Thompson Creek Reports 2009 Operating Plans

TORONTO, ON - Thompson Creek Metals Company Inc. reported additional information concerning its plans to reduce molybdenum production and conserve cash in 2009.
"Thompson Creek has taken the necessary steps to adjust production and reduce costs and capital spending in response to the lower demand for molybdenum and generally unfavorable market conditions," said Kevin Loughrey, Chairman and Chief Executive Officer.
"The changes we have adopted, along with the Company's substantial cash balances and low debt, put Thompson Creek in a better position to continue operating at both mines during the worldwide economic downturn. We intend to remain flexible and ready to adjust our production higher or lower if there are substantial changes in market conditions in the future."
The Company announced on January 27, 2009 that its molybdenum production is expected to be 20 to 24 million pounds in 2009, down from previous guidance of 31.5 to 34 million pounds. The Company now has completed a review of mine operation plans and currently expects this year's Thompson Creek Mine production to be 15 to 17 million pounds and its 75% share of Endako Mine production to be 5 to 7 million pounds.
The planned production adjustments include a reduction in mill operation to 70% of capacity (a 10 days on, four days off schedule) at the Thompson Creek Mine beginning mid-April and a temporary shutdown for about a month this summer at both the Thompson Creek and Endako mines.
The Company's sales of molybdenum produced at its own mines are expected to be 20 to 24 million pounds in 2009.
For 2009, Thompson Creek currently expects sustaining capital expenditures at both mines and the Langeloth Metallurgical Facility will total $38 million. In addition, the Company's share of expansion capital expenditures at the Endako Mine is now expected to be $22 million in 2009. The Endako expansion project has been suspended until the molybdenum market improves.
The Company's cash balances were $258 million and outstanding debt was $17.3 million as at December 31, 2008. Cash balances as of February 16, 2009 were approximately $271 million.
The company's 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].