Endako Mines – Operating since 1965

Endako’s History• 1927 – Deposit was discovered by two local hunters

• 1962 – August, Placer Development started diamond drill program

• 1964 – March, Clearing and construction of the site began

• 1965 – May, Construction Completed – Capital Cost $22 million

• 1965 – June 8th, Endako’s Grand Opening

• 1965 -1981, Various expansion stages from 16 ktpd to 28 ktpd

• 1982 – 1986, milling portion was shut down, only Toll Roasting done

• 1997 – Endako was sold to Thompson Creek Mining Joint Venture

• 2006 – Blue Pearl Mining purchased 75% of Endako + 2 other TCM facilities, decides to keep Thompson Creek Name

• 2008 – Thompson Creek announces $373 million, 52ktpd Endako expansion

• 2009 – March, expansion placed on hold

• 2009 – Fall, Endako expansion Re-Start

Cumulative Mining History

• Mined 360 tonnes of ore, 290 tonnes of waste

• Produced 500+ million pounds of Oxide

• Provided 34.5 million man hours of employment

• Paid in Excess of $430 million in wages

Historical Wage Rates

• 1966 Labourer $2.32/hr

• 1966 Trades Person $3.29/hr

• 2010 Labourer $21.00/hr

• 2010 Trades Person $33.00/hr

52,000 tonne/day Expansion

• $498 Million dollar budget• 52,000 tonne per day mill

– 36’ SAG and 2 x 22’Ball Mills– 14 x OK160 Rougher/Scavenger flotation cells– 3 x M1000 Isamills for regrinding– 5 stages of column cleaner flotation

• 15 million lbs per year of Mo Production– Target 92% Mill operating time– Lower maintenance costs and downtime– Higher 79%recovery via better control and finer grinds– 18 year mine life at $12/lb Mo

Expansion Highlights

52,000 TPD Flow sheet

SAG Mill – 36’ x 17.75’ - 17,000 hp

Pebble Crusher/SAG Feed Stockpile

• 100,000 tpd live load

• 360,000 tpd total load

• Raptor 1100 pebble crusher

2x Ball Mills – 22’ x 34’, 11,000 hp each

Rougher/Scavenger Flotation

• 2 Banks

• 14 x OK 160’s

• 24 min flotation time

• 200 micron grind

• 79% recovery

Regrind Circuit

• 2 Stage Regrind

• 3 x M1000 Isamills

• Final Product p80 = 15 microns

Cleaning Circuit

• 5 Stages of Column Flotation, with Mechanical scavengers

• Upgrading to 92% MoS2

• Not purchased yet

Some Project Construction Stats

Current Contractors On site

• Sharp Construction – Earthworks

• Formula Contractors – Pre Eng Mill Building Erection

• CIF – Mill Building Foundation Concrete

• K2 Electric – Temporary Power Work

• WD McIntosh – Site Surveying

• PNG – Natural Gas line work

• Hatch Engineering – EPCM contractor

• Other local labour, catering, general support

Project Status

• Construction and Engineering is ramping up

• Price of Molybdenum is doing well at +$17/lb

• Large experienced owners team

• Project completion expected mid 2011

Endako’s Reclamation and Environmental Highlights

• Endako’s has been spending close to $500,000 / yr on Environmental Work.

• Regular monitoring

• Re-vegetation

• Education

Tailings Pond Planting

Waste Rock Piles

Questions?