Raging River Capital LP

April 28, 2016 10:21 ET

Raging River Capital LP Draws Strong Shareholder Support for Plan for Change at Taseko Mines Limited

-Strong positive response demonstrates shareholders' frustration with the current self-interested, conflicted board and desire for change

-Lawsuit launched by Raging River to recoup the cost of the money lost in the Curis Resources transaction demonstrates commitment to shareholders' interests'

-The self-interested and conflicted directors will take a vote for the status quo as approval to continue with their self-dealing and value destruction

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 28, 2016) - Raging River Capital LP ("Raging River") thanks shareholders for their overwhelming support for their nominees - Paul Blythe, Randy Davenport, Henry Park, and Mark Radzik - and their plan for change at Taseko Mines Limited (TSX:TKO)(NYSE MKT:TGB) ("Taseko Mines") and urges any shareholders who have not yet voted to vote their BLUE proxy by 10:00 AM (EST) May 6, 2016.

"We have been overwhelmed by shareholders who have voted in favour of change at Taseko Mines. Our nominees came together because of the concerns we heard from many, many small shareholders who knew something funny was going on at Taseko Mines but lacked the resources and size of position to do anything about it," said Mark Radzik. "Our plan going forward puts shareholders' interests first and we believe will increase the value of their shares. The outpouring of shareholder support means we are one step closer to creating real change at Taseko Mines. We want to put an end to the conflicts of interests and deliver a Taseko Mines run by shareholders for shareholders."

Shareholders have also voiced their appreciation and support for the lawsuit that Raging River has launched against the conflicted directors in connection with the acquisition of Curis Resources Ltd. ("Curis"), alleging the transaction was conducted in a manner that unfairly harmed shareholders and seeking leave to commence a $110 million claim on behalf of all shareholders. "The conflicted board has tried to minimize our role as their second largest shareholder but as this lawsuit demonstrates, we are wholly aligned with our fellow shareholders and committed to their interests. We're standing up to get their money back, stop further entrenchment and hold the self-interested directors accountable," Radzik added.

Shareholders are urged not to be fooled by Taseko Mines' fearmongering. Taseko Mines has tried hard to convince shareholders that they should stick with the 'devil they know' in the hopes that they are fearful of change. If shareholders vote for the current directors, we believe they will take it as their approval to continue with their self-dealing and pattern of value destruction. Raging River urges shareholders to empower their nominees to improve the long-term price of Taseko shares and implement positive change by voting their BLUE proxy.

In a letter Raging River released on Tuesday, they gave full details of their plan for change which focuses on five major improvements:

  1. Review Gibraltar. Especially the implications of the abruptly changed mine plan and the need for discharge of water from the tailings facility.
  1. Prosperity needs new leadership that can rebuild stakeholder relationships to realize its potential.
  1. Improve corporate governance. Restore shareholders' trust in Taseko and align the interests of management and the board with shareholders.
  1. Improve cost structure and capital allocation decision making.
  1. Stop the expenditures on the high-risk Florence Project.
  1. Focus the company on the US$270 million debt due in 2019.

SHAREHOLDERS ARE ENCOURAGED TO VOTE FOR CHANGE BY 10:00 AM (EST) MAY 6, 2016

Shareholders are encouraged to vote their BLUE proxy or VIF "FOR" the removal of each of the self-interested and conflicted incumbent Taseko Mines directors: Ronald Thiessen, Russell Hallbauer and Robert Dickinson and the election of the following four independent and highly qualified new directors to the board: Paul Blythe, Randy Davenport, Henry Park and Mark Radzik.

Shareholders with questions should contact Kingsdale Shareholder Services at 1-888-518-6832 toll-free in North America, or 1-416-867-2272 outside of North America, or by email at contactus@kingsdaleshareholder.com.

ADVISORS

Raging River has engaged Norton Rose Fulbright Canada LLP as its legal advisor and Kingsdale Shareholder Services as its strategic and communications advisor and proxy solicitor.

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