Ms. Pamela Solly reports

THOMPSON CREEK ANNOUNCES FIRST QUARTER 2012 FINANCIAL RESULTS

Thompson Creek Metals Company Inc. has released financial results for the three months ended March 31, 2012, prepared in accordance with U.S. generally accepted accounting principles. All dollar amounts are in U.S. dollars unless otherwise indicated.

Thompson Creek reported net income of $1.1-million, or one cent per basic and diluted share for the first quarter of 2012. The company's operating results reflected an operating loss of $16.5-million due to lower production and higher costs in connection with the start-up and commissioning of the new mill at the Endako mine. This operating loss was more than offset by a foreign exchange gain and an income tax benefit. The first quarter 2012 financial results included the company's 75-per-cent share of an aggregate lower-of-cost or market product inventory writedown at the Endako mine of $11.1-million and $2.3-million of the company's share of Endako commissioning and start-up costs that were expensed through operating expenses and included in the company's share of total estimated capital expenditures of approximately $500-million (Canadian). These final figures update the previously announced preliminary figures of approximately $12-million and $3-million, respectively. The first quarter 2012 results were impacted by significantly lower production, higher unit costs, higher unit depreciation and lower sales volumes, and average realized prices, compared with the first quarter of 2011, as well as significant stripping costs at the Thompson Creek mine associated with the continuing mine sequencing.

"Through continued optimization, we expect to make up for the lower production throughout the remainder of 2012 and to meet our previously announced 2012 production guidance from the Endako mine of approximately 14 [million] to 15 million pounds of molybdenum on a 100-per-cent basis, or 10 [million] to 11 million pounds for the company's 75-per-cent share," said Kevin Loughrey, chairman and chief executive officer of Thompson Creek. "We anticipate meeting our total 2012 production guidance of approximately 26 [million] to 28 million pounds of molybdenum; however, due to inflationary pressures on energy and consumables, we are currently tracking to the higher range of the company's current 2012 average cash cost guidance of approximately $7.75 to $9 per pound produced. Despite our efforts to aggressively manage costs, inflationary pressures may cause actual costs to vary from current guidance. Additionally, the company's operating performance for the first half of 2012 is expected to be less than the operating performance for the second half of 2012. Production is expected to be higher in the second half of 2012 due to the anticipated ramp-up of production from the newly completed mill, together with the improved ore accessibility at the Thompson Creek mine. Waste-stripping activities at the Thompson Creek mine are expected to continue throughout 2012 and 2013," added Mr. Loughrey.

"During the first quarter of 2012, we completed the Endako mill expansion project, which is currently performing exceptionally well and is expected to meet design specifications in the near future," said Mr. Loughrey. "We also continued to advance our Mount Milligan copper-gold project, which remains on schedule for completion in the third quarter of 2013 and commercial production in the fourth quarter of 2013. As we continue our transition from a pure molybdenum producer into a diversified base metals company, we are very optimistic about the long-term prospects for our company, our business and the commodity markets," added Mr. Loughrey.

Financial highlights:

• Revenue for the first quarter of 2012 was $113.6-million, compared with $206.7-million for the first quarter of 2011.
• Sales volume from the company's mines for the first quarter of 2012 was 4.9 million pounds of molybdenum, compared with 10.1 million pounds of molybdenum in the first quarter of 2011.
• The average realized sales price for molybdenum for the first quarter of 2012 was $14.74 per pound, compared with $17.39 per pound in the first quarter of 2011.
• Foreign exchange gain for the first quarter of 2012 was $6.6-million (of which $3.5-million was an unrealized gain), compared with a foreign exchange loss of $300,000 in the first quarter of 2011.
• Net income for the first quarter of 2012 was $1.1-million, or one cent per basic and diluted share, which included a non-cash unrealized loss on common stock purchase warrants of $100,000, or nil per share. Net income for the first quarter of 2011 was $128.9-million, or 78 cents per basic and 73 cents per diluted share, which included a non-cash unrealized gain on common stock purchase warrants of $66.0-million, or 40 cents per basic and 37 cents per diluted share.
• Non-generally accepted accounting principles adjusted net income for the first quarter of 2012 (excluding the non-cash unrealized loss on the warrants) was $1.2-million, or one cent per basic and diluted share, compared with non-GAAP adjusted net income for the first quarter of 2011 (excluding the non-cash unrealized gain on the warrants) of $62.9-million, or 38 cents per basic and 36 cents per diluted share.
• Molybdenum production for the first quarter of 2012 was 4.4 million pounds, compared with 10.3 million pounds in the first quarter of 2011.
• Non-GAAP weighted average cash cost per pound produced for the first quarter of 2012 was $12.95 per pound, compared with $5.37 per pound for the first quarter of 2011.
• Cash flow from operations for the first quarter of 2012 was $3.1-million, compared with $76.6-million for the first quarter of 2011.
• Capital costs incurred for the first quarter of 2012 were $208.2-million, composed of $164.8-million for the development of Mount Milligan, $37.5-million of capital costs for the Endako mill expansion project (which represents the company's 75-per-cent share), and $5.9-million of other capital costs for the Endako and Thompson Creek mines, the Langeloth facility, and corporate combined. The capital costs for the first quarter of 2012 included increases in accrued amounts of $20.3-million; therefore, cash used for capital expenditures for the first quarter of 2012 was $187.9-million.
• Total cash and cash equivalents at March 31, 2012, were $162.7-million, compared with $294.5-million as of Dec. 31, 2011. Total debt as of March 31, 2012, including capital lease obligations, was $373.2-million, compared with $374.9-million as of Dec. 31, 2011.

