SOURCE: Thompson Creek Metals Company
DENVER, CO--(Marketwired - Jan 29, 2014) - Thompson Creek Metals Company Inc. (NYSE: TC) (TSX: TCM) ("Thompson Creek" or the "Company") announced today that it has loaded its second ocean shipment of concentrate from its new Mt. Milligan Mine. Based on preliminary weights and assays upon ship loading, this shipment consisted of 10,066 dry metric tonnes of concentrate and contained approximately 5.5 million pounds of payable copper, 10,475 troy ounces of payable gold, and 19,223 troy ounces of payable silver. Average grades, based on preliminary assays, were 26% copper, 33 grams per tonne of gold and 66 grams per tonne of silver. The concentrate was loaded in Vancouver on January 23, 2014. The Company expects to receive a provisional payment for 90% of the value of the concentrate in February.
Jacques Perron, Chief Executive Officer of Thompson Creek, said, "Our second shipment of concentrate was significantly larger than our first and reflects the continued progress of the Mt. Milligan ramp-up. Going forward, we expect each of our shipments to be approximately 10,000 dry metric tonnes of concentrate. We are encouraged with the state of the ramp-up and continue to expect to reach commercial production during the first quarter of 2014, defined as operating the mill at 60% of design capacity for 30 days."
Under US GAAP, the Company's consolidated financial statements reflect Mt. Milligan revenue and costs in operating income beginning in the fourth quarter of 2013 rather than in start-up costs. This will adversely impact operating margins and Mt. Milligan unit cash costs for the fourth quarter of 2013 and the first quarter of 2014. The Company expects to report its 2013 financial results on February 20, 2014, and expects at such time to provide 2014 guidance for production, cash cost and capital spending for all of its operations.
About Thompson Creek Metals Company Inc.
Thompson Creek Metals Company Inc. is a diversified North American mining company. The Company's principal operating properties are its 100%-owned Mt. Milligan Mine, an open-pit copper and gold mine and concentrator in British Columbia, its 100%-owned Thompson Creek Mine, an open-pit molybdenum mine and concentrator in Idaho, its 75% joint venture interest in the Endako Mine, an open-pit molybdenum mine, concentrator and roaster in British Columbia, and the Langeloth Metallurgical Facility in Pennsylvania. The Company's development projects include the Berg property, a copper, molybdenum, and silver exploration property located in British Columbia and the Maze Lake property, a gold exploration project located in the Kivalliq District of Nunavut, Canada. The Company's principal executive office is located in Denver, Colorado. More information is available at www.thompsoncreekmetals.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains ''forward-looking statements'' within the meaning of the United States Private Securities Litigation Reform Act of 1995 Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and applicable Canadian securities legislation. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "future," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Our forward-looking statements include, without limitation, statements with respect to: future financial or operating performance of the Company or its subsidiaries and its projects; access to existing or future financing arrangements; future inventory, production, sales, cash costs, capital expenditures and exploration expenditures; future earnings and operating results; expected concentrate and recovery grades; estimates of mineral reserves and resources, including estimated mine life and annual production; statements as to the projected development of our projects, including expected commercial production commencement dates; future concentrate shipment dates and shipment sizes; future operating plans and goals; and future molybdenum, copper and gold prices.
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the section entitled "Risk Factors" in Thompson Creek's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed on EDGAR at www.sec.gov and on SEDAR at www.sedar.com. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors, currently unknown to us or deemed immaterial at the present time, that could cause results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.