CALGARY, ALBERTA--(Marketwire - June 23, 2009) - Torch River Resources Ltd. (TSX VENTURE:TCR) (PINK SHEETS:TORVF) (FRANKFURT:WNF)

Management is pleased to announce results of geological, geochemical and geophysical mineral exploration on the Nahmint Project, located 30 km southwest of Port Alberni, BC. Historic mining took place on the Three Jays mining property in 1898 to 1902 and a total 1,100 m (3,608 feet) of cross-cut and drifts were driven from 3 levels. The mining operation produced 148,889 kilograms (328,244.1 pounds) of copper, 75,207 grams (2,417.96 troy ounces) silver, and 1,929 grams (62.018 troy ounces) gold (source: Minfile).

The mineralization consists of chalcopyrite, magnetite, bornite, and pyrite in a gangue of epidote, garnet and actinolite. Skarn type (calcic exoskarn) mineralization is known to occur as individual ore shoots from 2-8.5 meters (6.6-27.9 feet) wide and 20-45 meters (65.6-147.6 feet) in length and is hosted in Quatsino limestone and tuffs/flows of the Karmutsen Formation. The ore shoots strike E-W and dip sub-vertical and occur in several areas of the crown grant claims covering a distance of 1,500 meters (4,920 feet). In addition to skarn mineralization, disseminated mineralization is known to occur in the adjacent intrusive and volcanic rocks. The intrusive rocks nearby are Early Middle Jurassic Plutonic Suite and include granodiorite and diorite porphyry lithologies.

THREE JAYS: (Reported April 6, 2009)

Rock chip samples prefixed PAC are from the Pacific Crown Grant (90-110 meters elevation) located 1.2 kilometers east-southeast of the Three Jays Cu-Ag-Au deposit. Rock chip samples prefixed VIK are from the Viking Crown Grant (650-750 meters elevation) located 0.6 kilometers south-southeast of the Three Jays Cu-Ag-Au deposit.

Sample no Width   % Cu g/t Ag g/t Au Alteration        Minerals
--------------------------------------------------------------------------
PAC09AR1  0.2 m   2.41   11.2  0.450 skarn,epidote,    cpy.,py.,magnetite
                                     chlorite,
                                     actinolite


PAC09AR2  float   1.02    0.8  0.049 skarn,epidote,    cpy.,py.,magnetite
                                     chlorite,
                                     actinolite


PAC09AR3  0.2 m   2.39    2.5  0.063 skarn,epidote,    cpy.,py.,magnetite
                                     chlorite,
                                     actinolite


PAC09AR4  0.3 m   0.64    0.5  0.007 skarn,epidote,    azurite,
                                     chlorite,         cpy.,py.,magnetite
                                     actinolite


PAC09AR5  float  21.02   61.8  0.475 skarn,epidote,    cpy.,py.,magnetite,
                                     chlorite,         bornite
                                     actinolite


VIK09AR1  0.3 m  10.48   46.5  0.280 skarn,epidote,    cpy.,py.,magnetite
                                     chlorite,
                                     actinolite


VIK09AR2  float  15.01   58.9  0.070 skarn,epidote,    cpy.,py.,magnetite
                                     chlorite,
                                     actinolite

Source for assay results: Report 2092209, Pioneer Labs, Richmond, BC

To determine lateral extent of mineral zones, a program of magnetometer geophysical surveying, and soil geochemical sampling was carried out on a 500 X 500 meter and a 300 X 400 meter area on the Pacific and Viking mineral zones respectively. Geochemical analysis of a soil sample, taken 60 meters southwest of rock chip sample PAC09AR5, returned 1,664 ppm Cu, 1.2 ppm Ag and 22 ppb Au. The old workings consist of three cuts and a 4 meter long tunnel located on the Pacific Crown Grant at 90-100 meters elevation. Cuts and tunnel targeted two parallel shear zones that contain variable massive magnetite, pyrite and chalcopyrite trending NE and dipping moderately northwest. The area of the old workings was surveyed with a magnetometer (GEM GSM-19T) resulting in a 250-350 nT negative magnetometer anomaly (and 100 m to the north of a 600-700 nT positive anomaly).

THREE JAYS GRID: (Update)

The main feature of this grid is a 100 X 150 meter area copper in soil anomaly (greater than 500 ppm Cu) that correlates with the location of the old workings. The Three Jays soil grid shows a zone of gold in soil (10-245 ppb Au) in the northwest portion of the grid, and zinc in soil (100-801 ppm Zn) in the west portion of the grid. Rock chip sampling of bedrock and float returned assay values as follows:

Sample          alteration             minerals       comments        width
#                                                                    (m)
----------------------------------------------------------------------------
TJ08AR2         skarn, epidote,        cpy.,py        sub-crop        0.15
                garnet, actinolite     bornite        near shaft
TJ08AR3         skarn, epidote,        cpy.,py        shaft dump      float
                garnet, actinolite     bornite        grab
TJ08AR4         skarn, epidote,        cpy.,py        345 degree      1.0
                garnet, actinolite     magnetite      adit
                                                     (hangingwall)



Sample              elevation    lithology    % Cu(ii)  g/t Ag(i)  g/t Au(i)
#                          (m)
----------------------------------------------------------------------------
TJ08AR2                   576    marble          7.20       17.4       0.02