                  
       SELECTED CONSOLIDATED FINANCIAL AND OPERATIONAL INFORMATION        
       (U.S. $ in millions except per share and per pound amounts)                  

                                                        Three months ended
                                                               March 31,     
                                                             2012     2011
Financial
Revenues
Molybdenum sales                                           $109.6   $202.4
Tolling, calcining and other                                  4.0      4.3
Total revenues                                              113.6    206.7
Costs and expenses
Operating expenses                                          102.4     98.0
Depreciation, depletion and amortization                     16.8     18.4
Total cost of sales                                         119.2    116.4
Selling and marketing                                         1.5      2.4
Accretion expense                                             0.5      0.5
General and administrative                                    8.1      7.9
Exploration                                                   0.8      3.6
Total costs and expenses                                    130.1    130.8
Operating (loss) income                                     (16.5)    75.9
Other income                                                 (5.5)   (65.0)
(Loss) income before income and mining taxes                (11.0)   140.9
Income and mining taxes (benefit) expense                   (12.1)    12.0
Net income                                                 $  1.1  $ 128.9
Net income per share
Basic                                                      $ 0.01  $  0.78
Diluted                                                    $ 0.01  $  0.73
Cash generated by operating activities                     $  3.1  $  76.6
Adjusted non-GAAP measures (1)
Adjusted net income (1)                                    $  1.2  $  62.9
Adjusted net income per share, basic (1)                   $ 0.01  $  0.38
Adjusted net income per share, diluted (1)                 $ 0.01  $  0.36
Operational statistics
Mined molybdenum production (000s lb) (2)                   4,424   10,329
Cash cost ($/lb produced) (3)                              $12.95  $  5.37
Molybdenum sold (000s lb)
Thompson Creek and Endako mine product                      4,871   10,060
Purchased and processed product                             2,567    1,580
Total                                                       7,438   11,640
Average realized sales price ($/lb) (1)                    $14.74  $ 17.39

(1) Non-generally accepted accounting principles financial 
measure. 
(2) Mined production pounds reflected are molybdenum oxide 
and high-performance molybdenum disulphide from the 
company's share of production from the mines; excludes 
molybdenum processed from purchased product. 
(3) Weighted average of Thompson Creek mine and Endako mine
(75-per-cent share) cash costs (mining, milling, mine site 
administration, roasting and packaging) for molybdenum oxide 
and HPM produced in the period, including all stripping costs. 
Cash cost excludes the effect of purchase price adjustments, 
the effects of changes in inventory, corporate allocations, 
stock-based compensation, other non-cash employee benefits, 
depreciation, depletion, amortization and accretion, and 
commissioning and start-up costs for the Endako mill. The 
cash cost for the Thompson Creek mine, which only produces 
molybdenum sulphide and HPM on site, includes an estimated 
molybdenum loss (sulphide to oxide), an allocation of 
roasting and packaging costs from the Langeloth facility, 
and transportation costs from the Thompson Creek mine to 
the Langeloth facility.

