TORONTO, Nov. 5 /CNW/ -- Thompson Creek Metals Company Inc. ("Company"), one of the world's largest publicly traded, pure molybdenum producers, today announced new estimates for mineral resources and reserves and a new 16-year mine plan at its Thompson Creek Mine in Idaho. The new estimates are based on definition drilling conducted at the mine since the previous estimates were published in 2007.

"The drilling results are a positive development for the Company. We found additional mineable areas, particularly within the western wall of the existing pit, resulting in a 30% increase in contained molybdenum in proven and probable mineral reserves compared with the 2007 estimate," said Kevin Loughrey, Chairman and Chief Executive Officer.

"As a result, we have adopted a new 16-year mine plan to replace the previous 10-year plan. Adjusting for differing molybdenum price forecasts, starting points and mining production schedules, the economic value of the new plan exceeds that of the old," Mr. Loughrey stated.

The updated mineral resources and reserves were estimated by mine staff and audited by Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") in accordance with the CIM Definition Standards. The mineral reserves have been estimated using a cut-off grade of 0.03% Mo and an average long-term molybdenum price of US$10 per pound. These were the same assumptions used for the 2007 estimates, which were also audited by Scott Wilson RPA. The 2009 estimates also used updated costs.

Thompson Creek Mine's proven and probable mineral reserves are estimated at 164.6 million tons at an average grade of 0.084% Mo containing 277.2 million pounds of molybdenum. The estimate is as of May 31, 2009.

These mineral reserves consist of proven reserves of 91.8 million tons at an average grade of 0.094% Mo and probable reserves of 72.8 million tons at an average grade of 0.072% Mo.

The mineral reserves are included in a revised estimate of measured and indicated mineral resources, which totals 326.4 million tons at an average grade of 0.068% Mo and contained Mo of 444.6 million pounds, using a cut-off grade of 0.03% Mo. This includes measured mineral resources of 132.4 million tons at an average grade of 0.084% Mo and indicated mineral resources of 194.0 million tons at an average grade of 0.057% Mo.

The Thompson Creek Mine also has additional estimated inferred mineral resources of 29.1 million tons at an average grade of 0.042% Mo.

The new estimates of mineral resources and reserves were audited by John T. Postle, M.Sc., P.Eng., Christopher Moreton, Ph.D., P.Geo. and Kevin Scott, P.Eng., all of Scott Wilson RPA, and all of whom are qualified persons as defined in National Instrument 43-101. Messrs. Postle, Moreton and Scott have reviewed and approved the contents of this news release.

Scott Wilson RPA also reviewed the Company's new 16-year mine plan and concluded that "the production targets, mine operating cost forecasts, and the capital cost forecast are reasonable."

The new mine plan, which replaces a previous 10-year plan published in 2007, calls for the production of 247.6 million pounds of molybdenum over 16 years and is based on a pit design including previously planned Phases 6 and 7 and a revised Phase 8.