TJ08AR3                   600    marble          2.03       22.0       0.25


TJ08AR4                   544    marble          3.12       36.0       0.19


(ii) Assay (i) Geochemical Analysis by Pioneer Labs, Richmond, BC (lab
 report 2082062)



Sample          alteration             minerals       comments        width
#                                                                    (m)
----------------------------------------------------------------------------
TJ09AR1         skarn, epidote,        cpy.,py        shaft dump      float
                garnet, actinolite     bornite        grab
TJ09AR2         skarn, epidote,        cpy.,py        shaft dump      float
                garnet, actinolite     bornite        grab
TJ09AR3         skarn, epidote,        cpy.,py        sub-crop 15     float
                garnet, actinolite     bornite        m W of shaft



Sample              elevation    lithology    % Cu(ii)  g/t Ag(i)  g/t Au(i)
#                          (m)
----------------------------------------------------------------------------
TJ09AR1                   575    marble         13.80       60.4       0.16


TJ09AR2                   573    marble         15.25       52.1       0.11


TJ09AR3                   570    marble         10.85       56.2       0.33


(ii) Assay (i) Geochemical Analysis by Pioneer Labs, Richmond, BC (lab
 report 2092283)

A 500-1,200 nT magnetometer reading increase was noted in a 200 X 400 m area (anomaly long axis oriented roughly east-west) in the north portion of the grid located 100-300 m north of Cu in soil anomaly.

MONITOR: (Reported April 6, 2009)

The following table lists rock chip samples from the Monitor mineral occurrences, which are located 50-300 meters from tidewater, at 30-200 meters elevation, and about 100-750 meters ESE of the mouth of Handy Creek.

sample         elev           
 no      width   (m) lithology minerals   % Cu g/t Ag           % Zn g/t Au
----------------------------------------------------------------------------
MON09AR1 float   31  basalt,   cpy.,py.,  5.12    9.5           0.04   0.01
                     andesite  magnetite,
                               MnO2
MON09AR2 0.2 m  116  basalt,   cpy.,py.,  2.41   58.2 greater than 1   0.22
                     limestone magnetite,
                               sphal.
MON09AR3 0.3 m  104  basalt,   cpy.,py.,  0.03    0.5           0.09   0.01
                     limestone magnetite
MON09AR4 0.2 m  188  basalt,   cpy.,py.   1.02   45.6 greater than 1   0.05
                     andesite  hematite,
                               sphal.



Geochemical anomalies in soil samples on the Monitor are summarized in table
below:
----------------------------------------------------------------------------
Easting                Northing  Elevation m.    ppm Cu    ppm Ag    ppm Zn
----------------------------------------------------------------------------
357800                  5427900           115       778       0.9       217
----------------------------------------------------------------------------
357800                  5427950           129       436       0.4        77
----------------------------------------------------------------------------
357900                  5427700            55       362       0.5       968
----------------------------------------------------------------------------
357900                  5427750            66     1,558       1.5     1,301
----------------------------------------------------------------------------
357900                  5427800            81       332       1.3     1,350
----------------------------------------------------------------------------

A magnetometer survey of the Monitor mineral zones shows a 300-500 nT positive anomaly on Easting 357800, station 5427850-5427900 N, located immediately south of the Cu in soil anomaly on L 357800 E.


HAPPY JOHN GRID: (Update)

Soil samples taken over the Happy John revealed a widespread zinc in soil anomaly (i.e. 27 out of 43 samples taken returned between 104 to 4430 ppm Zn). The Zn in soil anomaly roughly correlates with weakly anomalous Cu (i.e. 14 out of 43 samples taken returned between 109 to 293 ppm Cu). Above average Au values occur throughout the Happy John No 2 grid (10 soil samples with 14-75 ppb Au), and in the north and south portions of Happy John No 4 grid (7 soil samples with 12-58 ppb Au).

Rock chip samples from the Happy John grid gave the following results:


sample   width  elev (m)  lithology          minerals   % Cu  g/t Ag g/t Au
 no


HJ09AR1  0.2 m       95   basalt, limestone  cpy.,py.,   8.1    35.1   0.06
                                             magnetite


HJ09AR2  float      336   basalt, andesite   cpy.,py.,  0.13     3.8   0.04
                                             magnetite,


HJ09AR3  0.2 m      407   basalt, limestone  cpy.,py.,  7.05    25.3   0.01
                                             magnetite

Magnetometer readings were taken over the Happy John No 2 and No 4 grid. The west portion of the No 2 grid has a zone of above average readings.

Further mapping, soil geochemical surveys, rock chip sampling, magnetometer geophysical surveys in the area of the Orphan Boy, Black Prince, Saucy Lass, and Sunshine copper skarn showings is planned. Further evaluation of Cu-Zn-Ag-Au mineral zones on the Nahmint Property will be directed at zones of economic importance (i.e. significant grade and tonnage). Rock chip, soil sampling and magnetometer surveys were carried out by Andris Kikauka, P.Geo., a Qualified Person for the purposes of NI 43-101.

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Forward Looking Information

This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding the Nahmint Property. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

In an effort to keep you up to date on all pertinent information regarding the resource sector, please see the article titled; “Copper bounces to three-week high.”

