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Thompson Creek Announces Third-Quarter 2008 Financial Results

November 6, 2008

TORONTO, Nov. 6 /PRNewswire-FirstCall/ —

   Overview (all in U.S. dollars):    -   A significant rise in molybdenum sales in the third quarter resulted       in record quarterly net income of $100.6 million or $0.80 per basic       and $0.74 per diluted common share in the third quarter, up 66.6%       from $60.4 million or $0.52 per basic and $0.45 per diluted common       share in the second quarter of 2008.   -   Third-quarter net income was approximately four times higher than the       level of $24 million or $0.21 per basic and $0.18 per diluted common       share recorded in the third quarter of 2007 when a lower-grade       stockpile was being processed in the mill at the Thompson Creek Mine.   -   For the nine months ended September 30, 2008, net income rose 61.7%       to $207.8 million or $1.75 per basic and $1.56 per diluted common       share from $128.5 million or $1.18 per basic and $1.03 per diluted       common share in the same period of 2007.   -   Mining operations continued to perform well in the third quarter with       total molybdenum production rising 5.1% to 6.5 million pounds from       6.2 million pounds in the second quarter of 2008.   -   The Company's molybdenum inventory was reduced by approximately       one million pounds as planned in the third quarter.   -   Molybdenum production guidance for 2008 has been increased to between       25 and 26 million pounds due to higher-than-expected production at       the Endako Mine. Previous production guidance was 23 to 24.5 million       pounds.   -   Cash costs for the production of molybdenum oxide in 2008 are       expected to be $7.30 per pound, comprising approximately $7 per pound       at the Thompson Creek Mine (up from previous guidance of $6 to $6.50       per pound) and $7.50 to $8 per pound at the Endako Mine (down from       previous guidance of $9.50 to $10.25 per pound).   -   Cash flow generated by operating activities was $110.3 million in the       third quarter and $236.6 million in the first nine months of 2008.   -   Cash balances were $151.7 million and total debt was $4.7 million on       September 30, 2008. Cash balances as of November 5, 2008 were       $244.1 million.   -   For 2009, the Company expects molybdenum production to rise to an       estimated 31.5 to 34 million pounds, consisting of Thompson Creek       Mine production of between 24.5 and 26 million pounds and the       Company's 75% share of Endako Mine production at between 7 and       8 million pounds.   -   Cash costs for the production of molybdenum oxide in 2009 are       estimated at between $6 and $7 per pound in 2009, with cash costs at       the Thompson Creek Mine between $5 and $6 per pound and at the Endako       Mine between $8 and $9 per pound (assuming an exchange rate of US$1       = C$1.20).   -   Given current economic conditions, the Company has decided to       postpone development of the Davidson Project until economic       conditions improve.    Note: A conference call and webcast for analysts and investors is   scheduled for Friday, November 7, 2008 at 8:30 a.m. Eastern.   

Thompson Creek Metals Company Inc. (“the Company”), one of the world’s largest publicly traded, pure molybdenum producers, today announced financial results for the three and nine months ended September 30, 2008 prepared in accordance with Canadian generally accepted accounting principles. All dollar amounts are in U.S. dollars unless otherwise indicated.

“Thompson Creek recorded strong operating and financial performance in the third quarter with molybdenum production up 5.1% from the second quarter and the Company’s revenues, cash flow and net income all at record quarterly levels,” said Kevin Loughrey, Chairman and Chief Executive Officer.

“However, as a result of the worldwide financial crisis and economic downturn in recent weeks, there is significant uncertainty regarding the near-term demand and price outlook for molybdenum. Given the decline in the molybdenum price since September, the fourth-quarter average sales price for molybdenum is expected to be considerably lower than the company’s third-quarter average realized sales price of US$32.85 per pound.

“Thompson Creek is in the fortunate position of having a strong balance sheet, with working capital of $355.6 million, including $151.7 million in cash balances, and almost no debt as at September 30, 2008,” Mr. Loughrey said.

“In addition, due to higher predicted ore grades at the Thompson Creek Mine, the Company is expecting to benefit from a substantial increase in total molybdenum production in 2009 to a range of 31.5 to 34 million pounds with average per-pound cash costs below those experienced in 2008.

