Thompson Creek Metals Company Inc. has terminated an option with U.S. Energy Corp. to acquire an interest in the Mount Emmons molybdenum project in Colorado's Gunnison County.
The Denver-based mining company said it will instead focus its resources and efforts on exploration of its Berg property in British Columbia.
Chairman and CEO Kevin Loughrey said the property can potentially expand its molybdenum production while also helping the company's diversification efforts.
Berg is believed to contain 3.3 billion pounds of copper, 412 million pounds of molybdenum, and 61 million ounces of silver.
Pre-feasibility funding budgeted for Mount Emmons will be transferred to Berg for an advanced scoping study this year.
Thomson Creek is also continuing work on expanding the northern B.C. mine Endako this year and developing the Mt. Milligan copper-gold mine, which is expected to commence production in late 2013.
The company said the termination of the option agreement will have no material impact on its financial statements.
Thompson Creek is a diversified North American mining company which produces molybdenum at its mine in Idaho, Langeloth Metallurgical Facility in Pennsylvania and Endako mine.
It has about 967 employees.Report Typo/Error