Thompson Creek announces 30% increase in molybdenum mineral reserves and new 16-year mine plan for Thompson Creek Mine

Thompson Creek announces 30% increase in molybdenum mineral reserves and new
16-year mine plan for Thompson Creek Mine

NYSE: TC
TSX: TCM, TCM.WT
Frankfurt: A6R

TORONTO, Nov. 5 /PRNewswire-FirstCall/ - Thompson Creek Metals Company Inc.
("Company"), one of the world's largest publicly traded, pure molybdenum
producers, today announced new estimates for mineral resources and reserves
and a new 16-year mine plan at its Thompson Creek Mine in Idaho. The new
estimates are based on definition drilling conducted at the mine since the
previous estimates were published in 2007.
"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 Kevin
Loughrey, Chairman and Chief Executive Officer.
"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," Mr. Loughrey stated.
The updated mineral resources and reserves were estimated by mine staff and
audited by Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") in
accordance with the CIM Definition Standards. The mineral reserves have been
estimated using a cut-off grade of 0.03% Mo and an average long-term
molybdenum price of US$10 per pound. These were the same assumptions used for
the 2007 estimates, which were also audited by Scott Wilson RPA. The 2009
estimates also used updated costs.
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 May 31, 2009.
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., Christopher Moreton, Ph.D., P.Geo. and Kevin Scott,
P.Eng., all of Scott Wilson RPA, and all of whom are qualified persons as
defined in National Instrument 43-101. Messrs. Postle, Moreton and Scott have
reviewed and approved the contents of this news release.
Scott Wilson RPA also reviewed the Company's new 16-year mine plan and
concluded that "the production targets, mine operating cost forecasts, and the
capital cost forecast are reasonable."
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 January 2010. The mill's production rate was
reduced to approximately 70% of full capacity in March 2009 due to economic
conditions. The Company announced on November 5, 2009 that the mill has been
operating at 78% of full capacity since September 2009 and is scheduled to
operate at full capacity in January 2010.
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 Scott Wilson RPA as of September 30, 2007 showed proven and
probable mineral reserves of 108.9 million tons at an average grade of 0.098%
Mo containing 213.5 million pounds of molybdenum.
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 Denver, Colorado, and it also has an office
in 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 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 the future price of
molybdenum, the estimation of mineral reserves and resources, the realization
of mineral reserve estimates and those factors discussed in the section
entitled "Risk Factors" in 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 United States Securities and Exchange
Commission 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, estimated 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.

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. United States investors are advised that while such terms are
recognized and required by Canadian regulations, the United States Securities
and Exchange Commission does not recognize them. "Inferred Mineral Resources"
have a great amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or any part of
an Inferred Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form the basis
of feasibility or other economic studies. United States investors are
cautioned not to assume that all or any part of Measured or Indicated Mineral
Resources will ever be converted into Mineral Reserves. United States
investors are also cautioned not to assume that all or any part of an Inferred
Mineral Resource exists, or is economically or legally mineable.

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.

CONTACT: Wayne Cheveldayoff, Director of Investor Relations, Thompson Creek
Metals Company Inc., Tel: (416) 860-1438, Toll free: 1-800-827-0992,
wcheveldayoff@tcrk.com; Dan Symons, Renmark Financial Communications Inc.,
Tel.: (514) 939-3989, dsymons@renmarkfinancial.com

SOURCE Thompson Creek Metals Company Inc.

Wayne Cheveldayoff, Director of Investor Relations, Thompson Creek Metals
Company Inc., Tel: (416) 860-1438, Toll free: 1-800-827-0992,
wcheveldayoff@tcrk.com; Dan Symons, Renmark Financial Communications Inc.,
Tel.: (514) 939-3989, dsymons@renmarkfinancial.com