“Nevertheless, given the sudden change in economic climate, the Company is in the process of reviewing and revising future capital expenditures, development projects and operating plans to ensure that adequate working capital levels are maintained,” Mr. Loughrey added.

Third-Quarter Financial Results

The Company’s revenues were $331.1 million in the third quarter of 2008, compared with $243.9 million in the second quarter of 2008 and $200.9 million in the third quarter of 2007. The gain in revenues from the second quarter of 2008 was due to higher sales volumes that in part resulted from the sale of approximately one million pounds of inventory that had been built up in the second quarter in connection with scheduled maintenance shutdowns of the Langeloth and Endako roasters.

The year-over-year rise in revenues reflects generally higher production volumes and sales from the company’s mines in 2008 compared with 2007 when a lower-grade stockpile was temporarily used in milling operations at the Thompson Creek Mine. Total sales of molybdenum amounted to 9.9 million pounds during the third quarter, up from 6.1 million pounds a year earlier. Of this, molybdenum sold from the Company’s mines in the third quarter of 2008 was 6.9 million pounds, up from 3.4 million pound sold in the same period in 2007, and sales of third-party molybdenum purchased, processed and resold was 3 million pounds in the third quarter, up from 2.7 million a year earlier. The average realized sale price for molybdenum products in the third quarter of 2008 was $32.85 per pound, which was 2% higher than $32.06 per pound a year earlier.

After the deduction of operating, selling, marketing, depreciation, depletion and accretion costs, the Company generated income from mining and processing operations totaling $159 million in the third quarter, compared with $105.4 million in the second quarter of 2008 and $60.9 million in the third quarter of 2007.

Net income in the third quarter of 2008 was $100.6 million or $0.80 per basic and $0.74 per diluted common share, compared with $60.4 million or $0.52 per basic and $0.45 per diluted common share in the second quarter of 2008 and $24.0 million or $0.21 per basic and $0.18 per diluted share in the third quarter of 2007.

The per-share figures are based on a weighted-average number of shares outstanding of 125,045,000 (basic) and 136,754,000 (diluted) in the third quarter of 2008, compared with 116,902,000 (basic) and 133,867,000 (diluted) in the second quarter of 2008, and 112,875,000 (basic) and 129,743,000 (diluted) in the third quarter of 2007. At November 6, 2008, there were 122,653,000 common shares, 24,505,000 warrants and 8,343,000 employee options outstanding.

Cash flow from operating activities was $110.3 million in the third quarter of 2008, compared with $62.9 million in the second quarter of 2008 and $31.4 million in the third quarter of 2007.

Cash balances were $151.7 million at September 30, 2008, compared with $79.3 million at June 30, 2008 and $113.7 million at December 31, 2007. Cash balances as of November 5, 2008 were $244.1 million.

The Company’s total debt on September 30, 2008 was $4.7 million in equipment loans.

The Company’s mines produced 6.5 million pounds of molybdenum in the third quarter of 2008, compared with 6.2 million pounds of molybdenum in the second quarter of 2008 and 3.0 million pounds in the third quarter of 2007. The Thompson Creek Mine produced 4.3 million pounds in the third quarter, up from 4.0 million pounds in the second quarter and 1.1 million pounds in the third quarter of 2007. The Company’s 75% share of the Endako Mine’s production was 2.2 million pounds in the third quarter, compared with 2.2 million pounds in the second quarter and 1.9 million pounds in the third quarter of 2007.

The production amounts reflect molybdenum produced at the Thompson Creek and Endako mines but do not include molybdenum purchased from third parties, roasted and sold by the Company.

The weighted-average direct production costs for molybdenum pounds produced from the Company’s mines during the period were $6.63 per pound produced in the third quarter of 2008, compared with $7.56 per pound produced in the second quarter of 2008 and $11.63 per pound produced in the third quarter of 2007. At the Thompson Creek Mine, the direct production costs per pound produced were $6.29 per pound in the third quarter, compared with $7.02 per pound in the second quarter and $15.57 per pound in the third quarter of 2007. The Endako Mine’s direct production costs per pound produced were $7.32 per pound in the third quarter, compared with $8.53 per pound in the second quarter and $9.27 per pound in the third quarter of 2007.

