Taseko Mines Limited

Taseko Mines Limited

January 31, 2007 13:35 ET

Taseko Mines Limited: Copper Cathode Production Resumes at Gibraltar Mine

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2007) - Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO)(AMEX:TGB) announces that the first 99.9% pure copper cathode was produced on January 26 from the refurbished and recommissioned solvent extraction and electrowinning (SX-EW) plant at its Gibraltar mine. The 100% owned Gibraltar operation is located near Williams Lake in south-central British Columbia.

Russell Hallbauer, President and CEO of Taseko commented, "The restart of the SX-EW plant is an important milestone towards lowering site costs and increasing production at Gibraltar. Winter weather conditions at the mine caused some challenges with start-up of the SX-EW plant, but the quick ramp-up to production is a testament to the excellent team we have in place at Gibraltar."

The SX-EW plant was built in 1986 and produced some 84.5 million pounds of copper from 1987 to 1998. Oxidized material required for the restart of the SX-EW plant had been stockpiled since the restart of mining operations in 2004. Refurbishing activities began in April 2006, solvent distribution systems had been installed by early December, 2006 and commissioning of the plant began at the end of the same month. The SX-EW plant will reach full capacity of approximately 7 million pounds of cathode copper per year over the course of the next few months. Cathode production is estimated to be approximately 3.5 million pounds for the year ending in September 2007. Photos of the first cathode production can be found with this news release on the Company's website at www.tasekomines.com.

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

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, 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 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
    Shawn Wallace
    Investor Services
    (604) 684-6365 or within North America at 1-800-667-2114
    (604) 684-6365 (FAX)
    Website: www.tasekomines.com