Copper rose to a three-week high on Friday as the U.S. dollar fell and as reassuring data from Japan and the United States supported a potential pick-up in demand.

Regards,

AGORACOM Investor Relations

Click here to read the article in its entirety.

Copper bounces to three-week high

Copper headed for 7.7 percent rise in May, fifth in a row

Rebekah Curtis

LONDON — Reuters, Friday, May. 29, 2009 06:42AM EDT

Copper rose to a three-week high on Friday as the U.S. dollar fell and as reassuring data from Japan and the United States supported a potential pick-up in demand.

Copper for three-months delivery on the London Metal Exchange traded at $4,765 a tonne at 0923 GMT, versus $4,755 on Thursday.

The metal used in power and construction hit a day's high of $4,790. Up nearly 8 per cent in May, copper is heading for its fifth consecutive month of gains.

April 24 (Bloomberg) -- China boosted its gold reserves by 76 percent since 2003 and has the world’s fifth-biggest holding by country, said Hu Xiaolian, head of the State Administration of Foreign Exchange.

The nation increased its reserves by 454 tons to 1,054 tons through domestic purchases and refining scrap metal, Hu said in an interview with the Xinhua News Agency today. The amount is more than Switzerland’s 1,040 tons, World Gold Council data show, and is worth $31 billion at current prices.

China has the world’s largest foreign exchange reserves at $1.95 trillion as of March 31, according to state administration data. The holdings have climbed about sixfold in the past six years as the country had record trade surpluses and inflows of foreign investment. Gold prices have almost tripled to more than $900 an ounce from $337.

“Chinese foreign-exchange reserves have absolutely exploded in the past few years,” said Jan Lambregts, head of Asia research at Rabobank International in Hong Kong. “We shouldn’t be surprised that they’re adding a lot of all asset classes. I don’t think they’re shifting away from U.S. dollars into gold.”

Gold climbed to a record $1,032.70 an ounce on March 17 last year and traded 0.9 percent higher today at $912.08 an ounce at 3:18 p.m. local time in Singapore.

Debt Holdings

Chinese Premier Wen Jiabao has expressed concern the dollar will weaken, eroding the value of China’s holdings of Treasuries, as the U.S. borrows unprecedented amounts to spend its way out of recession. China is the biggest overseas owner of U.S. government debt, holding notes totaling $744 billion at the end of February, according to U.S. data.

Jesse Wang, executive vice president of China Investment Corp., has said the nation’s $200 billion sovereign wealth fund may invest in “undervalued” commodities. Zhang Guobao, head of the National Energy Administration, said China should invest more in commodities instead of hoarding the dollar, Xinhua reported on March 7.

China, the world’s biggest gold producer, has increased its holdings before, Hu said in the interview carried on the administration Web Site. They rose from 394 tons to 500 tons in 2001 and to 600 tons in 2003, it said. China has told the International Monetary Fund of the recent changes and the new amount will be reflected in the central bank’s balance sheet and statistical reports, it said.

‘Support Prices’

“This shows a change in attitude in Asian central banks,” said Si Kannan, associate vice president at Mumbai-based Kotak Commodity Services Ltd. “While the IMF is selling gold, Asian central banks are diversifying into gold. That’s a good thing, in times of dollar uncertainty and the global volatility in the forex market,” he said by phone from Mumbai today.

China’s gradual increase in gold reserves and increasing jewelry demand from China and India “will support gold prices,” Kannan said.

The IMF said April 3 there had been no talks about selling more gold than the 403.3 tons proposed a year ago. Leaders from the Group of 20 said the day before that revenue from previously proposed gold sales would be used to help the world’s poorest countries. The IMF board approved a proposal in April 2008 to sell 403.3 tons of bullion as part of a plan to close the Washington-based lender’s annual deficit.

“My opinion has always been that China should increase its gold holdings,” Hou Huimin, vice chairman of the China Gold Association, said by phone from Beijing today. “China should strive to play a more proactive role in the global financial market by adding more gold.”

The U.S. has the world’s biggest gold holdings at 8,134 tons, followed by Germany with 3,413 tons, World Gold Council data show. France has 2,487 tons and Italy 2,452 tons, while the IMF has 3,217 tons, according to the council.

To contact the reporter on this story: Eugene Tang in Beijing on eugenetang@bloomberg.net

To determine lateral extent of mineral zones, a program of magnetometer geophysical surveying, and soil geochemical sampling was carried out on a 500 X 500 meter and a 300 X 400 meter area on the Pacific and Viking mineral zones respectively.

Geochemical analysis of a soil sample, taken 60 meters southwest of rock chip sample PAC09AR5, returned 1,664 ppm Cu, 1.2 ppm Ag and 22 ppb Au. The old workings consist of three cuts and a 4 meter long tunnel located on the Pacific Crown Grant at 90-100 meters elevation above sea level. Cuts and tunnel targeted two parallel shear zones that contain variable massive magnetite, pyrite and chalcopyrite trending NE and dipping moderately northwest. The area of the old workings was surveyed with a magnetometer (GEM GSM-19T). Magnetometer readings taken at 12.5 meter spacing were obtained along N-S oriented grid lines resulting in a 250-350 nT negative anomaly over the south portion of the Pacific Crown Grant old workings (grid L 363400 E, stn 5413087.5 N to 5413100 N). There are two 600-900 nT positive anomalies located 25 and 62.5 meters to the south of the old workings. There are also two 600-1200 nT positive anomalies located 25-75 meters north of Three Jays Creek on (NAD 83 UTM) easting L 363500 E and L 363600 E, at 65 and 25 meters elevation above sea level. In October 2008, magnetometer surveys were carried out on Three Jays where a total field magnetic low coincided with the old workings and 50-200 meters NE and NW of the main mineral zone a broad 500-1500 nT positive mag anomaly occurs. Further work is planned to extend the Three Jays grid W, N, and E to investigate this moderate strength total field magnetic high.