The weighted-average cash operating expenses for molybdenum sold from the Company’s mines during the period were $7.25 per pound sold in the third quarter of 2008, compared with $7.49 per pound sold in the second quarter of 2008 and $9.16 per pound sold in the third quarter of 2007. At the Thompson Creek Mine, the average cash operating expenses related to sales were $6.65 per pound sold in the third quarter, compared with $7.83 per pound sold in the second quarter and $8.52 per pound sold in the third quarter of 2007. The Endako Mine’s average cash operating expenses related to sales were $8.44 per pound sold in the third quarter, compared with $6.99 per pound sold in the second quarter and $9.63 per pound sold in the second quarter of 2007.

Subsequent to the end of the third quarter and through to the current date, the Company, under a normal course issuer bid, purchased 2.4 million of its common shares for cancellation at an average price of C$8.21 per share. Approximately 9.9 million shares remain available for purchase under this share-purchase program.

Nine-Month Financial Results

The Company’s revenues were $829.8 million in the first nine months of 2008, up 16% from $716.6 million a year earlier. The sales gain mainly reflected a 16% rise in realized molybdenum sales prices which averaged $32.75 in the 2008 nine-month period versus $28.20 a year earlier. The total volume of sales was 24.9 million pounds, up from 24.8 million pounds in the nine-month period in 2007. This consisted of sales of molybdenum from the company’s own mines in the 2008 nine-month period of 15.8 million pounds, down from 16.3 million pounds a year earlier, while sales of third-party molybdenum purchased, processed and resold amounted to 9.1 million pounds, up from 8.4 million pounds a year earlier.

After the deduction of operating, selling, marketing, depreciation, depletion and accretion costs, the Company generated income from mining and processing operations totaling $341.7 million in the first nine months of 2008, compared with $253.1 million a year earlier.

Net income in the 2008 nine-month period was $207.8 million or $1.75 per basic and $1.56 per diluted common share, compared with $128.5 million or $1.18 per basic and $1.03 per diluted share in the same period of 2007. The per-share figures are based on a weighted-average number of shares outstanding of 118,492,000 (basic) and 133,186,000 (diluted) in the first nine months of 2008 versus 109,151,000 (basic) and 124,565,000 (diluted) in the first nine months of 2007.

Net income and earnings from mining and processing operations in the first nine months of 2007 were negatively affected by the inclusion in operating expenses of a non-cash acquisition expense related to the inventory portion of the purchase price adjustment associated with the Company’s purchase of Thompson Creek Metals Company USA in October 2006. This non-cash expense amounted to $29.6 million in the first quarter of 2007.

Cash flow from operating activities was $236.6 million in the first nine months of 2008, compared with $136.8 million a year earlier.

Capital expenditures totaled $75.4 million in the first nine months of 2008 which primarily represented new mobile equipment purchases at the Thompson Creek and Endako mines together with the Endako mill expansion.

The Company’s mines produced 18.3 million pounds of molybdenum in the first nine months of 2008, up from 12.9 million pounds a year earlier. The Thompson Creek Mine produced 11.9 million pounds in the latest period, up from 7.3 million pounds a year earlier, while the Company’s 75% share of Endako Mine’s production was 6.3 million pounds in the first nine months of 2008, compared with 5.6 million pounds a year earlier.

The weighted-average direct production costs for molybdenum pounds produced from the Company’s mines during the first nine months of 2008 were $7.31 per pound produced, compared with $7.69 per pound produced in the year-earlier period. At the Thompson Creek Mine, the direct production costs per pound produced were $7.08 per pound in the 2008 period, compared with $7.20 per pound a year earlier. The Endako Mine’s direct production costs per pound produced were $7.75 per pound in the first nine months of 2008, compared with $8.34 per pound a year earlier.

The weighted-average cash operating expenses for molybdenum sold from the Company’s mines during the first nine months of 2008 were $8.17 per pound sold, compared with $7.80 per pound sold in the prior year period. At the Thompson Creek Mine, the average cash operating expenses related to sales were $8.13 per pound sold in the 2008 period, compared with $7.58 per pound sold a year earlier. The Endako Mine’s average cash operating expenses related to sales were $8.24 per pound sold in the first nine months of 2008, compared with $8.20 per pound sold a year earlier.

