DENVER, CO, Feb. 7, 2012 /CNW/ - Thompson Creek Metals Company Inc.
("Company" or "Thompson Creek"), a growing, diversified, North American
mining company, today announced that the commissioning of the Company's
new Endako mill is complete and that commercial production was achieved
on February 1, 2012. For the first five days of February, the new mill
was running at or above its design capacity of 55,000 tons per day, a
77% increase over the old mill's capacity of 31,000 tons per day. The
construction of the regrind circuit for the new mill is still in
process and is expected to be completed by the end of the first quarter
of 2012. In the interim, the Company is utilizing the cleaner and
regrind circuit in the old mill. The Company also reaffirmed 2012
production guidance for its 75% share of the Endako mine of
approximately 10 - 11 million pounds of molybdenum and cash cost
guidance of approximately $8.25 - $9.25 per pound.
"We are extremely pleased to have achieved the full design tonnage for
the new mill just 20 days into the commissioning and start-up process,"
said Kevin Loughrey, Chairman and Chief Executive Officer of Thompson
Creek. "Our employees, contractors, and suppliers have performed an
outstanding job meeting the many challenges necessary to reach
operational and commercial production so quickly. We continue to make
significant progress and ramp up production, and we anticipate full
production will be achieved in the second quarter of 2012. Once at full
production, the Endako mine is expected to increase molybdenum
production from approximately 10 million pounds per year to
approximately 16 million pounds per year (100% basis)," added Mr.
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 central British Columbia, which is
expected to commence production in 2013. The Company's development
projects include the Berg copper-molybdenum-silver property and the
Davidson molybdenum property, both located in central British
Columbia. Thompson Creek has approximately 970 employees. Its
principal executive office is in Denver, Colorado and its Canadian
administrative office is in Vancouver, British Columbia. More
information is available at www.thompsoncreekmetals.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release (including information
incorporated by reference) are ''forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934 and applicable Canadian securities
legislation. These forward-looking statements generally are identified
by the words "believe," "project," "expect," "anticipate," "estimate,"
"intend," "strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result," and
similar expressions. Our forward looking statements include, without
limitation: estimates of future capital expenditures and other cash
needs for operations, including with respect to the Endako mill
expansion and the development of Mt. Milligan, and expectations as to
the funding thereof; statements as to the projected development of the
Endako mill expansion, Mt. Milligan and other projects, including
expected production commencement dates; statements regarding future
earnings, and the sensitivity of earnings to molybdenum prices;
estimates of future production costs and other expenses for specific
operations and on a consolidated basis; estimates of future mineral
production and sales for specific operations and on a consolidated
basis; estimates of mineral reserves and resources, including estimated
mine life and annual production; estimates as to commodity prices; and
statements with respect to the future financial or operating
performance of Thompson Creek or its subsidiaries and its projects.
Where we express an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, our forward-looking
statements are based on current expectations and assumptions that are
subject to risks and uncertainties which may cause actual results to
differ materially from future results expressed, projected or implied
by those forward-looking statements. Important factors that could
cause actual results and events to differ from those described in such
forward-looking statements can be found in the section entitled ''Risk
Factors'' in Thompson Creek's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and other documents filed on EDGAR at www.sec.gov and on SEDAR at www.sedar.com. Although we have attempted to identify those factors that could cause
actual results or events to differ from those described in such
forward-looking statements, there may be other factors that cause
results or events to differ from those anticipated, estimated or
intended. Many of these factors are beyond TCM's ability to control or
predict. Given these uncertainties, the reader is cautioned not to
place undue reliance on our forward-looking statements. We undertake
no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events, or
SOURCE Thompson Creek Metals Company Inc.
For further information:
Director, Investor Relations
Thompson Creek Metals Company Inc.
Tel: (303) 762-3526
Renmark Financial Communications Inc.
Tel: (416) 644-2020