MONITOR:

The following table lists rock chip samples from the Monitor mineral occurrences, which are located 50-300 meters from tidewater, at 30-200 meters elevation, and about 100-750 meters ESE of the mouth of Handy Creek.

A magnetometer survey of the Monitor mineral zones shows a 300-500 nT positive anomaly on (NAD 83 UTM) L 357800 E, station 5427850-5427900 N, located 50 meters north of the Cu, Zn, Ag in soil anomaly on L 357800 E stn 542700 N to 542800 N. The Cu, Zn, Ag soil anomaly on L 357900 E (stn 5427700 N to 5427800 N) has a coincident 350-450 nT negative anomaly. Preliminary interpretation of magnetometer and soil geochemical data suggests that Cu, Ag, Au soil anomalies correlate with total field magnetic lows due to alteration and absence of magnetic minerals (e.g. magnetite) despite most of the rock chip samples containing 1-20% magnetite. There is also a pattern of total field magnetic highs and increased amount of magnetite present in bedrock adjacent to Cu, Ag, Au bearing mineral occurrences and/or soil anomalies.

Further evaluation of mineral zones on the Nahmint Property will be directed at Cu-Ag-Au mineral zones with economic potential. Rock chip, soil sampling and magnetometer surveys were carried out by Andris Kikauka, P.Geo., a Qualified Person for the purposes of NI 43-101.

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Forward Looking Information

This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding the Nahmint Property. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

March 26 (Bloomberg) -- Copper prices rose by the most in a week in New York on speculation that government spending in China, the world’s biggest metal user, will spur demand.

China, the world’s third-largest economy, is showing signs of recovery, and the “rapid decline in growth has been curbed,” People’s Bank of China Governor Zhou Xiaochuan said today. Copper has climbed 32 percent this year amid rising Chinese imports and falling global inventories.

“The stimulus plan in China seems to be working, and that’s going to be positive for demand,” said Michael K. Smith, the president of T&K Futures & Options in Port St. Lucie, Florida. “I’m pretty bullish on copper.”

Copper futures for May delivery climbed 5.2 cents, or 2.9 percent, to $1.855 a pound on the Comex division of the New York Mercantile Exchange. The increase was the biggest for a most- active contract since March 19.

The metal also gained “following stronger-than-expected U.S. economic data,” Barclays Capital in London said in a report.

U.S. sales of new homes jumped 4.7 percent in February from January, and orders for durable goods gained 3.4 percent, government data showed yesterday. Economists projected both to fall.

“A lot of people had really low expectations for the economy,” Smith said. “There was all of this talk of things looking like a depression. The reality is that things aren’t that bad. This is starting to be reflected in copper.”

‘Economic Optimism’

Copper prices have “established a new, higher trading range,” Donald Selkin, the chief market strategist at National Securities Corp. in New York, said yesterday. “Copper is always sensitive to economic optimism, and so we’re seeing the price move higher.”

The metal “has also been helped by stronger equity markets,” Selkin said. “Copper is following all the things that are pointing to better prospects for the economy.”

U.S. equities rose today, extending the market’s biggest monthly gain since 1987.

On the London Metal Exchange, copper for delivery in three months rose $140, or 3.5 percent, to $4,105 a metric ton ($1.86 a pound) at 6:22 p.m.. The price reached a record $8,940 on July 2.

To contact the reporter on this story: Millie Munshi in New York at mmunshi@bloomberg.net.

Last Updated: March 26, 2009 14:29 EDT

In an effort to keep you up to date on all pertinent information regarding the resource sector and more specifically Copper, please see the attached article titled “China Copper Purchases May Trigger Deficit, CICC Says”

China’s State Reserve Bureau may raise purchases to 1 million metric tons from 600,000 tons, analysts led by Luo Wei wrote today in a note. The purchases “would easily turn a global surplus of between 350,000 tons and 400,000 tons this year” into a deficit, they wrote.

Regards,

AGORACOM Investor Relations

Please click here to view article in its entirety.

Compilation of drill data from COP08-8 & 9 suggests there are 2 zones of Mo bearing mineralization. The upper Mo zone occurs at 2000 m elevation and the lower zone occurs about 30-40 m below. The Mo bearing zones are accompanied by wider zones of hydrothermal alteration (e.g. secondary K-feldspar, sericite, chlorite) suggesting there is potential for additional Mo bearing zones nearby. The East Basin drill core was subjected to shortwave UV lamping for scheelite (an ore of tungsten with chemical formula CaWO4) and several zones produced a bright sky-blue glow. These zones have been sampled and are awaiting tungsten assays.

