This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Thompson Creek increases reserves at Idaho mine 2009-11-05 18:36 ET - News Release
Mr. Wayne Cheveldayoff reports THOMPSON CREEK ANNOUNCES 30% INCREASE IN MOLYBDENUM MINERAL RESERVES AND NEW 16-YEAR MINE PLAN FOR THOMPSON CREEK MINE
Thompson Creek Metals Company Inc. today released 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 minable areas, particularly within the western wall of the existing pit, resulting in a 30-per-cent 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.
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