Thompson Creek Metals Company to Place Endako Molybdenum Mine on Temporary Suspension

DENVER, CO--(Marketwired - Dec 10, 2014) - Thompson Creek Metals Company Inc. (NYSE: TC) (TSX: TCM) ("Thompson Creek" or the "Company") announced today that it and its joint venture partner, Sojitz Moly Resources, Inc. ("Sojitz"), have agreed to place the Endako molybdenum mine on temporary suspension effective December 31, 2014, due to continued weakness in the molybdenum market. Thompson Creek holds a 75% interest in the Endako Mine, and Sojitz holds the remaining 25% interest. 

Approximately 50% of salaried employees at the Endako Mine will be terminated, resulting in estimated severance costs of approximately C$1.7 million. Hourly employees at the Mine were notified today that their employment will be temporarily suspended in sixty days, and will remain so suspended while the Mine is on temporary suspension. 

Jacques Perron, President and Chief Executive Officer of Thompson Creek, commented, "We expected that the operational improvements that we implemented in 2014 would have been sufficient to keep the Endako Mine operating profitably during this prolonged volatility in the molybdenum market, but as a result of the current and expected molybdenum price weakness in the near term, we have no other option but to place the Mine on temporary suspension. We will continue to closely monitor market conditions and re-evaluate the status of the Mine as market conditions warrant. We would like to express our gratitude to our employees, joint venture partner and all stakeholders during this challenging time."

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 TC 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.