In addition to diamond drilling, Torch River Resources carried out soil (talus fines) sampling and magnetometer surveys west and north of the Glacier Zone. Soil results identified a 200 X 100 m zone of anomalous Mo in soil near the Glacier Zone (old workings). Additional Mo in soil anomalous zones include the Sub-Portal (located 100 m NE of the portal) and the West Basin (located 500-600 m west of the portal). Magnetometer surveys indicate a 1000-2000 nT (high intensity) positive total field anomaly (about 300 m in length) is associated with the marble bands located in the Glacier West Zone. This positive magnetometer anomaly suggests the presence of massive magnetite (and/or pyrrhotite) and related skarn type mineralization. The geochemical and geophysical surveys carried out in 2008 have led to a number of new targets for future exploration on the Mount Copeland project.

This summary of technical data on Torch River Resources Mount Copeland Project was written by Andris A. Kikauka, P. Geo. who is a Qualified Person under NI 43-101 and has reviewed and approved the technical data in this press release and supervised the 2008 fieldwork at Mount Copeland.

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Forward Looking Information

This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding the Mt. Copeland Property. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Each Unit consists of one (1) common share in the capital of the Corporation issued on a flow through basis (a "Flow Through Share") and one-half of one common share purchase warrant (each whole common share purchase warrant a "Warrant"). Each whole Warrant will entitle the holder to purchase one common share in the capital of the Corporation (a "Common Share") at an exercise price of $0.15 for a period of twelve (12) months from the closing of the Offering

The Flow Through Shares issued as a part of the Units have a four month hold period which shall expire on July 5, 2009 and the Warrants issued as a part of the Units are exercisable until March 5, 2010.

The proceeds of the private placement will be used to fund the continued work programs on the mineral properties held by Torch.

TORCH RIVER ANNOUNCES UPDATE ON THE NAHMINT PROPERTY

Torch is pleased to announce that an exploration program including sampling and geophysics will commence immediately on its newly optioned Nahmint Property on Vancouver Island, British Columbia. This program will concentrate on the area of the Three Jays and Monitor past producing high grade copper mines. The Three Jays produced 1,981 tonnes @ 7.52% copper, 38.0 g/t silver and 0.97 g/t gold from 1898 to 1902. The Monitor produced 1,288 tonnes @ 9.08% copper, 28.8 g/t silver and 0.05 g/t gold from 1900 to 1918.

A recently released NI 43-101 Technical Report on the Nahmint property is available on Torch's website at www.torchriver.ca and SEDAR at www.sedar.com .

Andris A. Kikauka, P. Geo, is a Qualified Person under NI 43-101 and has reviewed and approved the technical data in this press release.

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Forward Looking Information

This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding the Mount Copeland Property. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.

FOR FURTHER INFORMATION PLEASE CONTACT:

Torch River Resources Ltd.
William E. Pfaffenberger
President
(403) 444-6888


Website: www.torchriver.ca

or

ProActive Communications Co.
Local Vancouver: (604) 541-1995 or Toll Free: 1-800-540-1995

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Technical Report on the Nahmint Property

Torch River Resources Ltd. ("Torch" or the "Corporation") (TSX VENTURE:TCR; FRANKFURT:WNF; PINK SHEETS:TORVF) is pleased to announce a technical report titled "Technical Report On The Nahmint Property" dated February 9, 2009 (the "Technical Report"). The Technical Report has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Technical Report was prepared by Jasques Houle, P.Eng., independent "qualified person" as that term is defined in NI 43-101.

The Technical Report is available on Torch's website at www.torchriver.ca and SEDAR at www.sedar.com.

Terms of the Nahmint Option Agreement

As previously disclosed in its press release dated February 12, 2009, Torch entered into an option agreement effective February 9, 2009 whereby it may earn up to a 75% interest in the Nahmint Property (the "Nahmint Option Agreement"). Under the terms of the Nahmint Option Agreement, Torch shall earn up to a 75% interest in the Nahmint Property by paying the vendors up to an aggregate of $351,000 over 5 years, spending up to $1,350,000 on work programs on the Nahmint Property over 5 years and issuing up to an aggregate of 10 million shares to the vendors over 5 years. The Nahmint Property shall be subject to a net smelter royalty of 2%, payable to the vendors, of which 1% can be purchased by Torch for $1,000,000. Further, all of the consideration shall be divided by the vendors based upon their ownership percentage, with there being no finders' fee payable. Torch shall be the operator for the projects conducted on the Nahmint Property.

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Forward Looking Information

This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding the Nahmint Property. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:

William E. Pfaffenberger
Torch River Resources Ltd.
President and Chief Executive Officer
(403) 444-6888
Website: www.torchriver.ca

Local Vancouver: (604) 541-1995 or Toll Free: 1-800-540-1995
ProActive Communications Co.

The private placement is expected to close on or about February 27, 2009.

The proceeds of the private placement will be used as working capital to fund the continued work program on the mineral properties held by Torch. The private placement is subject to receipt of all necessary regulatory approvals.

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Torch River Resources Ltd.
William E. Pfaffenberger
President
(403) 444-6888

Website: www.torchriver.ca

or

Neither TSX Venture Exchange nor its regulation services provider

(as that term is defined in the policies of the TSX Venture Exchange)

accepts responsibility for the adequacy or accuracy of this release.

