Raging River Capital LP

May 06, 2016 09:00 ET

Raging River Capital LP Thanks Shareholders for their Support and Announces Next Phase of Campaign for Change at Taseko Mines

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2016) - Raging River Capital LP ("Raging River") announces a series of next steps it, as the second largest shareholder of Taseko Mines Limited ("Taseko Mines" or the "Company") (TSX:TKO)(NYSE MKT:TGB), will be employing to replace the conflicted directors of Taseko Mines, Russell Hallbauer, Ronald Thiessen, and Robert Dickinson.

"Despite having the significant support of a majority of shareholders not associated with Hunter Dickinson and the conflicted directors, we have determined that we will fall short of the 66 2/3 threshold required under B.C. law to remove the conflicted directors. As such, we have withdrawn our current special meeting requisition," said Mark Radzik, Managing Partner of Raging River. "We thank all shareholders who have pushed for change and for improving governance at Taseko Mines. Raging River will continue its campaign to effect the necessary change at Taseko, protect shareholder rights and maximize shareholder value. We recognized early on that with its large retail base and the depressed share price, it would be challenging to galvanize a sufficient number of Taseko shareholders at first instance. We knew that the significant change required would take time. Raging River was always prepared to stay the course until a turn-around is achieved."

As previously announced, Raging River has also petitioned the Supreme Court of British Columbia ("Court") for authority to commence legal proceedings in the name of Taseko Mines against Russell Hallbauer, Ronald Thiessen, Robert Dickinson and Trevor Thomas and Hunter Dickinson Inc. for damages of $110 million to compensate shareholders. Raging River alleges that Taseko Mines' acquisition of Curis Resources Ltd. ("Curis") - a failing HDI Company whose assets proved to be essentially worthless - violated securities law and was oppressive.

Raging River believes there is clear and compelling evidence that the acquisition of Curis was conducted in a manner that unfairly prejudiced shareholders. Argument before the Court will continue at the next available court date to enable the Court to properly consider the serious issues raised.

Raging River, as well as the overwhelming number of shareholders who have supported Raging River, will continue to hold the Board and management accountable until it rectifies its governance and pursues the best interests of the Company and not Hunter Dickinson.

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