Teck Resources Limited

Teck Resources Limited

October 18, 2016 21:04 ET

Teck to Acquire 100% of Teena/Reward Zinc Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 18, 2016) - Teck Resources Limited ("Teck", TSX: TCK.A and TCK.B, NYSE: TCK) announced today that a wholly owned subsidiary has exercised a right of first refusal to acquire the 49% interest held by Rox Resources Limited ("Rox")(ASX:RXL) in the Teena/Reward zinc project, which is already subject to Teck's right to earn an additional 19% interest. The consideration will consist of AUD$10.6 million in cash (or AUD$8.0 million in cash and AUD$3.6 million in freely trading securities) payable on closing, a three year AUD$5.25 million interest bearing promissory note, and a further AUD$3.75 million in cash payable on the earlier of six years from the closing date or completion of a bankable feasibility study for the project. Closing of the transaction is subject to customary conditions, including definitive documentation. On closing, Teck will hold a 100% interest in the Teena project.

Teena is located 8 kilometres west of Glencore's MacArthur River Mine in the Northern Territory of Australia, within one of the world's premier zinc provinces. Teck's subsidiary optioned the property from Rox in 2011 and discovered Teena in 2013.

Forward-Looking Statements

This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as "forward-looking statements"). The forward-looking statements in this news release relate to the closing of the purchase of the 49% interest in the Teena/Reward zinc project. These statements are based on the assumption that the conditions to closing, including settlement of definitive documentation, are satisfied. Factors that may cause the expected closing to not take place include, but are not limited to, an inability to settle definitive documents, and closing conditions, including accuracy of representations and warranties, not being satisfied.

About Teck

Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc 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. Learn more about Teck at www.teck.com or follow @TeckResources.

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