Teck Cominco Limited

Teck Cominco Limited

November 11, 2008 15:48 ET

Teck Responds to Market Rumours

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 11, 2008) - Teck Cominco Limited (TSX: TCK.A and TCK.B, NYSE: TCK) today responded to rumours that it is in the process of undertaking an equity offering. Teck is not currently contemplating issuing equity securities. Teck is developing a comprehensive plan to reduce the bridge debt incurred on the acquisition of the assets of Fording Canadian Coal Trust, focused initially on paying down a substantial portion of the bridge debt through the next two quarters using strong cash flows in which Teck has confidence based on the fixed price nature of Teck's coal sales, previously announced copper hedging transactions and expected cash tax refunds. Teck is concurrently taking steps to contain operating costs, to reduce sustaining capital spending, to reduce development capital spending and to defer projects, and is evaluating a number of potential asset sale alternatives. Teck intends to access the debt capital markets to refinance the balance of the bridge debt as these other initiatives progress and as market conditions permit.

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) and comparable legislation in other jurisdictions. 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 statements as to management's plans concerning the reduction and refinancing of debt incurred in connection with the acquisition of the assets of Fording, and management's expectations with respect to Teck's future cash flows. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, credit market conditions, and future actions of contractual counterparties and taxation authorities. 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 or conditions in commodities, credit and financial markets, operational risks common to Teck's mining and processing operations 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 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. Teck is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold and specialty metals. Further information can be found at www.teck.com.

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