Teck Resources Limited

Teck Resources Limited

August 06, 2009 16:30 ET

Teck Announces Proposed Sale of Morelos Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2009) - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) ("Teck") today announced that it has entered into an agreement with Gleichen Resources Ltd. (TSX VENTURE:GRL) ("Gleichen") for the sale of Teck's indirect 78.8% interest in the Morelos gold project in Mexico for US$150 million in cash plus Gleichen common shares that will constitute 4.9% of Gleichen's issued and outstanding shares as at closing. Completion of the transaction is subject to a financing condition in favour of Gleichen, to completion of legal and financial due diligence, and to other customary terms and conditions. Teck expects the transaction to close in the fourth quarter.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include statements concerning the proposed sale of Teck's interest in the Morelos project to Gleichen. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. These statements are based on a number of assumptions, including, among others, assumptions regarding the satisfaction of the conditions to the completion of the proposed transaction with Gleichen. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to differ materially.

Factors that may cause actual results to vary include, but are not limited to, risks relating to the settlement of definitive documentation and the fulfillment of other conditions precedent to the effectiveness of the amended bridge and term facilities and other risk factors as detailed from time to time in Teck's reports filed with Canadian securities administrators.

Certain of these risks are described in more detail in the annual information form of Teck and in its public filings with Canadian securities administrators. Teck does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

About Teck

Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. Further information about Teck can be found at www.teck.com.

Contact Information

  • Teck Resources Limited
    Greg Waller
    Vice President, Investor Relations & Strategic Analysis
    (604) 699-4014