Thompson Creek Metals Company Inc, has announced a 9 percent increase in mineral reserves from 286.2 million to 312.2 million pounds of contained molybdenum at its Endako molybdenum mine located near Fraser Lake, British Columbia, extending its mine life by 20 months through 2028.
"The updated reserves estimate illustrates the significant value of the Endako mine,” said Kevin Loughrey, chairman and chief executive officer of Thompson Creek. “The current report has revised our reserves estimates as a result of improved engineering, refined geological modeling and new drilling data. We believe the resource base at the Endako mine will continue to expand with our 2011 drilling program and future exploration."
Thompson Creek plans to conduct 70,955 feet of drilling at Endako in 2011, with the results of such drilling expected to be reported in the second quarter of 2012. The company is also constructing a new mill facility at Endako which is expected to increase throughput from 31,000 to 55,000 tons per day, increase recovery from 75 percent to 79 percent, and increase total annual production from approximately 11 to 16 million pounds per year. The new mill facility is on schedule for completion in the first quarter of 2012.
Thompson Creek, a growing, diversified North American mining company, owns 75 percent of the Endako Mine, and also produces molybdenum at its 100 percent-owned Thompson Creek Mine in Idaho and Langeloth Metallurgical Facility in Pennsylvania.
The company is also in the process of constructing the Mt. Milligan copper-gold mine in central British Columbia, which is expected to commence production in 2013.
Thompson Creek’s principal executive office is in Denver, Colorado and its Canadian administrative office is in Vancouver, British Columbia.
