VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2009) - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) ("Teck") announced today the closing of the previously announced sale of its indirect 78.8% interest in the Morelos gold project in Mexico to Gleichen Resources Ltd. (TSXV-GRL) ("Gleichen") for US$150 million in cash and approximately 1.6 million common shares and 12.4 million special warrants of Gleichen. On exercise of the special warrants Teck will hold approximately 4.9 per cent of the outstanding Gleichen common shares.
Teck will apply the net cash proceeds from this transaction to reduce the outstanding balance of its term debt related to the 2008 acquisition of Fording to approximately US$2.365 billion.
About Teck
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. Further information about Teck can be found at www.teck.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Teck Resources Limited Greg Waller Vice President, Investor Relations & Strategic Analysis (604) 699-4014 www.teck.com
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