Thompson Creek Advancing Mt. Milligan Project

DENVER, CO - "During the first quarter of 2012, we completed the Endako mill expansion project in British Colombia, which is currently performing exceptionally well and is expected to meet design specifications in the near future," said Kevin Loughrey, Chairman and CEO of Thompson Creek Metals Company. "We also continued to advance our Mt. Milligan copper-gold project, which remains on schedule for completion in the third quarter of 2013 and commercial production in the fourth quarter of 2013. As we continue our transition from a pure molybdenum producer into a diversified base metals company, we are very optimistic about the long-term prospects for our Company, our business, and the commodity markets," added Loughrey.

The first quarter 2012 results were impacted by significantly lower production, higher unit costs, higher unit depreciation and lower sales volumes and average realized prices compared to the first quarter of 2011, as well as significant stripping costs at the Thompson Creek mine associated with ongoing mine pit sequencing.

"Through continued optimization we expect to make up for the lower production throughout the remainder of 2012 and to meet our previously announced 2012 production guidance from the Endako mine of approximately 14 to 15 million pounds of molybdenum on a 100% basis, or 10 to 11 million pounds for the Company's 75% share," said Loughrey. "We anticipate meeting our total 2012 production guidance of approximately 26 to 28 million pounds of molybdenum; however, due to inflationary pressures on energy and consumables, we are currently tracking to the higher range of the Company's current 2012 average cash cost guidance of approximately $7.75 to $9.00 per pound produced. Despite our efforts to aggressively manage costs, inflationary pressures may cause actual costs to vary from current guidance. Additionally, the Company's operating performance for the first half of 2012 is expected to be less than the operating performance for the second half of 2012. Production is expected to be higher in the second half of 2012 due to the anticipated ramp-up of production from the newly completed mill, together with the improved ore accessibility at the Thompson Creek mine. Waste stripping activities at the Thompson Creek mine are expected to continue throughout 2012 and 2013," added Loughrey.

The company's address is 26 West Dry Creek Circle, Suite 810, Littleton, CO 80120, (303) 761-8801, fax: (303) 761-7420, email: [email protected].