THOMPSON CREEK ANNOUNCES CHANGES TO PRODUCTION ESTIMATES FOR 2007
Toronto, Ontario, December 12, 2007, Thompson Creek Metals Company Inc. TSX : TCM / NYSE : TC, one of the world's largest publicly traded, pure molybdenum producers, today announced revisions to its molybdenum production estimates for 2007. Production estimates for 2008 and 2009 remain unchanged.
Total production of molybdenum at the Thompson Creek Mine and the Company's 75% share of molybdenum production at the Endako Mine is currently estimated at approximately 3.0 million pounds in the fourth quarter of 2007. The Company previously estimated fourth-quarter production at between 4.5 and 5 million pounds. For 2007, the Company expects molybdenum production of 15.9 million pounds versus a previous estimate of between 17.5 and 18 million pounds.
At the Endako Mine, the Company's 75% share of molybdenum production is now estimated at 1.2 million pounds in the fourth quarter of 2007, compared with a previous estimate of between 1.9 and 2.1 million pounds. Production for 2007 is estimated at 6.8 million pounds versus a previous estimate of between 7.5 and 7.7 million pounds.
Molybdenum production at the Endako Mine has been negatively affected in the fourth quarter by a rock slide on November 12 that interrupted production of ore from the Endako Pit. Since then, the mill has continued to operate and produce molybdenum, with ore sourced from the Denak West Pit and the mine's stockpile. However, due to a higher moisture content of the ore from both sources, the mill has not been able to run at full capacity and that, along with the lower average grade of the ore being processed, has reduced the pace of molybdenum production from the mill. The shovel that was partially covered by the slide is being repaired and is expected to be fully operational by the end of December.
As a result of the slide, the Company is currently reviewing the Endako Mine plan for 2008 but does not see any reason at this time to change its prior forecast of between 7.5 and 8.5 million pounds for its 75% share of molybdenum production from the mine. The Company will provide an update on its 2008 production guidance when the mine plan has been finalized.
Production of molybdenum from the Thompson Creek Mine is now expected to be 1.8 million pounds in the fourth quarter of 2007 versus a previous estimate of between 2.6 and 2.9 million pounds. Production has been less than expected because, since mining of the stockpile ceased and mining of Phase 6 ore began in October, it is taking longer than expected to access the higher-grade areas of the ore body. In addition, the ore has been harder than average and this is resulting in a lower-than-expected amount of ore processed by the mill. Molybdenum production at the mine is now estimated to be 9.1 million pounds in 2007 versus a previous estimate of between 10.0 and 10.3 million pounds.
While fourth-quarter molybdenum production has been lower than expected, the Company does not foresee at this time any impact on planned production for the Thompson Creek Mine in 2008, which the Company continues to estimate at between 16.5 and 17.0 million pounds.
The Company also continues to expect its molybdenum production in 2009 will be in excess of 34 million pounds as the Thompson Creek Mine accesses the highest-grade areas of its ore body. Production at the Thompson Creek Mine in 2009 is expected to be approximately 26 million pounds, while the Company's 75% share of production at the Endako mine is estimated at approximately 8 million pounds.
About Thompson Creek Metals Company Inc.
Thompson Creek Metals Company Inc. (formerly Blue Pearl Mining Ltd.) 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 head office is in Toronto, Ontario. It also has executive offices in Denver, Colorado (including sales and marketing) and Vancouver, British Columbia. More information is available at www.thompsoncreekmetals.com.
For more information, please contact:
Ian McDonald
Executive Chairman
Thompson Creek Metals Company Inc.
Tel: 416-860-1438
info@tcrk.com
Wayne Cheveldayoff,
Director of Investor Relations
Thompson Creek Metals Company Inc.
Tel: 416-860-1438
Toll free: 1-800-827-0992
wcheveldayoff@tcrk.com
Renmark Financial Communications Inc.
Tina Cameron : tcameron@renmarkfinancial.com
Neil Murray-Lyon : nmurraylyon@renmarkfinancial.com
Media - Adam Ross : aross@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.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 from 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, estima
ted 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 WWW.SEC.GOV FOR FURTHER INFORMATION ON MINERAL RESERVES AND MINERAL RESOURCES, WHICH IS SUBJECT TO THE QUALIFICATIONS AND NOTES SET FORTH THEREIN.