Taseko Mines Limited

Taseko Mines Limited

November 07, 2007 09:02 ET

Taseko Updates Progress of Gibraltar Mine Expansion

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2007) - Taseko Mines Limited (TSX:TKO)(AMEX:TGB) today provided an update on the expansion and modernization project at its wholly owned Gibraltar copper-molybdenum mine.

As of the end of October, approximately $64 million has been spent for the Phase 1 expansion and modernization project which will increase daily milling capacity to 46,000 tons. The project remains on budget at a total investment of $74 million.

The initial phase of the flotation circuit upgrade is complete. The 10 new large float cells have been operating since August and the additional cleaner cells were commissioned in October.

All components for the SAG mill are now onsite, most of which have already been installed. Final assembly of the mill and support equipment is underway and testing of individual systems will begin mid month. Planning and construction is ongoing for the conversion of the rod mills to ball mills to accept feed from the SAG mill. The commissioning period is on time and scheduled to go live in the middle of December.

In May, following a successful 2-year exploration drilling program at Gibraltar, Taseko's Board of Directors approved a Phase 2 expansion. This expansion will increase production by an additional 20%, to 55,000 tons per day, by the end of 2008. Detailed engineering for the Phase 2 expansion is underway and construction is expected to commence in early 2008.

The increased Gibraltar reserves will support a mine life of 17 years at an average annual production rate of 115 million pounds of copper and 1.4 million pounds of molybdenum.

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