Outlook

For 2008, the Company is upgrading the target for the previously announced estimated molybdenum production from 23 to 24.5 million pounds to 25 to 26 million pounds. The Thompson Creek Mine remains on target for the previously announced estimated molybdenum production of 16.5 to 17 million pounds. The Company’s 75% share of the Endako Mine molybdenum production for 2008 is being increased from the previously announced estimate of 6.5 to 7.5 million pounds to an estimated 8.5 to 9 million pounds as a result of higher grades and recoveries than were originally expected.

The Company experiences a cycle of up to two and a half months between the time a pound of molybdenum is recorded as produced and when the same pound is recorded as being sold. As a result, the molybdenum sales that the Company will record in 2008 will reflect production achieved over a one year period starting early in the fourth quarter of 2007 and ending early in the fourth quarter of 2008. Thompson Creek sold 15.8 million pounds of molybdenum from its own mines in the first nine months of 2008 and currently remains on target to sell approximately 22 million pounds from its own mines for all of calendar 2008, as previously announced.

For 2008, anticipated oxide direct production costs per pound produced are expected to be $7.30 per pound. For each mine, costs have been revised from the previous annual guidance, with the Thompson Creek Mine expected to be approximately $7 per pound (compared to previous guidance of $6 to $6.50 per pound) and the Endako Mine at $7.50 to $8 per pound (compared to previous guidance of $9.50 to $10.25 per pound). This assumes a change in the US$/C$ exchange rate from 1.0 for the previous guidance for the Endako Mine to 1.2 for the fourth quarter of 2008. For the first nine months of 2008, the oxide production costs per pound produced were $7.08 per pound at Thompson Creek Mine and $7.75 per pound at the Endako Mine. Oxide production costs per pound produced represent the direct cost to produce molybdenum oxide at each mine (mining, milling, and roasting) and do not include adjustments for opening and closing inventory amounts, amortization of deferred stripping costs and the effects of purchase price adjustments, nor do they include additional costs related to the production of downstream products produced by the Company such as ferromolybdenum. For the Thompson Creek Mine, which only produces sulfide on site, oxide production costs per pound produced include an allocation of roasting costs incurred at the Langeloth facility to process Thompson Creek Mine material from sulfide to oxide.

For 2009, the Company expects molybdenum production volumes to be 31.5 to 34 million pounds, with the Thompson Creek Mine at approximately 24.5 to 26 million pounds and the 75% share of the Endako Mine at 7 to 8 million pounds. The Company expects to sell 30 to 34 million pounds from its own mines, which represents production achieved over a one year period from the early part of the fourth quarter of 2008 through the early part of the fourth quarter of 2009. The Company has some discretion in building or depleting inventory levels depending upon economic conditions and the related demand and sales prices for molybdenum. For 2009, anticipated oxide direct production costs per pound produced are estimated at $6 to $7 per pound, comprising $5 to $6 per pound at the Thompson Creek Mine and $8 to $9 per pound at the Endako Mine (assuming a US$/C$ exchange rate of 1.20). For the Endako Mine, a $0.01 change in the Canadian foreign exchange rate results in a $0.10 change in the direct production cost per pound produced.

The Company and the other joint venture participant in the Endako Mine approved the mill expansion project during the first quarter of 2008 and the project has commenced with detailed engineering, the ordering of major mill equipment and the earthwork and site preparation. Through September 30, 2008, the Company’s 75% share of the capital expenditures for the Endako expansion project totaled $24 million. Additionally, the Company had commitments related to the purchase of major mill equipment for its 75% share of the Endako mill expansion of approximately $69.9 million as of September 30, 2008. The Company’s total share of expansion capital expenditures is expected to be C$280 million over the period 2008 to 2010.

During 2007, mineral reserves were recalculated at a long-term price of $10 per pound for molybdenum sales, resulting in increases at both operating mines. Development drilling and reserve analysis is continuing at the Thompson Creek Mine to complete the second stage of its mineral reserve study which is expected to further increase reserves when completed in 2009. The Company is also conducting development and exploration drilling on the Endako Mine property.

