THOMPSON CREEK ANNOUNCES COMPLETION OF $132 MILLION
EQUIPMENT FINANCING
Denver,
CO - March 31, 2011 - Thompson Creek Metals Company Inc. (NYSE: TC, TSX:
TCM, TCM.WT, TSX-V:TRX.WT, TRX.WT.A) (�Company� or �Thompson Creek�), a growing, diversified North
American mining company, today announced that it has completed a $132
million equipment financing facility with Cat Financial Services Limited
(�Cat Financial�), pursuant to which Cat Financial has agreed to
underwrite up to $132 million in mobile fleet equipment financing for
Thompson Creek�s Mt. Milligan copper-gold mine located in British
Columbia (the �Equipment Finance Facility�).
The equipment
fleet is expected to include haul trucks, shovels, drills, loaders,
dozers and other units of mining support equipment and is expected to be
delivered to the Mt. Milligan copper-gold mine throughout 2012.
Drawdowns against the Equipment Finance
Facility will occur as the equipment is delivered. Each drawdown
will be for a term of five years and will be secured by the underlying
equipment.
�We have
crossed another major milestone in the development of the Mt. Milligan
copper-gold mine and are extremely pleased to have Cat Financial endorse
the future Mt. Milligan mining operation. As previously
announced, we believe cash on hand, cash flow from operations, funds from
financing facilities and expected funds from the exercise of warrants
will be sufficient to fund the construction and development of the Mt.
Milligan copper-gold mine. We look forward to the completion of the
mine in late 2013,� said Kevin Loughrey,
Chairman and Chief Executive Officer of Thompson Creek.
Thompson
Creek also announced that it has selected Finning Canada (�Finning�) and
Bucyrus Canada Limited (�Bucyrus�) as mining equipment suppliers for the
Mt. Milligan project, pursuant to which Finning and Bucyrus will supply
mobile mining equipment, parts and equipment maintenance services to the
Mt. Milligan mine.
�We are proud
to have partnered with Finning and Bucyrus, leading equipment suppliers
in the mining sector, and look forward to working with them on the Mt.
Milligan project,� said Mr. Loughrey.
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 property in Colorado and the
Davidson molybdenum and Berg copper-molybdenum-silver properties in
northern British Columbia. Thompson Creek has approximately 928
employees. Its principal executive office is in Denver, Colorado,
and it also has offices in Vancouver, British Columbia and Toronto,
Ontario. 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 include: statements with respect to
future financial or operating performance of Thompson Creek or its
subsidiaries and it projects; statements regarding future inventory,
capital expenditures and exploration expenditures; 2011 operating
goals; and 2011 molybdenum prices.
Such factors include, among
others, risks related to general business, economic, competitive,
political and social uncertainties including the global economic
conditions, the volatility in molybdenum prices; 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; and failure of plant,
equipment or processes to operate as anticipated. Additional
factor s 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 Annual Report on
Form 10-K and subsequent documents filed on EDGAR at www.sec.gov and on SEDAR at www.sedar.com. 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.
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