TSX: TCM, TCM.WT
DENVER, April 25 /CNW/ - Thompson Creek Metals Company Inc. ("Company"
or "Thompson Creek"), a growing, diversified North American mining
company, today announced that it has terminated its Option Agreement
with U.S. Energy Corp. to acquire an interest in the Mount Emmons
molybdenum project located in Gunnison County, Colorado.
"We made the strategic decision to step back from the Mount Emmons
project and focus our efforts and resources on our Berg exploration
property located in British Columbia," stated Kevin Loughrey, Chairman
and Chief Executive Officer of Thompson Creek. "Berg represents an
attractive development project that potentially expands our molybdenum
production, but also can further our diversification efforts. The
measured and indicated resources for the Berg property include 3.3
billion pounds of copper, 412 million pounds of molybdenum, and 61
million ounces of silver. We have redirected the pre-feasibility
funding previously budgeted for Mount Emmons to Berg for an advanced
scoping study to be initiated in 2011," he added.
"In addition to Berg, we are continuing our work on the Endako Expansion
Project, which is scheduled for completion later this year, and the
construction and development of the Mt. Milligan copper-gold mine,
which is expected to commence production in late 2013. Endako and Mt.
Milligan are near-term catalysts that we expect will significantly
increase revenue, net income and shareholder value. Consequently, we
believe it is best to focus our efforts on these three projects and
allow U.S. Energy Corp. to develop Mount Emmons as they see fit," said
Mr. Loughrey continued, "We are proud to have partnered with U.S. Energy
Corp. They have been an excellent partner and we respect the work they
have done on the project. We continue to believe that the Mount Emmons
molybdenum project is a very good project that presents significant
opportunities for the local and state economies."
The termination of the Option Agreement will have no material impact on
the Company's financial statements.
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. The Company's development
projects include the Davidson molybdenum property and the Berg
copper-molybdenum-silver property, both located in northern British
Columbia. Thompson Creek has approximately 967 employees. Its principal
executive office is in Denver, Colorado and its Canadian administrative
office is in Vancouver, British Columbia. More information is available
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 its projects; future inventory, capital expenditures
and exploration expenditures; funding sources for the Mt. Milligan
development costs; 2011 operating goals; and 2011 molybdenum prices.
Such factors include, among others, risks related to general business,
economic, competitive, political and social uncertainties including
global economic conditions; volatility in molybdenum prices; labor cost
and materials cost fluctuations; foreign currency fluctuations; energy
price fluctuations; project delays; 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; and failure of plant, equipment or
processes to operate as anticipated. Additional factors 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.
SOURCE Thompson Creek Metals Company Inc.
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