Mount Milligan Mine

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This is the mining lease for the Mount Milligan Gold Copper mine which is 100% owned by Thompson Creek Metals Inc (TCM) and covers an area of 5,138.0 ha. Limited exploration activity was first recorded in1937. In 1984, prospector Richard Haslinger and BP Resources Canada Limited (BP Resources) located claims on the site. In 1986, Lincoln Resources Inc. (Lincoln) optioned the claims and in 1987 completed a diamond drilling program that led to the discovery of significant copper-gold mineralization. In the late 1980s, Lincoln reorganized, amalgamated with Continental Gold Corp. (Continental) and continued ongoing drilling in a joint-venture with BP Resources.

In 1991, Placer Dome Inc. (Placer Dome) acquired the Project from the joint-venture partners, resumed exploration drilling and completed a Pre-Feasibility Study for the development of a 60,000 t/d open pit mine and flotation process plant. Placer Dome received provincial and federal approvals to develop the Project as proposed in 1993. These approvals expired in 2003.

Barrick Gold Corporation (Barrick) purchased Placer Dome in 2006 and sold its Canadian assets to Goldcorp Inc. (Goldcorp), who then in turn sold the Project to Atlas Cromwell Ltd. (Atlas Cromwell). Atlas Cromwell changed its name to Terrane Metals Corp. (Terrane) and initiated a comprehensive work program upon which the 2009 Report (as defined herein) is based.

In October 2010, TCM acquired the Mount Milligan development project through its acquisition (the Acquisition) of Terrane and subsequently constructed the Mount Milligan Mine, which commenced commercial production in February 2014. The Mount Milligan Mine is owned directly by Terrane, which is a wholly-owned subsidiary of TCM.

Mount Milligan is a tabular, near-surface, alkalic copper-gold porphyry deposit that measures some 2,500 metres (m) north-south, 1,500 m east-west and is +400 m thick. It consists of two principal zones, the Main Zone and Southern Star (SS) Zone. The Main Zone includes four contiguous sub-zones: MBX, WBX, DWBX and 66, all of which are spatially associated with the MBX monzonite stock and Rainbow Dyke. The SS Zone is centred on a monzonite stock of the same name and is some 1000 m south of the Main Zone.

Main Zone mineralization and associated alteration are primarily hosted in volcanic rocks, whereas in the SS Zone, mineralization is hosted equally in monzonite stock and volcanic rocks. Mineralization in both zones consists of pyrite, chalcopyrite and magnetite with bornite localized along intrusive-volcanic contacts. The pyritic 66 sub-zone is notable in that it is comparatively gold-rich.

Copper-gold mineralization is primarily associated with potassic alteration which decreases in intensity outwards from the monzonite stocks. Pyrite content increases significantly outward from the stocks where it occurs in association with propylitic alteration, which forms a halo around the potassic-altered rocks.

The Mount Milligan copper-gold porphyry deposits contain a combined Measured and Indicated Mineral Resource of 122.3 million tonnes (Mt) at 0.15% Cu and 0.32 grams per tonne (g/t) Au containing 417 million pounds (lbs) copper and 6.0 million ounces (oz) gold. The Mineral Resource estimate, exclusive of the Mineral Reserve, was tabulated within a conceptual open pit shell. The LOM is 22 years with a steady strip ratio at 0.84/1.

The Mount Milligan Mine is a conventional truck-shovel open pit mine and 60,000 tonnes per day copper flotation concentrator. The phased start-up commenced on August 15, 2013, followed by the first production of copper-gold concentrate in September 2013. The mine achieved commercial production on February 18, 2014.

Reference: www.thompsoncreekmetals.com/s/mt-milligan-mine.asp