Thompson Creek Metals Company Inc. ("Thompson Creek") (TSX:
TCM)(NYSE: TC) and Terrane Metals Corp. ("Terrane") (TSX VENTURE:
TRX) jointly announce that the procedures for closing the
previously announced Plan of Arrangement (the "Arrangement") have
commenced and are expected to be complete at 10 A.M. PST today.
The common shares of Terrane have been halted from trading on
the TSX Venture Exchange pending completion of the closing. The
common share purchase warrants of Terrane will continue to
trade.
Further details regarding the terms of the Arrangement are set
out in Terrane's Notice of Special Meeting and Management
Information Circular dated August 23, 2010, which is available on
SEDAR at www.sedar.com.
About Thompson Creek Metals Company Inc.
Thompson Creek Metals Company Inc. is one of the largest
publicly traded, pure molybdenum producers in the world. Thompson
Creek 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 evaluating
the Mount Emmons Deposit, a high-grade underground molybdenum
deposit near Crested Butte, Colorado. Thompson Creek has an option
to acquire up to 75% of the property. The Company is continuing to
pursue permitting of the Davidson Deposit, a high-grade underground
molybdenum deposit near Smithers, B.C. Thompson Creek has
approximately 875 employees. Its principal executive office is in
Denver, Colorado, and it also has an office in Toronto, Ontario.
More information is available at www.thompsoncreekmetals.com.
About Terrane Metals Corp.
Terrane Metals Corp. is an exploration and mine development
company focused on the development of the Mt. Milligan copper-gold
and Berg copper-molybdenum-silver projects in British Columbia,
Canada. Goldcorp Inc. (GG: NYSE; G: TSX) owns a 52.4% equity
interest in Terrane on a fully diluted basis. More information is
available at www.terranemetals.com.
Terrane Technical Disclosure
For further information on the Mt. Milligan project, please see
Terrane's "Technical Report - Feasibility Update Mt. Milligan
Property - Northern BC", completed by Wardrop, a Tetra Tech
Company, effective October 13, 2009, and press release dated
October 13, 2009. For further information on the Berg project,
please see Terrane's "2009 Mineral Resource Estimate on the Berg
Copper-Molybdenum-Silver Property, Tahtsa Range, British Columbia",
completed by Equity Exploration Consultants Ltd., and Terrane
Metals Corp., June 2009, and press release dated May 19, 2009.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved or are "subject" to future
events. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Thompson Creek, its subsidiaries and
Terrane to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Examples of forward-looking information
include, but are not limited to: statements with respect to the
future financial or operating performance of Thompson Creek, its
subsidiaries or Terrane, and their projects; the estimation of
mineral reserves and resources; the realization of mineral reserve
estimates; the timing and amount of estimated future production;
capital, operating and exploration expenditures; the costs and
timing of the development of new deposits including Mt. Emmons,
Davidson and Berg; the costs and timing of future exploration;
requirements for additional capital; the expected increase in
Thompson Creek's share of annual production resulting from the
expansion of the Endako mine; the benefits of the Terrane
acquisition to Thompson Creek shareholders (including the
diversification of Thompson Creek's assets; the benefits of the
gold stream transaction with Royal Gold; the ability to finance
future projects without equity dilution; and Thompson Creek's
potential to obtain significant production growth by 2013); the
achievement of the mine plan at Mt. Milligan, including estimated
mine life, expected annual production, and creation of up to 400
direct permanent jobs; Thompson Creek's plans for funding of
initial capital costs at Mt. Milligan; the commissioning of a mine
and mill complex at Mt. Milligan in 2013; disruption to Thompson
Creek's business as a result of the Terrane acquisition; and
Thompson Creek's ability to achieve its expected growth
strategy.
Such factors include, among others, risks related to general
business, economic, competitive, political and social uncertainties
including the current global recessionary economic conditions, the
associated low molybdenum prices and the levels of disruption and
continuing illiquidity in the credit markets; risks related to
foreign currency fluctuations; energy prices & fluctuations;
title disputes or claims; limitations of insurance coverage;
changes in governmental regulation of mining operations; risks
related to the volatility of Thompson Creek's share price; changes
in environmental regulation; the actual results of current
exploration activities; actual results of reclamation activities;
conclusions of economic evaluations; changes in project parameters
as plans continue to be refined; possible variations of ore grade
or recovery rates; impurities and toxic substances in the mined
material, failure of plant, equipment or processes to operate as
anticipated; the age of the Langeloth Facility; structural
integrity and old equipment at the Endako Mine; accidents, labor
disputes and other risks of the mining industry; access to skilled
labor; relations with employees; dependence upon key management
personnel and executives; political instability, insurrection or
war; disruption of transportation services; increased
transportation costs and delays in obtaining governmental permits
and approvals, or financing or in the completion of development or
construction activities. Additional factors that could cause
Thompson Creek's results to differ from those described in the
forward-looking information can be found in the section entitled
"Risk Factors" in Thompson Creek's current Annual Report on Form
10-K, as amended, and subsequent documents filed on EDGAR at
www.sec.gov and on SEDAR at www.sedar.com. Although Thompson Creek
has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended. Forward-looking statements
contained herein are made as of the date of this news release and
Thompson Creek disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by law.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements.
Readers should refer to Thompson Creek's current Annual Report
on Form 10-K, as amended, which is available on SEDAR at
www.sedar.com and EDGAR at www.sec.gov and other continuous
disclosure documents available at www.sedar.com and www.sec.gov for
further information on ore reserves and mineralized material, which
is subject to the qualifications and notes set forth therein.
The forward-looking statements in this press release also
include statements regarding the intention of Thompson Creek, its
subsidiaries and Terrane to complete the plan of arrangement and
the benefits expected to be obtained by completing the plan of
arrangement. The forward-looking statements are based on reasonable
assumptions, including that Thompson Creek, its subsidiaries and
Terrane will be able to satisfy all conditions required to complete
the plan of arrangement. Although Thompson Cree, its subsidiaries
and Terrane believe the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking
statements. Forward looking statements are based on the beliefs,
estimates and opinions of management of each of Thompson Creek, its
subsidiaries and Terrane on the date the statements are made.
Thompson Creek, its subsidiaries and Terrane undertake no
obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors,
should change, except as required by law.
Completion of the plan of arrangement is subject to a number of
conditions. There can be no assurance that the transaction will be
completed as proposed or at all.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Thompson Creek Metals Company Inc. Pamela Solly
Director Investor Relations (303) 762-3526 psolly@tcrk.com
www.thompsoncreekmetals.com Renmark Financial Communications Inc.
Christine Stewart (416) 644-2020 cstewart@renmarkfinanical.com
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