Thompson Creek Changes Production Guidance For 2009

TORONTO - Thompson Creek Metals Company Inc. reported that due to unfavorable market conditions and reduced demand for molybdenum, the Company intends to reduce molybdenum production in 2009 from levels that were previously planned.
The Company is currently reviewing adjustments to production plans and at this time anticipates total molybdenum production of 20 to 24 million pounds in 2009, down from previous guidance of 31.5 to 34 million pounds.
"In response to the downturn in worldwide economic activity, the Company decided in December 2008 to reduce planned capital expenditures as part of an initiative to conserve cash and we are now taking the added step of reducing production levels," said Kevin Loughrey, Chairman and Chief Executive Officer.
"We are currently planning a temporary shutdown for about a month this summer in mining activity at both the Thompson Creek and Endako mines and there will be other production changes about which we will provide details at a later date after they are decided. The Company intends to remain flexible and adjust production as needed in response to changing market conditions."
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 also evaluating two high-grade underground molybdenum deposits, the Davidson Deposit near Smithers, B.C., and the Mount Emmons Deposit near Crested Butte, Colorado.
The companyÕs address is 401 Bay Street, Suite 2010, P.O. Box 118, Toronto, ON M5H 2Y4, (416) 860-1438, fax: 416-860-0813, email: [email protected].