Teck Cominco Limited

Teck Cominco Limited

March 07, 2008 09:00 ET

Teck Cominco Receives Regulatory Approval For Share Buy-Back Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 7, 2008) - Teck Cominco Limited (TSX - TCK.A; TCK.B; NYSE - TCK) has been informed that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid for its Class B subordinate voting shares. A previous notice of intention expired on February 21, 2008. Under the notice of intention just filed, Teck Cominco may purchase shares commencing on March 11, 2008 and until on the earlier of the date on which Teck Cominco has acquired 40 million shares and March 10, 2009. The 40 million shares represent 9.23% of Teck Cominco's 433,383,126 Class B subordinate voting shares outstanding as at February 28, 2008 or 9.47% of Teck Cominco's public float. Teck Cominco believes that share repurchases represent an appropriate use of cash not required for the acquisition or development of productive assets.

Purchases will be made through the facilities of the Toronto Stock Exchange from time to time at the prevailing market prices of the Class B shares as traded on the Exchange and any Class B shares purchased will be cancelled. Daily purchases will be limited to 802,700 shares. The actual number of Class B shares to be purchased and the timing of any such purchases will be determined by Teck Cominco from time to time as market conditions warrant. Teck Cominco purchased for cancellation 13,100,000 Class B subordinate voting shares under its prior share buy-back program, of which 11,100,000 were purchased at a weighted average price of $44.4902 per share in the 12 months preceding the date of the notice of intention just filed.

Teck Cominco Limited is a diversified mining company, headquartered in Vancouver, Canada. 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. The company is a significant producer of copper, zinc, metallurgical coal and specialty metals, and has interests in several oil sands development assets. Further information can be found at www.teckcominco.com.

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