Taseko Mines Limited
AMEX : TGB
TSX : TKO

Taseko Mines Limited

October 03, 2007 08:01 ET

Taseko's Q4 Copper Production Increases by 33% Over Q3 to 16.8 M Pounds

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 3, 2007) - Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO)(AMEX:TGB) is pleased to provide the following update on quarterly production results for the fiscal year ending September 30, 2007.



METAL PRODUCTION FROM THE GIBRALTAR MINE IN FISCAL 2007 (millions pounds)

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Q1 Q2 Q3 Q4
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Copper in Concentrate 10.6 11.2 11.8 15.8
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Cathode 0 0.6 0.8 1.0
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Total Copper 10.6 11.8 12.6 16.8
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Molybdenum in Concentrate 0.12 0.16 0.15 0.15
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During the fourth fiscal quarter (Q4), the Gibraltar Mine produced 16.8 million pounds of copper - 15.8 million pounds in concentrate plus 1 million pounds of cathode copper. This represents a 58% increase of primary metal production over the first quarter of 2007, and is equivalent to an annualized production rate of 67.2 million pounds of copper. Copper production for the year is 51.8 million pounds and molybdenum production is 0.58 million pounds.

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

"A combination of operational improvements, new technologies being incorporated in the concentrator to complement the new SAG Mill which is on schedule for December commissioning, and higher copper grades in the Pollyanna pit have resulted in increases to copper production each quarter. Quarter-on-quarter production from the SX-EW plant is also increasing as operational staff becomes more comfortable with the plant performance parameters. Key productivity indicators such as crushing rates, mill throughput, mill operating time and copper recoveries, which are the foundation of an efficient concentrator operation, are continuing to improve and will directly contribute to a declining unit cost profile as the mine moves to higher production levels."

"With the Company's un-hedged copper production position and high metal prices expected to persist into the foreseeable future, Taseko will continue to provide superior returns to our shareholders."

The Q4 results presented are based on quarter end surveys of copper and molybdenum but the reconciliations have not, as yet, been audited. Audited results will be reported with the Company's year end financial results in December 2007.

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