Capital projects update

Endako mill expansion

In March, 2012, the company completed the mill expansion project at its Endako mine, with the company's share of the aggregate capital expenditures totalling approximately $500-million (Canadian) (including $2.3-million of the company's share of start-up and commissioning costs that were expensed through operating expenses). The Endako mill expansion project included the construction of a new mill, replacing the existing mill constructed in the 1960s. The new mill is designed to increase ore-processing capacity from the existing 31,000 tons per day to 55,000 tons per day. Commissioning of the new SAG/ball mill and rougher flotation circuit was completed in early January, followed by a successful ramp-up to commercial production beginning Feb. 1, 2012. The remaining construction work on the regrind circuit and the pebble crusher was completed in late March. The mill is regularly meeting its design capacity throughput of approximately 55,000 tons per day. Concentrate grades and recovery continue to improve and are expected to meet design specifications in the near future. The existing 45-year old mill at the site has been shut down and will be left on care and maintenance.

During the three months ended March 31, 2012, the company's share of cash capital expenditures for the mill expansion project, excluding capitalized interest and debt issuance costs of $1.1-million (U.S.), was $39.8-million (Canadian) ($39.8-million (U.S.)). Remaining cash payments for the completed mill expansion project are expected to be $43.2-million (assuming an average exchange rate of $1 (U.S.) equals $1 (Canadian)).

Mount Milligan copper-gold mine

The development of the Mount Milligan mine and the construction of the processing plant are proceeding in accordance with the planned schedule. All except one major contract has been awarded, major concrete pours are 60 per cent complete, steel erection for the concentrator has commenced and the tailings construction remains on schedule. The engineering by the EPCM joint venture is 95 per cent complete, procurement is 95 per cent complete and construction is 44 per cent complete. The current status of the Mount Milligan project is consistent with the company's original construction and development timeline and is on schedule for completion in the third quarter of 2013 and commercial production in the fourth quarter of 2013.

During the first quarter of 2012, the company made cash capital expenditures of $141.0-million (Canadian) ($140.8-million (U.S.)) and, including accruals, incurred $165.0-million (Canadian) of capital expenditures for the Mount Milligan project, excluding capitalized interest and debt issuance costs of $5.9-million (U.S.). Capital expenditures were primarily related to the continuing construction of the tailing storage facility, plant site earthworks, cement works, steel erection, construction camp costs, mining equipment and engineering design costs. Since inception of the project through March 31, 2012, the company has spent approximately $592.5-million (Canadian) on a cash basis, including approximately $40.9-million (Canadian) spent prior to the company's acquisition of Terrane Metals Corp.

The company is currently estimating aggregate cash expenditures of approximately $1.4-billion (Canadian) to $1.5-billion (Canadian) to construct and develop the Mount Milligan copper-gold mine, of which approximately $799-million (Canadian) to $929-million (Canadian) remains to be spent. The company continues to monitor its current costs, future cost estimates and scheduling for the project.

On Oct. 24, 2011, certain of the Thompson Creek warrants expired unexercised as the stock price was below the $9 (Canadian) exercise price for such warrants. As a result, after Oct. 24, 2011, the company will not recognize any non-cash unrealized gains and losses on these warrants. The 2012 Terrane warrants remain outstanding, and, accordingly, the company will continue to record unrealized gains and losses on those warrants until they are exercised or expire on June 21, 2012. Other than the consideration pursuant to the arrangement related to the 2012 Terrane warrants, a cash payment will not be required at the settlement of the warrants; therefore, the company does not consider gains or losses on the warrants in the evaluation of the company's financial performance.

Additional information on the company's financial results is available in Thompson Creek's quarterly report on Form 10-Q for the period ended March 31, 2012, which was filed today on EDGAR and SEDAR and posted on the company's website.

Conference call and webcast

Thompson Creek will hold a conference call for analysts and investors to discuss its first quarter 2012 financial results on May 7, 2012, at 8 a.m. Eastern Time.

To participate in the call, please dial 1-647-427-7450 or 1-888-231-8191 about five minutes prior to the start of the call. A live audio webcast of the investor conference call will be available at the company's website.

An archived recording of the conference call will be available at 1-416-849-0833 or 1-855-859-2056 (access code 73852927 followed by the number sign) from May 7 at 9:30 a.m. Eastern Time to May 14 at 11:59 p.m. Eastern Time. An archived recording of the webcast will also be available at Thompson Creek's website.

We seek Safe Harbor.