Taseko Mines Ltd

Published : February 16th, 2011

Announces Additional Capacity Increase At Gibraltar Copper Mine

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Keywords :   Copper | Molybdenum |

 

Taseko Announces Additional Capacity Increase At Gibraltar Copper Mine


 

 

 

 

 

 

 

 

 

 Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") is pleased to report that its Board of Directors has approved plans to proceed with a further capacity increase at the Gibraltar Mine.

The Gibraltar Development Plan 3 (GDP3) will include the construction of a 30,000 ton per day concentrator to complement the existing 55,000 ton per day facility currently operating. The additional capacity will increase Gibraltar's annual copper production by approximately 60 million pounds to 180 million pounds, at life of mine average grade.

An integral part of this project is a new molybdenum recovery facility, increasing molybdenum metal production by over one million pounds per year.

Capital costs for GDP3 are expected to be $235 million for the concentrator and molybdenum plant and approximately $90 million for mining equipment (all figures reflect 100% project number, Taseko owns 75%).

Based on an assumption of continuing strong metal prices, GDP3 is anticipated to have an internal rate of return of approximately 30% with a three year payback.

Russell Hallbauer, President and CEO of Taseko, commented; "GDP3 is a good example of management's continued focus on unlocking value of our long-life assets. This project's capital cost intensity of $7,800 per ton of daily mill capacity and $10,800 per ton including mine equipment is one of the lowest of any project being developed globally, and is reflected in the rate of return and quick payback.

A key component of this undertaking is our ability to execute quickly and take advantage of the robust copper price environment. Over the past four months our management team has been working on advanced engineering. Construction will commence in early spring and commissioning of the new concentrator is anticipated in Q4 2012.

One of our key strategies has always been to maintain long life reserves, therefore, we have planned a ten-hole drill program to complement the increased throughput of the new concentrator. The drill program, scheduled to begin in the next few weeks, will facilitate the conversion of a significant portion of Gibraltar's 500 million tons of resources to reserves. Currently Gibraltar's reserves are 445 million tons."

Mr. Hallbauer added, "Management is very excited about GDP3 in terms of the value it creates for our shareholders and for the economic impact it will have on the Cariboo Region of British Columbia and Williams Lake."

Go-ahead for the project also requires co-operation of Taseko's 25% Gibraltar Joint Venture partner Cariboo Copper Corp. and the parties are now in discussions to this end.

For further information on Taseko, please see the Company's website www.tasekomines.com or contact:

Brian Bergot, Investor Relations - 778-373-4545, toll free 1-800-667-2114

Russell Hallbauer
President and CEO

No regulatory authority has approved or disapproved of the information contained in this news release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainty related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policy regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions . Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities Commission or the Company's home jurisdiction filings at www.sedar.com.

 

 

 

 

 

Taseko Mines Ltd

PRODUCER
CODE : TKO.TO
ISIN : CA8765111064
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Taseko is a producing copper and gold company based in Canada.

Taseko produces copper, gold, molybdenum in Canada, develops copper and gold in Canada, and holds various exploration projects in Canada.

Its main asset in production is GIBRALTAR MINE in Canada, its main asset in development is PROSPERITY in Canada and its main exploration properties are ALLEY and HARMONY in Canada.

Taseko is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 133.4 millions as of today (US$ 100.8 millions, € 91.5 millions).

Its stock quote reached its highest recent level on June 21, 1996 at CA$ 9.50, and its lowest recent point on July 11, 2003 at CA$ 0.25.

Taseko has 226 150 000 shares outstanding.

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