“The Davidson deposit feasibility study indicates positive project economics,” said Kevin Loughrey, chairman and CEO. “This is the case even though we make an assumption that molybdenum prices in the later years of the study will be considerably lower than we are receiving currently. We intend to review the details of the study and make a decision in the next few months on whether to proceed with the project.

“We will also be discussing the project with Sojitz Corporation, our joint venture partner with a 25% interest in the Endako mine, where the Davidson ore would be processed if the project goes ahead. Sojitz has indicated an interest in partial ownership of the Davidson Deposit.

“While the underground Davidson Deposit within Hudson Bay Mountain has a considerable measured and indicated mineral resource containing molybdenum, the company requested a feasibility study on mining only a limited portion of the deposit,” Loughrey said. “This allows us to mine the molybdenum as soon as possible and provides the best opportunity for our shareholders to benefit from high molybdenum prices.

“Our internal expansion projects, consisting of the proposed Davidson mine as well as the Endako expansion conditionally approved by the board of directors on March 13, 2008, will comprise a large part of the company’s capital expenditures in the 2008-2010 period,” Loughrey said. “Total expansion and sustaining capital expenditures over the three years are expected to be approximately C$600 million, with expenditures in any year ranging from C$150 million to C$300 million depending on project timing. We expect that the Company will be able to fund these capital expenditures from internal cash flow.

“Sojitz Corporation has approved the planned Endako mine expansion and will participate in the expansion with the company. This project includes increasing the processing capacity of the mill from 28,000 to 50,000 tonnes per day beginning in 2010. Sojitz will contribute 25% of the C$373.6 million total capital cost for the expansion. Thompson Creek’s share of the capital cost will be C$280 million.

“We are also pleased to announce that the Endako Mine has received regulatory approval to resume mining in the Endako Pit where a rock slide interrupted activity last November. This provides us with greater flexibility in the months ahead at the Endako mine where we currently are mining in the Denak West Pit,” Loughrey said.

The Davidson Deposit feasibility study, compiled by Hatch Ltd. with contributions from several consulting firms, evaluates the potential for mining 2,000 mt/d over a 10-year period of the highest-grade molybdenum- containing ore from the deposit and trucking it 200 km to the Endako mine for processing.

The study assumes that 7.3 million mt of proven and probable mineral reserves plus 0.5 million mt of sub-grade material will be mined and processed over 12 years, of which 10 years would be at full production. The average grade is estimated at 0.265% contained Mo.

Total molybdenum production after milling and roasting is estimated at 40.3 million lb Mo or an annual production rate of approximately 4.5 to 5 million lb Mo during the initial full production years, tapering down to average approximately 4 million lb/y over the study period.

The study assumes mining permits will be issued in November 2008. First production is expected in August 2009 with full production beginning in April 2010.

The report estimates that capital expenditures of C$109 million would be required to develop the project. This estimate combines a McIntosh Engineering projection of C$65.7 million for underground development and equipment costs and a Hatch estimate of C$43.3 million for surface infrastructure.

The underground development would include the construction of a 3-km adit as a haulage ramp from the base of the mountain upward toward the deposit at an incline of approximately 10% and the enlargement of an existing 2-km adit to be used for air-intake ventilation and as a secondary access to the deposit.

Major items of surface infrastructure would include a water treatment plant, access roads, on-site buildings, and orehandling facilities at Endako.

The study estimates operating costs would be C$54.40/mt of ore milled, including milling and roasting costs at Endako. The average cash cost over the project period is estimated at US$9.46/lb of molybdenum produced. All cost estimates assume an exchange value for the Canadian dollar of $0.90.

The study assumes an average molybdenum price over the production period of $16.13, or about half the current level. The analysis assumes a molybdenum price of $27/lb in 2009, $23/lb in 2010, $17.50/lb in 2011 and $14/lb thereafter. The current price for technical grade molybdenum oxide is approximately $34/lb.