Terms of the Nahmint Option

Under the terms of the Nahmint Option Agreement, Torch shall earn up to a 75% interest in the Nahmint Property by paying the vendors up to an aggregate of $351,000 over 5 years, spending up to $1,350,000 on work programs on the Nahmint Property over 5 years and issuing up to an aggregate of 10 million shares to the vendors over 5 years. The Nahmint Property shall be subject to a net smelter royalty of 2%, payable to the vendors, of which 1% can be purchased by Torch for $1,000,000. Further, all of the consideration shall be divided by the vendors based upon their ownership percentage, with there being no finders' fee payable. Torch shall be the operator for the projects conducted on the Nahmint Property.

The Nahmint Property

The two groups of: (i) 14 Crown granted mineral claims comprised of the Three Jays group of eight crown grants and the Monitor group of six crown grants; and (ii) the surrounding 18 cell staked claims are collectively known as the Nahmint Property. The Nahmint Property is at tidewater on the Alberni Canal approximately 25 km. south-south-west of Port Alberni on Vancouver Island British Columbia.

The Nahmint Property geology consists of a flat-lying sequence of layered rocks of Triassic to Jurassic age, including Karmutsen volcanics, Quatsino limestone, Parsons Bay formation and Lemare Lake volcanics. These layered rocks have been intruded from the southeast by a large batholith of the island intrusive suite of granodiroite. Steeply dipping, northwest-trending faults have deformed and offset the layered and intrusive rocks both vertically and horizontally. This represents an ideal setting on Vancouver Island for porphyry copper-gold-molybdenum and related copper, iron and gold skarn deposits.

The property hosted three past producers. The Monitor Mine operated from 1900 - 1902 and from 1916 - 1918 and produced 1,288 tons averaging 9.09% copper, .05 g/t gold and 28.8 g/t silver. The Sunshine Mine shipped 5 tonnes in 1916 averaging 17.4% copper and 43.6 g/t silver. The Three Jays Mine operated from 1898 -1902 and produced 1,981 tonnes of direct shipping ore averaging 7.5% copper, .97 g/t gold and 38 g/t silver with several stockpiles of mineralized material remaining on surface. The Three Jays Mine was developed over a vertical distance of 750 feet and a horizontal distance of 1500 feet on three separate levels.

Past production was undertaken when sophisticated exploration tools were not available. The Nahmint Property has not been drill tested.

Geological Evaluation

Prior to entering into the Nahmint Option Agreement (and the previously announced Letter of Intent), Torch completed its geological evaluation of Three Jays (BC Minfile 092F 140) copper-silver-gold bearing mineralization. The following assay (for Cu) and geochemical analysis (for Ag and Au) results are listed in the following table:

(2) Assay
(1) Geochemical Analysis by Pioneer Labs, Richmond, 
BC (lab report 2082062)

The mineralization consists of chalcopyrite, magnetite, bornite, and pyrite in a gangue of epidote, garnet and actinolite. Historic mining took place on the Three Jays mining property in 1898 to 1902 and a total 1,100 m (3,608 feet) of cross-cut and drifts were driven from 3 levels (see attached map). The mining operation produced 148,889 kilograms (328,244.1 pounds) of copper, 75,207 grams (2,417.96 troy ounces) silver, and 1,929 grams (62.018 troy ounces) gold (source: Minfile). Skarn type mineralization is known to occur as individual ore shoots from 2-8.5 meters (6.6-27.9 feet) wide and 20-45 meters (65.6-147.6 feet) in length and is hosted in Quatsino limestone and tuffs/flows of the Karmutsen Formation. The ore shoots strike E-W and dip sub-vertical and occur in several areas of the crown grant claims covering a distance of 1,500 meters (4,920 feet). In addition to skarn mineralization, disseminated mineralization is known to occur in the adjacent intrusive and volcanic rocks. The intrusive rocks nearby are Early Middle Jurassic Plutonic Suite and include granodiorite and diorite porphyry lithologies. Investigation of additional skarn and possible porphyry type Cu-Ag-Au bearing mineralization is planned for future appraisal of the Three Jays mining property.

Andris Kikauka, P.Geo for the purposes of NI 43-101, fulfills the requirements of "qualified person".

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Forward Looking Information

This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements made regarding the Nahmint Property. Although Torch believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Torch including its ability to mobilize and drill on schedule may be affected by a variety of variables and risks associated with the mining industry such as availability of human and capital resources, competition, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals. As such the future plans and objectives of Torch are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. Torch's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, Torch does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information , events, results or circumstances or otherwise.

FOR FURTHER INFORMATION PLEASE CONTACT:

Torch River Resources Ltd.
William E. Pfaffenberger
President
(403) 444-6888

Website: www.torchriver.ca

or

ProActive Communications Co.
Local Vancouver: (604) 541-1995 or Toll Free: 1-800-540-1995


Neither TSX Venture Exchange nor its Regulation Services 
Provider(as that term is defined in the policies of the 
TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.

Torch River Resources wants to explore three derelict 19th century operations

A Calgary company has a plan to extract copper from three abandoned 19th century mines in Port Alberni.

Torch River Resources (TSXV:TCR) wants to begin modern exploration of the three derelict mines thought to contain high-grade copper near the Alberni Canal, 25 kilometres south of Port Alberni, in March.

