Thompson Creek announces 30% increase in molybdenum mineral reserves and new
16-year mine plan for Thompson Creek Mine
NYSE: TCTSX: TCM, TCM.WT Frankfurt: A6R
"The drilling results are a positive development for the Company. We found additional mineable areas, particularly within the western wall of the existing pit, resulting in a 30% increase in contained molybdenum in proven and probable mineral reserves compared with the 2007 estimate," said
"As a result, we have adopted a new 16-year mine plan to replace the previous 10-year plan. Adjusting for differing molybdenum price forecasts, starting points and mining production schedules, the economic value of the new plan exceeds that of the old,"
The updated mineral resources and reserves were estimated by mine staff and audited by
Thompson Creek Mine's proven and probable mineral reserves are estimated at 164.6 million tons at an average grade of 0.084% Mo containing 277.2 million pounds of molybdenum. The estimate is as of
These mineral reserves consist of proven reserves of 91.8 million tons at an average grade of 0.094% Mo and probable reserves of 72.8 million tons at an average grade of 0.072% Mo.
The mineral reserves are included in a revised estimate of measured and indicated mineral resources, which totals 326.4 million tons at an average grade of 0.068% Mo and contained Mo of 444.6 million pounds, using a cut-off grade of 0.03% Mo. This includes measured mineral resources of 132.4 million tons at an average grade of 0.084% Mo and indicated mineral resources of 194.0 million tons at an average grade of 0.057% Mo.
The Thompson Creek Mine also has additional estimated inferred mineral resources of 29.1 million tons at an average grade of 0.042% Mo.
The new estimates of mineral resources and reserves were audited by John T. Postle, M.Sc., P.Eng.,
The new mine plan, which replaces a previous 10-year plan published in 2007, calls for the production of 247.6 million pounds of molybdenum over 16 years and is based on a pit design including previously planned Phases 6 and 7 and a revised Phase 8. Phase 8 had previously focused on mining reserves in the east wall of the pit but has been revised to include the mining of added proven and probable mineral reserves identified by definition drilling in the west wall of the pit.
The new mine plan assumes a return to full capacity utilization of the mill at the Thompson Creek Mine by
Details of the new estimates and mine plan are available in a National Instrument 43-101 technical report that is being filed on SEDAR (www.sedar.com). A SEC-compliant technical report is also being filed on EDGAR at www.sec.gov.
The previous estimates for the Thompson Creek Mine compiled by mine staff and audited by
The mineral reserves were included in the previously estimated measured and indicated resources of 255.9 million tons at an average grade of 0.076% Mo and contained molybdenum of 391.5 million pounds. In addition, there were estimated inferred mineral resources of 153.7 million tons at an average grade of 0.043% Mo.
The 2007 estimates of mineral resources and reserves were audited by William E. Roscoe, Ph.D., P.Eng. and John T. Postle, M.Sc., P.Eng., both of whom are qualified persons as defined in National Instrument 43-101.
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 metallurgical roasting facility in Langeloth, Pennsylvania and a 75% share of the Endako open-pit mine, mill and roasting facility in northern British Columbia. Thompson Creek is evaluating the Mount Emmons Deposit, a high-grade underground molybdenum deposit near Crested Butte, Colorado. Thompson Creek has an option to acquire up to 75% of the Mount Emmons Deposit. The Company is continuing to pursue permitting of the Davidson Deposit, a high-grade underground molybdenum deposit near Smithers, B.C. The Company has approximately 750 employees. Its principal executive office is in
Cautionary Note Regarding Forward-Looking Statements ----------------------------------------------------
This news release contains "forward-looking information" within the meaning of the
Cautionary Note to United States Investors Concerning Estimates of ------------------------------------------------------------------ Measured, Indicated and Inferred Resources. -------------------------------------------
This news release uses the terms "Measured", "Indicated" and "Inferred" Resources.
Readers should refer to Thompson Creek's current annual information form which is available on SEDAR at www.sedar.com and is incorporated in its Annual Report on Form 40-F filed with the SEC 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.
For further information: Wayne Cheveldayoff, Director of Investor Relations, Thompson Creek Metals Company Inc., Tel: (416) 860-1438, Toll free: 1-800-827-0992, [email protected]; Dan Symons, Renmark Financial Communications Inc., Tel.: (514) 939-3989, [email protected]
Share this article