Teck Cominco Limited

Teck Cominco Limited

October 13, 2008 19:36 ET

Teck Announces Sale of Fording Units

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2008) - Teck Cominco Limited announced today that it has entered into an agreement with a Canadian chartered bank pursuant to which the bank has agreed to purchase approximately 27.6 million units of Fording Canadian Coal Trust held by Teck. Teck intends to use the proceeds of the sale to fund a portion of the cash payment in respect of Teck's purchase of all of the assets of Fording, which is expected to close on October 30. The purchase price to be paid per Fording unit will be US$83.30, subject to adjustment after closing of the Teck/Fording transaction based on the volume weighted average price of Teck Class B subordinate voting shares. Under the agreement, if the Teck/Fording transaction does not close by November 5, 2008, the bank will settle its obligation to pay for the Fording units based on the weighted average price of Fording Units on the New York Stock Exchange during the following 20 day period.

Following completion of the unit sale, Teck will own approximately 1.85 million Fording units, which it has agreed to sell to an affiliate of Ontario Teachers Pension Plan Board, under a separate agreement announced on July 29, 2008.

Based on the current Teck share price, Teck expects that the aggregate net proceeds from the two transactions will be approximately US$2.4 billion.

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 and information can be identified by the use of words such as "expects", "intends", "is expected", "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur, or be achieved.

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 estimates, forecasts, and statements as to management's expectations concerning the acquisition of the assets of Fording and the timing and financing of that acquisition. 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 general business and economic conditions and credit market conditions. 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 changes in interest and currency exchange rates, changes in general economic conditions, credit risk or changes in conditions in credit and financial markets 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.

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