"Our initial foray will use modern geophysics technology to look at production of the past mines," said company president Bill Pfaffenberger. "We would like to put in a low tonnage, high-grade mine."

The first extractions of copper from the mines began around 1898. At that time the mine extracted quite pure copper, but not in large quantities.

Pfaffenberger is hoping to resume where the old miners left off. But first Torch River Resources will begin sampling, mapping and geophysics, in the hopes it will get good targets. Then it will begin drilling holes.

"It's a huge property," Pfaffenberger said of the 8,000-hectare site. "We'll go at it in a methodical way."

Once the company has determined that it can get high-grade copper, and more of it than the original mine owners did at the turn of the century, it will apply for permits and begin an environmental impact assessment. To get to that point will take a year at the very least, says Pfaffenberger, probably more like 18 months.

The environmental assessment for most mines is a real hurdle because of waste pools and poisonous tailings, but Pfaffenberger said Torch River Resources will most likely just mine rock and ship it to be processed, possibly at an existing zinc mine in Strathcona Park. Doing so will greatly reduce the mine's impact on the surrounding environment and make an assessment less difficult to obtain.

What all this could mean to Port Alberni is jobs.

"Absolutely, there's enough local expertise in the area that we'd hire locally," said Pfaffenberger.

That is good news for a city that is feeling the global economic slowdown and has dealt with the crippled fishing and forestry industries. Even if Torch River Resources turns up nothing, it has still pledged $1.5 million dollars in exploration over the next five years, says Pfaffenberger.

That is five more years of life for a mine that is already more than a century old. Back then the miners surveyed for copper and where they thought they would find it, they simply bored tunnels into the rock, said Pfaffenberger.

The copper was then extracted and lowered by cable down the steep bluff to be carried away.

But when the mine closed, its inconvenient location on Crown land ensured that it went largely unnoticed for years until the 1960s. At that time a company tried, and failed, to get it going.

"The owner went to raise money in the market, but something went against him," said Pfaffenberger.

"It never went anywhere. Maybe the price of copper fell, I don't know."

In the meantime, Torch River Resources and its partner company have letters of understanding from local First Nations bands who hold title to land affected by the planned mining activity.

Torch River Resouces shares finished unchanged at four cents on the Venture Exchange yesterday. The stock has a 52-week range between two and 26 cents.

Terms of the Letter of Intent

Under the terms of the Letter of Intent, Torch shall earn a 75% interest in the Nahmint Property by paying the vendors $351,000 over 5 years, spending $1,350,000 on work programs on the Nahmint Property over 5 years and issuing 10 million shares to the vendors over 5 years. Under the terms of the Letter of Intent, the Nahmint Property is subject to a 2% NSR of which 1% can be purchased by Torch for $1,000,000. Torch shall be the operator for the projects conducted on the Nahmint Property.

The Nahmint Property

The two groups of: (i) 14 Crown granted mineral claims comprised of the Three Jays group of eight crown grants and the Monitor group of six crown grants; and (ii) the surrounding 18 cell staked claims are collectively known as the Nahmint Property. The Nahmint Property is at tidewater on the Alberni Canal approximately 25 km. south-south-west of Port Alberni on Vancouver Island British Columbia.

The Nahmint Property geology consists of a flat-lying sequence of layered rocks of Triassic to Jurassic age, including Karmutsen volcanics, Quatsino limestone, Parsons Bay formation and Lemare Lake volcanics. These layered rocks have been intruded from the southeast by a large batholith of the island intrusive suite of granodiroite. Steeply dipping, northwest-trending faults have deformed and offset the layered and intrusive rocks both vertically and horizontally. This represents an ideal setting on Vancouver Island for porphyry copper-gold-molybdenum and related copper, iron and gold skarn deposits.

The property hosted three past producers. The Monitor Mine operated from 1900 - 1902 and from 1916 - 1918 and produced 1,288 tons averaging 9.09% copper, .05 g/t gold and 28.8 g/t silver. The Sunshine Mine shipped 5 tonnes in 1916 averaging 17.4% copper and 43.6 g/t silver. The Three Jays Mine operated from 1898 -1902 and produced 1,981 tonnes of direct shipping ore averaging 7.5% copper, .97 g/t gold and 38 g/t silver with several stockpiles of mineralized material remaining on surface. The Three Jays Mine was developed over a vertical distance of 750 feet and a horizontal distance of 1500 feet on three separate levels.

Past production was undertaken when sophisticated exploration tools were not available. The Nahmint Property has not been drill tested.

Geological Evaluation

Prior to entering into the Letter of Intent, Torch completed its geological evaluation of Three Jays (BC Minfile 092F 140) copper-silver-gold bearing mineralization. The following assay (for Cu) and geochemical analysis (for Ag and Au) results are listed in the following table:

The mineralization consists of chalcopyrite, magnetite, bornite, and pyrite in a gangue of epidote, garnet and actinolite. Historic mining took place on the Three Jays mining property in 1898 to 1902 and a total 1,100 m (3,608 feet) of cross-cut and drifts were driven from 3 levels (see attached map). The mining operation produced 148,889 kilograms (328,244.1 pounds) of copper, 75,207 grams (2,417.96 troy ounces) silver, and 1,929 grams (62.018 troy ounces) gold (source: Minfile). Skarn type mineralization is known to occur as individual ore shoots from 2-8.5 meters (6.6-27.9 feet) wide and 20-45 meters (65.6-147.6 feet) in length and is hosted in Quatsino limestone and tuffs/flows of the Karmutsen Formation. The ore shoots strike E-W and dip sub-vertical and occur in several areas of the crown grant claims covering a distance of 1,500 meters (4,920 feet). In addition to skarn mineralization, disseminated mineralization is known to occur in the adjacent intrusive and volcanic rocks. The intrusive rocks nearby are Early Middle Jurassic Plutonic Suite and include granodiorite and diorite porphyry lithologies. Investigation of additional skarn and possible porphyry type Cu-Ag-Au bearing mineralization is planned for future appraisal of the Three Jays mining property.