The environmental application for the Davidson Project has been submitted to the regulatory authorities. However, given current economic conditions, the Company has decided to postpone development of this project until economic conditions improve.

In August 2008, Thompson Creek signed an option with U.S. Energy Corp. (“USE”) to acquire up to 75% of the Mount Emmons molybdenum property in the U.S. state of Colorado. Under the agreement, Thompson Creek made a $500,000 payment to USE upon signing and, unless the agreement is terminated earlier, the Corporation will pay $1 million annually to USE for six years beginning January 1, 2009 and ending January 1, 2014. Thompson Creek can earn the right to acquire a 15% interest in the property by spending a total of $15 million on the property, including the direct payments to USE, by June 30, 2011. Thompson Creek can earn a 50% interest in the property by spending a cumulative total of $50 million on the property by July 31, 2018. Thompson Creek has the right to terminate the agreement during the option period, with any advance or shortfall payments made to that date being forfeited and Thompson Creek remains obligated to maintain the property in good standing for a period of three months thereafter. Should Thompson Creek obtain a 50% interest in the property, it may elect to form a 50/50 joint venture with USE, or may elect to increase its interest in the property to 75% by incurring an additional $350 million in project expenditures, for a cumulative total of $400 million in expenditures and payments. Thompson Creek management is currently developing a long-term strategy for a complete evaluation of the Mount Emmons property. As a result, Thompson Creek expects to spend the required expenditures under this earn-in agreement of $2.5 million for the remainder of 2008 and $5 million for 2009, which includes the direct payments to USE.

In January 2008, a payment of $100 million was made to the former shareholders of Thompson Creek Metals Company USA to settle an acquisition price adjustment recorded in 2007 related to the market price of molybdenum in 2007. The Corporation may be responsible for a further contingent payment in early 2010 of $25 million if the average price of molybdenum, as reported by Platts Metals Week, exceeds $15 per pound in 2009.

Additional information on the Company’s financial position is available in Thompson Creek’s Financial Statements and Management’s Discussion and Analysis for the period ended September 30, 2008, which will be filed with SEDAR (http://www.sedar.com/) and posted on the Company’s website (http://www.thompsoncreekmetals.com/).

Conference call and webcast

Thompson Creek will hold a conference call for analysts and investors to discuss its third quarter 2008 financial results on Friday, November 7, 2008 at 8:30 a.m. (Eastern).

Kevin Loughrey, Chairman and Chief Executive Officer, and Pamela Saxton, Chief Financial Officer, will be available to answer questions during the call.

To participate in the call, please dial 416-644-3420 or 1-800-731-6941 about five minutes prior to the start of the call.

A live audio webcast of the conference call will be available at http://www.newswire.ca/ and http://www.thompsoncreekmetals.com/.

An archived recording of the call will be available at 416-640-1917 or 1-877-289-8525 (Passcode 21285677 followed by the number sign) from 10:30 a.m. on November 7 to 11:59 p.m. on November 14. An archived recording of the webcast will also be available at Thompson Creek’s website.

About Thompson Creek Metals Company Inc.

Thompson Creek Metals Company Inc. is one of the largest publicly traded, pure molybdenum producers in the world. The Company owns the Thompson Creek open-pit molybdenum mine and mill in Idaho, a metallurgical roasting facility in Langeloth, Pennsylvania and a 75% share of the Endako open-pit mine, mill and roasting facility in northern British Columbia. Thompson Creek is also evaluating two high-grade underground molybdenum deposits, the Davidson Deposit near Smithers, B.C., and the Mount Emmons Deposit near Crested Butte, Colorado. The Company has approximately 800 employees. Its principal executive office is in Denver, Colorado, and it has other executive offices in Toronto, Ontario and Vancouver, British Columbia. More information is available at http://www.thompsoncreekmetals.com/.

