Teck To Acquire SilverBirch Energy

Teck to Acquire SilverBirch Energy

12-2-TR

January 9, 2012 /

Vancouver, B.C. – Teck Resources Limited (TSX: TCK.A, TCK.B, NYSE: TECK) (“Teck”) and SilverBirch Energy Corporation (“Silverbirch”) (TSX-V:SBE) announced today that they have entered into an agreement for Teck to acquire SilverBirch by way of a plan of arrangement under the Canada Business Corporations Act. Under the arrangement, SilverBirch shareholders will receive CAD $8.50 in cash and one share of a new company, SilverWillow Energy Corporation (“SilverWillow”), per SilverBirch common share. SilverWillow will hold substantially all of the assets of SilverBirch other than SilverBirch’s 50% interest in the Frontier and Equinox oil sands project. In connection with the arrangement, Teck will contribute to SilverWillow CAD $25 million in working capital and its 50% interest in several oil sands leases that are currently jointly owned with SilverBirch. As a result, SilverWillow is expected to begin operations with approximately CAD $25 million in net working capital.