most of the ore for the mill has come from the Denak West Pit, supplemented when necessary from the mine's stockpile.
To ensure continued flexibility in ore production at Endako, the Company has decided to immediately purchase four new 240-ton haul trucks for delivery this summer instead of in 2009 as originally scheduled. These trucks will allow the mine to produce full time from the Denak West Pit and to continue the stripping program necessary to maintain orderly mine development. For the interim, the Company has engaged a contractor to provide trucking services beginning in March until the new trucks are delivered.
The Company has also decided to proceed with its previous plans for the installation later this year of an overland conveyor to haul ore from the Denak West Pit to the mill, and the associated movement of the in-pit crusher from the Endako Pit to the Denak West Pit.
Endako management has been working with regulatory authorities to obtain approval to resume mining in the Endako Pit. Once that approval is obtained, management will have the option to resume mining in the Endako Pit. In the unlikely event that approval is not obtained, the Company will continue to mine ore primarily from the Denak West Pit as it is now doing. In either case, the revised molybdenum production guidance for 2008 of between 6.5 and 7.5 million pounds remains the same, and the previous production guidance for 2009 of approximately 8 million pounds also is unchanged.
"The Endako management has done an excellent job of revising its mine plan," said Kevin Loughrey, Chairman and Chief Executive Officer. "This new plan allows us to achieve 2008 production very close to our previous estimate, whether or not we return to the Endako Pit. If we do not mine additional material this year from the Endako Pit, we will begin further development work there that will allow us to recover that ore later in the life of the mine while we are at the same time producing ore from the Denak West Pit as planned.
"At the Thompson Creek Mine, where we expect a gradual rise in the ore grade throughout the year, there is no change in the guidance. We continue to forecast that molybdenum production will be between 16.5 and 17.0 million pounds in 2008," Mr. Loughrey said.
The Company's total production of molybdenum (including its production at the Thompson Creek Mine and its 75% share of production at Endako) is now expected to be between 23 and 24.5 million pounds in 2008, compared with the previous estimate of between 24 and 25.5 million pounds.
For 2009, the Company continues to expect its total molybdenum production will be in excess of 34 million pounds. Production at the Thompson Creek Mine in 2009 is forecast to rise to approximately 26 million pounds as the mine produces from the higher-grade areas of its ore body, while the Company's 75% share of production at the Endako mine is estimated at approximately 8 million pounds.
Molybenum Production in 2007
The Company's total production of molybdenum was 3.4 million pounds in the fourth quarter of 2007. This included production at the Thompson Creek Mine and the Company's 75% share of production at the Endako Mine. In a December 12, 2007 news release, the Company had estimated fourth-quarter production at approximately 3.0 million pounds. For 2007, the Company's molybdenum production was 16.3 million pounds, compared with the December 12, 2007 estimate of 15.9 million pounds.
At the Endako Mine, the Company's 75% share of molybdenum production was 1.5 million pounds in the fourth quarter of 2007 and 7.1 million pounds for the 2007 full year versus the previous estimates of 1.2 million pounds and 6.8 million pounds, respectively.
Production of molybdenum from the Thompson Creek Mine was 1.9 million pounds in the fourth quarter of 2007 and 9.2 million pounds for the 2007 full year, compared with the previous estimates of 1.8 million pounds and 9.1 million pounds, respectively.
About Thompson Creek Metals Company Inc.
Thompson Creek Metals Company Inc. is one of the largest publicly traded, pure molybdenum producers in the world. The Company owns the Thompson Creek open-pit molybdenum mine and mill in Idaho, a 75% share of the Endako open-pit mine, mill and roasting facility in northern British Columbia, and a metallurgical roasting facility in Langeloth, Pennsylvania. Thompson Creek is also developing the Davidson high-grade underground molybdenum project near Smithers, B.C. The Company has more than 700 employees. Its principal executive office is in Denver, Colorado, and it has other executive 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 which may include, but is not limited to, statements with respect to the timing and amount of estimated future production. 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. 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/or its subsidiaries to be materially different fro
m any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those factors discussed in the section entitled "Risk Factors" in Thompson Creek's annual information form for the year ended December 31, 2006 and dated March 26, 2007 which is available on SEDAR at www.sedar.com and is incorporated in its Registration Statement on Form 40-F filed with the United States Securities and Exchange Commission on October 30, 2007 which is available at www.sec.gov. 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 does not undertake to update any such forward-looking statements, except in accordance with applicable securities laws. 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, readers are cautioned not to place undue reliance on forward-looking statements.
Readers should refer to Thompson Creek's annual information form for the year ended December 31, 2006 and dated March 26, 2007 which is available on SEDAR at www.sedar.com and is incorporated in its Registration Statement on Form 40-F filed with the SEC on October 30, 2007 which is available at www.sec.gov and subsequent continuous disclosure documents available at www.sedar.com and ww
w.sec.gov for further information on mineral reserves and mineral resources, which is subject to the qualifications and notes set forth therein.
For more information, please contact:
DIRECTOR OF INVESTOR RELATIONS
THOMPSON CREEK METALS COMPANY INC.
TOLL FREE: 1-800-827-0992
RENMARK FINANCIAL COMMUNICATIONS INC.
DAN SYMONS : DSYMONS@RENMARKFINANCIAL.COM
NEIL MURRAY-LYON : NMURRAYLYON@RENMARKFINANCIAL.COM
MEDIA: ADAM ROSS: AROSS@RENMARKFINANCIAL.COM&NBSP;
FAX : (514) 939-3717