Mt. Milligan Ramp-Up Continues To Advance

DENVER, CO - Jacques Perron, Chief Executive Officer of Thompson Creek Metals Company Inc., said, "We are pleased with our much improved financial performance for the quarter, as well as year-to-date. For the quarter, we had revenue of $229.3 million, cash flow from operations of $83.0 million, and operating income of $63.8 million. We ended the quarter with $266.6 million of cash, an increase of 23% from the last quarter."

The Mt. Milligan ramp-up continued to advance in the third quarter, with improved copper and gold recoveries of 83.1% and 66.6%, respectively. The Company has been conducting a variety of tests to determine the impact of additional crushing to achieve, and potentially exceed, current design mill throughput of 60,000 tonnes per day. Further tests are expected to be performed through November utilizing various blends of crushed material in order to assist in determining the best course of action for throughput optimization. The Company expects to make a final capital investment decision by year-end and announce its decision in January 2015.

"We are pleased with our progress at Mt. Milligan and continue to track to our previously announced 2014 production and unit cost guidance," said Perron. "During the quarter, gold production increased to 60,366 ounces, up 63% from the second quarter of 2014. We achieved unit costs for copper of $0.77 per pound on a by-product basis and $1.80 per pound on a co-product basis. Unit cost for gold on a co-product basis was $477 per ounce. We continue to believe that the Mt. Milligan Mine will consistently achieve approximately 80% of the designed mill throughput of 60,000 tonnes per day by year-end," said Perron.

The Company's molybdenum operations contributed $124.3 million to total revenue in the third quarter, primarily as a result of a higher average realized sales price of $13.94 per pound, up 35.3% from $10.30 per pound in the third quarter of 2013. At the TC Mine, mining of Phase 7 ore was completed in August and the Company expects to process stockpiled ore through the remainder of this year. Thereafter, the mine will be placed on care and maintenance. However, while in care and maintenance, the Company intends to conduct limited stripping operations for the next phase of mining. "This limited stripping plan will enable us to maintain the optionality of the mine with a reduced workforce, while continuing to evaluate viable alternatives for the next stage of mining," added Perron.