   Cautionary Note Regarding Forward-Looking Statements   ----------------------------------------------------  

This news release contains “forward-looking information” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation which may include, but is not limited to, statements with respect to the timing and amount of estimated future production. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Thompson Creek and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those factors discussed in the section entitled “Risk Factors” in Thompson Creek’s current annual information form which is available on SEDAR at http://www.sedar.com/ and is incorporated in its Annual Report on Form 40-F filed with the United States Securities and Exchange Commission which is available at http://www.sec.gov/. Although Thompson Creek has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Thompson Creek does not undertake to update any such forward-looking statements, except in accordance with applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

Readers should refer to Thompson Creek’s current annual information form which is available on SEDAR at http://www.sedar.com/ and is incorporated in its Annual Report on Form 40-F filed with the SEC which is available at http://www.sec.gov/ and subsequent continuous disclosure documents available at http://www.sedar.com/ and http://www.sec.gov/ for further information on mineral reserves and mineral resources, which is subject to the qualifications and notes set forth therein.

   Consolidated Balance Sheets   (US dollars in millions - Unaudited)                                                 September 30   December 31                                                         2008          2007   Assets   Current assets     Cash and cash equivalents                     $    151.7    $    113.7     Accounts receivable                                168.3          84.1     Product inventory                                   90.5         131.3     Material and supplies inventory                     37.3          32.9     Prepaid expense and other current assets             2.6           4.6     Income and mining taxes recoverable                    -          13.4                                                 ------------- -------------                                                        450.4         380.0   Other assets                                           0.4           2.4   Restricted cash                                       13.3          10.0   Reclamation deposits                                  27.2          26.8   Property, plant and equipment                        603.7         566.8   Goodwill                                             120.6         123.7                                                 ------------- -------------                                                   $  1,215.6    $  1,109.7                                                 ------------- -------------                                                 ------------- -------------   Liabilities   Current liabilities     Accounts payable and accrued liabilities      $     69.9    $     60.4     Acquisition cost payable                               -         100.0     Income and mining taxes payable                     12.2             -     Current portion of long-term debt                    3.1          67.2     Future income and mining taxes                       9.6           6.4                                                 ------------- -------------                                                         94.8         234.0   Long-term debt                                         1.6         170.2   Other liabilities                                     25.4          30.0   Asset retirement obligations                          27.6          26.4   Future income and mining taxes                       156.8         161.5                                                 ------------- -------------                                                        306.2         622.1                                                 ------------- -------------   Shareholders' Equity   Common shares                                        494.6         268.1   Common share warrants                                 35.0          35.0   Contributed surplus                                   37.9          26.5   Retained earnings                                    337.6         129.8   Accumulated other comprehensive income                 4.3          28.2                                                 ------------- -------------                                                        909.4         487.6                                                 ------------- -------------                                                    $ 1,215.6     $ 1,109.7                                                 ------------- -------------                                                 ------------- -------------      Consolidated Statements of Income   (US dollars in millions, except per share amounts - Unaudited)                                   Three months ended     Nine months ended                                      September 30          September 30                                    2008       2007       2008       2007   Revenues     Molybdenum sales             $  325.9   $  195.9   $  815.7   $  697.9     Tolling and calcining             5.2        5.0       14.1       18.7                                 ---------- ---------- ---------- ----------                                     331.1      200.9      829.8      716.6                                 ---------- ---------- ---------- ----------   Cost of sales     Operating expenses              155.2      125.5      447.5      415.0     Selling and marketing             3.0        2.4        8.0        7.5     Depreciation, depletion      and amortization                13.6       11.7       31.2       39.8     Accretion                         0.3        0.4        