New Billion Tonne Copper Resource at Quebrada Blanca

VANCOUVER, BC - Teck Cominco Limited reported that it has completed sufficient drilling to be able to report an inferred resource in the primary sulphide mineralization (hypogene) deposit at its Quebrada Blanca property in northern Chile. The new resource is 1.03 billion tonnes of ore grading 0.5% copper and 0.020% molybdenum, representing 11 billion pounds of contained copper and 450 million pounds of contained molybdenum. Quebrada Blanca is the largest of three operating mines that Teck acquired through its August, 2007 acquisition of Aur Resources Inc.
Don Lindsay, Teck's President and Chief Executive Officer, commented: "We are pleased to be able to report this substantial new resource within months of completing the acquisition of Aur. Our confidence at the time of the Aur acquisition that QB held tremendous potential value appears to have been justified. Of the over one billion tonnes of new resource, we have identified a higher grade zone in the bottom of the existing enriched sulphide (supergene) pit that contains approximately 300 million tonnes grading 0.55% copper and 0.020% molybdenum. That portion of the deposit could provide a substantial starter pit for a five to 10 year period that would benefit from having been largely pre-stripped by on-going mining of the supergene ore body. We fully expect that our ongoing drilling program should result in not only this resource being eventually converted to reserves, but also in a significant expansion of this new resource in the relatively near future."
The drill program recently completed consists of 36 drill holes drilled on approximate 200 metre centres. All holes have terminated in mineralization, leaving the deposit open at depth. The lateral extent of the deposit remains undefined. The inferred resource estimate is based on block models and preliminary pit optimization studies using assumed metal prices of US$1.50/lb copper and US$10.00/lb molybdenum, and an assumed 0.3% copper cut-off grade. Assaying has been conducted by the Andes Laboratory in Santiago. QA/QC, included laboratory standards, and blanks as well as duplicate analyses at the ACME Laboratory in Santiago.
Teck Cominco has a 76.5% equity interest in Compania Minera Quebrada Blanca S.A. (CMQB), which owns the Quebrada Blanca property. Development and exploitation of the hypogene resource would require construction of a concentrator, tailings facility and associated infrastructure. Development of the hypogene deposit at Quebrada Blanca will require various environmental and other permits and governmental authorizations, and may require additional water rights. Additional drilling and engineering studies are underway.
The company's address is 600 - 200 Burrard Street, Vancouver, BC V6C 3L9, 604.687.1117, fax: 604.687.6100, email: [email protected].