November 21, 2008

Thompson Creek announces approval for Endako expansion

Thompson Creek Metals Company Inc announced that its board of directors has approved plans to expand capacity at the Endako Mine from 28,000 to 50,000 tonnes of ore per day beginning in 2010.

The Company expects its capital expenditures related to the expansion project during the period 2008 to 2010 will be CAD 280 million 75% of the feasibility study estimate of CAD 373.6 million plus ongoing sustaining capital spending.

Thompson Creek expects it will have sufficient cash flow from existing operations to fund its share of the expansion as well as to meet the capital requirements anticipated at other properties.

Annual molybdenum production as a result of the expansion at the Endako Mine is expected initially to be about 17 million pounds and will decline within two years of the start up to approximately 16 million pounds.

Mr Kevin Loughrey chairman & CEO of Thompson Creek said that "Our estimates show that the Endako expansion will add to Thompson Creek's profitability and provide an attractive rate of return in the coming years even using price assumptions that are well below the current price of molybdenum.” He added that "The expansion project also involves a needed modernization of the mill, which has been in operation since 1965 and ensures we will have an efficient processing operation at Endako that will be beneficial for the long term."

The Endako Mine is operated as a joint venture with Thompson Creek holding a 75% interest and Sojitz Corporation, a Japanese company, holding the remaining 25% interest.