1.4        1.2                                 ---------- ---------- ---------- ----------                                     172.1      140.0      488.1      463.5                                 ---------- ---------- ---------- ----------   Income from mining    and processing                   159.0       60.9      341.7      253.1    Other (income) expenses     General and administrative        6.6        2.6       15.7        9.4     Exploration and development       1.2        1.1        2.5        5.3     Interest and finance fees         0.1        7.8       14.9       35.4     Stock-based compensation          4.8        3.1       13.0       11.5     Interest income                  (0.7)      (1.8)      (2.3)      (6.0)     Other                            (3.1)       1.4       (5.9)       2.8                                 ---------- ---------- ---------- ----------                                       8.9       14.2       37.9       58.4                                 ---------- ---------- ---------- ----------   Income before income    and mining taxes                 150.1       46.7      303.8      194.7    Income and mining taxes    (recoverable)     Current                          39.5       14.7       90.5       86.5     Future                           10.0        8.0        5.5      (20.3)                                 ---------- ---------- ---------- ----------                                      49.5       22.7       96.0       66.2                                 ---------- ---------- ---------- ----------   Net income                     $  100.6   $   24.0   $  207.8   $  128.5                                 ---------- ---------- ---------- ----------                                 ---------- ---------- ---------- ----------   Net income per share     Basic                        $   0.80   $   0.21   $   1.75   $   1.18                                 ---------- ---------- ---------- ----------                                 ---------- ---------- ---------- ----------     Diluted                      $   0.74   $   0.18   $   1.56   $   1.03                                 ---------- ---------- ---------- ----------                                 ---------- ---------- ---------- ----------      Consolidated Statements of Cash Flows   (US dollars in millions - Unaudited)                                   Three months ended     Nine months ended                                      September 30          September 30                                    2008       2007       2008       2007    Operating Activities   Net income                     $  100.6   $   24.0   $  207.8   $  128.5   Items not affecting cash:     Depreciation, depletion      and amortization                13.6       11.7       31.2       39.8     Accretion                         0.3        0.4        1.4        1.2     Amortization of finance fees        -        0.7        5.4        7.1     Stock-based compensation          4.8        3.1       13.0       11.5     Future income and mining taxes   10.0        8.0        5.5      (20.3)     Unrealized gain on      derivative instruments          (3.9)      (1.2)      (5.3)      (2.6)   Change in non-cash    working capital                  (15.1)     (15.3)     (22.4)     (28.4)                                 ---------- ---------- ---------- ----------      Cash generated by       operating activities          110.3       31.4      236.6      136.8                                 ---------- ---------- ---------- ----------   Investing Activities   Property, plant and equipment     (26.1)      (3.9)     (54.7)      (9.5)   Deferred stripping costs           (7.8)      (9.9)     (20.7)     (25.5)   Restricted cash                     0.6       (0.1)      (3.3)      (1.5)   Reclamation deposit                (0.2)      (1.8)      (0.7)      (2.6)   Acquisition cost                      -          -     (100.0)         -                                 ---------- ---------- ---------- ----------      Cash used in investing       activities                    (33.5)     (15.7)    (179.4)     (39.1)                                 ---------- ---------- ---------- ----------   Financing Activities   Proceeds from issuance of    common shares, net                   -        4.8      223.8       48.5   Repayment of long-term debt        (0.8)     (17.4)    (238.2)    (150.9)                                 ---------- ---------- ---------- ----------      Cash used in financing       activities                     (0.8)     (12.6)     (14.4)    (102.4)                                 ---------- ---------- ---------- ----------   Effect of exchange rate    changes on cash and    cash equivalents                  (3.6)      (1.1)      (4.8)       3.0                                 ---------- ---------- ---------- ----------   Increase (decrease) in cash    and cash equivalents              72.4        2.0       38.0       (1.7)    Cash and cash equivalents,    beginning of period               79.3       94.4      113.7       98.1                                 ---------- ---------- ---------- ----------   Cash and cash equivalents,    end of period                 $  151.7   $   96.4   $  151.7   $   96.4                                 ---------- ---------- ---------- ----------                                 ---------- ---------- ---------- ----------   

CONTACT: Wayne Cheveldayoff, Director of Investor Relations, Thompson Creek Metals Company Inc., Tel: (416) 860-1438, Toll free: 1-800-827-0992, wcheveldayoff@tcrk.com; Dan Symons, Renmark Financial Communications Inc., Tel.: (514) 939-3989, dsymons@renmarkfinancial.com

Thompson Creek Metals Company Inc.

CONTACT: Wayne Cheveldayoff, Director of Investor Relations, ThompsonCreek Metals Company Inc., Tel: (416) 860-1438, Toll free: 1-800-827-0992,wcheveldayoff@tcrk.com; Dan Symons, Renmark Financial Communications Inc.,Tel.: (514) 939-3989, dsymons@renmarkfinancial.com




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