Andris Kikauka, P.Geo for the purposes of NI 43-101, fulfills the requirements of "qualified person".

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Torch River Resources Ltd.
William E. Pfaffenberger
President
(403) 444-6888


Website: www.torchriver.ca

or

ProActive Communications Co.
Local Vancouver: (604) 541-1995 or Toll Free: 1-800-540-1995

The Option Agreement contains provisions allowing Torch to earn the remaining 75% interest in the Red Bird Property subject to certain consideration being paid to Red Bird including cash payments, share issuances and work program commitments. Under the Option Agreement, Torch was required to complete a $4,000,000 cash payment (the "Cash Payment") to Red Bird on or before December 31, 2008. Given current market conditions and the cash position of the Corporation, management was recently forced to make the difficult decision that it was in the Corporation's best interests not to complete the Cash Payment on or before December 31, 2008.

Torch wishes to confirm that as of the date of this news release the Option Agreement has not been terminated.

Torch is a company listed and trading on the TSX Venture Exchange, symbol: TCR.

For all Torch River investor relations needs, investors are asked to visit the Torch River IR Hub at http://www.agoracom.com/IR/Torchriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to tcr@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Torch River Resources Ltd.
Donald G. Snyder
Chairman
(403) 444-6888

or

ProActive Communications Co.
Local Vancouver: (604) 541-1995 or Toll Free: 1-800-540-1995

Author: Dorothy Kosich
Posted: Wednesday , 10 Dec 2008

RENO, NV -

Gold and commodity prices are benefitting from President-elect Barack Obama's proposed $136 billion infrastructure economic stimulus program, expected to generate up to 2.5 million U.S. jobs by 2011.

In a base metals industry report Tuesday, Canada's Haywood Securities say they believe the infrastructure program will also increase demand for molybdenum.

Caterpillar, engineering groups, and Brazilian steelmakers emerged as big winners on the NYSE Monday while industries as diverse as mining and internet companies are expected to economically benefit from the program.

Gold prices also rallied Monday along with other precious metals prices and commodities. Gold futures recorded modest gains on Tuesday, rising $ 4.90 to end at $774.20 an ounce on the NYMEX.

Federal lawmakers are scrambling to create their own infrastructure packages, including Rep. James Oberstar, D-Minnesota, chairman of the House Transportation and Infrastructure Committee, who has just proposed a $45 billion plan called Rebuild America. It calls for $18.25 billion for highways and bridges, $9 billion for environmental infrastructure, $6.5 billion for public transit, $2 billion for railways, $5 billion for the Army Corps of Engineers, and $1 billion for aviation.

Projects that could award contracts in 90 to 120 days would be given priority in Oberstar's proposal.

The nation's governors have also proposed $136 billion in infrastructure projects and has established a coalition for infrastructure investment. The U.S. Conference of Mayors Monday proposed 11,391 infrastructure projects, which would cost $73 billion. House of Representatives Ways and Means Committee Chair Charlie Rangel, Oberstar and several mayors participated in a press conference Monday to announce "ready-to-go" infrastructure projects that could be started and completed within two years.

Moly Demand

In their report issued Tuesday, Haywood analysts Stefan Ioannou and Danny Ochoa noted that more than 115,000 kilometres of new oil pipeline is planned over the next seven years. The oil and gas pipeline industry is an important consumer of steel.

While moly demand is expected to remain weak through the first half of next year, "the metal's longer-term outlook remains strong," they advised.

As moly demand grows at a rate of 4% to 6% each year, it requires the equivalent of one new molybdenum mine to come into production each year "over the foreseeable future." However, the analysts noted that only three advanced stage +20 million pound per annum development projects are currently under consideration: Freeport-McMoRan's Climax project in Colorado, General Moly's Mt. Hope project in Nevada, and Moly Mines' Spinifex Ridge project in Western Australia. Most new significant development projects are currently being delayed, the analysts said, including Thompson Creek's Davidson project and a mill expansion at its Endako project.

Haywood noted that both Thompson Creek delays "are a result of the low moly price environment and the company's capital preservation initiative."

Meanwhile, Chile, the world's second largest moly producer, is experiencing substantial reduction in moly production, which was down 26% during the first 10 months of this year.

The analysts also advised that "Chinese exporters have abandoned the moly market over the past three weeks given weak prices."

"Although large consumers in Europe remain out of the moly market, the Chinese have re-commenced buying albeit in thin volumes. The moly (oxide) price has responded positively, up to US$11/lb currently from a recent low of about US$9.80/lb," they added.

Please click here to listen to the interview in its entirety.

Regards,

AGORACOM Investor Relations