Taseko Mines Limited

Taseko Mines Limited

October 09, 2007 08:39 ET

Taseko Highlights Q4 Sales

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2007) - Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO)(AMEX:TGB) announces an update on quarterly sales and production results for the fiscal year ending September 30, 2007. In particular, the Company would like to highlight its fourth fiscal quarter ("Q4") production and sales during which the Gibraltar Mine produced 16.8 million pounds and sold 13.2 million pounds of copper at an average sales price of US$3.63 per pound.

(all figures unaudited)

Q1 Q2 Q3 Q4 Total(2)
Copper Produced 10.6 11.8 12.6 16.8 51.8
(pounds)(1) million million million million million
Copper Price
(per pound)(1) US$2.77 US$3.13 US$3.53 US$3.63(3)
Copper Sales 16.9 11.8 13.6 13.2 55.5
(pounds)(1) million million million million million
Copper C$53.1 C$46.3 C$49.9 C$49.1 C$198.4
Revenue(1) million million million million million

Molybdenum Produced
(pounds) 120,000 160,000 150,000 150,000 580,000
Molybdenum Price
(per pound) US$23.70 US$26.60 US$31.95 US$31.00
Molybdenum Sales
(pounds) 143,300 155,400 138,200 160,000 596,900
Molybdenum C$3.3 C$4.8 C$5.6 C$5.0 C$18.7
Revenue million million million million million
(1) All copper information includes copper in concentrate and in copper
(2) Audited results for the fiscal year ended September 30, 2007 will be
reported in December 2007.
(3) In addition to the $3.63 realized for Q4 shipments, an additional
$0.10 per pound was realized over the estimated revenue for Q3

Russell E. Hallbauer, President and CEO of Taseko, stated:

"Management's decision to leave Gibraltar production unhedged has resulted in increased returns from sales as the price of copper has risen. With the combination of expected ongoing strength in metal prices and planned production growth, we believe Taseko is poised to continue to generate significantly increasing cash flow from operations."

Taseko may or may not in future elect to update quarterly sales and production prior to release of quarterly financial statements and related management's discussion and analysis.

For further details on Taseko and its properties, please visit the Company's website at www.tasekomines.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.

Russell Hallbauer, President and CEO

Forward Looking Statements

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, lack of continuity of mineralization, 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 20-F filing with the United States Securities and Exchange Commission or the Company's home jurisdiction filings at www.sedar.com.

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

Contact Information

  • Taseko Mines Limited
    Brian Bergot
    Investor Services
    (604) 684-6365 or Toll Free: 1-800-667-2114
    (604) 684-8092 (FAX)
    Website: www.tasekomines.com