Mortgage Lending News: Thompson Creek Metals (TSX:TCM) says new reserves add years to B.C. moly mine’s life

VANCOUVER, BC (September 13, 2011) Clearlease Financial Reports Thompson Creek Metals Company Inc. (TSX:TCM) said Sept 13 it’s increasing the reserve estimate for its Endako molybdenum operation in British Columbia by nine per cent, extending its life by nearly two years to 2028.

The mine and mill near Fraser Lake, B.C., currently produce about 11 million pounds a year of the base metal, which is used primarily in steel production.

The company said Monday it now estimates Endako, which is 75 per cent owned by Thompson Creek, has 312.2 million pounds of molybdenum, up nine per cent from the previous estimate of 286.2 million pounds.

The reserves were calculated using an estimated long-term molybdenum price of C$13.50 per pound, or US$12 per pound — making the additional reserves worth about C$350 million and total reserves worth $4.2 billion.

“The updated reserves estimate illustrates the significant value of the Endako mine,” said Kevin Loughrey, Thompson Creek’s chairman and chief executive.

“The current report has revised our reserves estimates as a result of improved engineering, refined geological modeling and new drilling data. We believe the resource base at the Endako mine will continue to expand with our 2011 drilling program and future exploration.”

Thompson Creek is currently building a new mill that is expected to increase throughput to 55,000 tons per day from 31,000. The mill is scheduled for completion in the first quarter of 2012.

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