Taseko Mines Limited
AMEX : TGB
TSX : TKO

Taseko Mines Limited

February 19, 2007 08:30 ET

Taseko Mines Limited: Drilling Continues to Expand Gibraltar Deposits

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 19, 2007) - Taseko Mines Limited (TSX:TKO)(AMEX:TGB) ("Taseko" or the "Company") announces positive results from drilling at the Gibraltar Mine, located near the City of Williams Lake in south-central British Columbia.

Forty holes have been drilled since September 2006, bringing the total to 107 since the drilling began about ten months ago. Initial results were used for an estimate that increased the reserves at year end by 40%, to 256 million tons and extended the mine life to 21 years (see Taseko News Release December 12, 2006).

Results received since that time are included in the Table of Assay Results (attached) and highlights are tabulated below.



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Drill Inter- Inter- CuEQ
Hole From To From To cept cept Cu Mo (1)
Number (metres) (metres) (feet) (feet) (feet) (metres) (%) (%) (%)
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074 243.8 414.5 800 1360 560 170.7 0.31 0.008 0.35
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075 6.1 70.1 20 230 210 64.0 0.32 0.006 0.35
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079 38.7 111.9 127 367 240 73.2 0.36 0.009 0.40
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080 172.8 264.3 567 867 300 91.5 0.38 0.011 0.43
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081 96.6 142.3 317 467 150 45.7 0.30 0.009 0.35
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086 264.3 294.7 867 967 100 30.4 0.41 0.010 0.45
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088 188.1 300.8 617 987 370 112.7 0.32 0.009 0.37
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092 139.3 166.7 457 547 90 27.4 0.55 0.002 0.56
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(1) Copper equivalent calculations use metal prices of US$1.25/lb for
copper and US$6.00/lb for molybdenum.
CuEQ equals Cu % + (Mo % x 132.28/27.558)


As shown, the copper and molybdenum grades and copper equivalent values are significantly higher than the average 0.30% copper and 0.008% molybdenum grades (0.34% copper equivalent) mined over the past ten years of operation at the Gibraltar Mine.

President and CEO Russell Hallbauer said:

"Holes are now being spotted up to 2000 feet from the present pit boundaries, and these holes are encountering substantial intersections of mineralization in these previously unexplored areas of our mining leases. Additionally, holes such as 075 and 079 demonstrate the presence of near surface mineralization. As our geological model for the property grows, so has the potential for further increases in the Gibraltar mineral resources and reserves, providing scope for the engineering group to assess additional expansions to the mine and concentrator facilities. These opportunities would take the mine beyond the 100 million pounds of copper production scheduled to begin in 2008."

Taseko will accelerate the drilling program over the next few months.

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

Ian Thompson, P.Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the drilling program and quality assurance and quality control ("QAQC") programs on behalf of Taseko Mines Limited. Samples from the Gibraltar exploration project are stored at a secure facility at the Gibraltar Mine prior to being shipped to Vancouver laboratories for preparation and analysis. ALS Chemex prepared and analyzed the samples except 092 which was prepared and analysed by Eco Tech Laboratory in Kamloops, BC. Sample preparation consisted of weighing, drying and crushing the entire sample to greater than 70% passing -2mm and then pulverizing a 250 g split to greater than 85% passing 75 micron. Total copper and molybdenum determinations are by HNO3/KClO3 + AlCl3/HCl digestion followed by Atomic Absorption Spectroscopy (AAS) finish. Laboratory Quality Assurance/Quality Control (QAQC) is monitored using assay standards and blanks submitted by Taseko, and duplicate samples submitted to Acme Analytical Laboratories in Vancouver.

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.



GIBRALTAR MINE TABLE OF ASSAY RESULTS
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Drill Inter- Inter- CuEQ
Hole From To From To cept cept Cu Mo (1)
Number (metres) (metres) (feet) (feet) (feet) (metres) (%) (%) (%)
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074 243.8 414.5 800 1360 560 170.7 0.31 0.008 0.35
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074 Incl. 405.4 414.5 1330 1360 30 9.1 1.07 0.010 1.12
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074 429.8 496.8 1410 1630 220 67.0 0.38 0.009 0.43
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074 Incl. 432.8 442.0 1420 1450 30 9.2 0.68 0.019 0.77
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075 6.1 70.1 20 230 210 64.0 0.32 0.006 0.35
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075 289.6 353.6 950 1160 210 64.0 0.30 0.011 0.35
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075 362.7 435.9 1190 1430 240 73.2 0.47 0.025 0.59
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076 237.7 310.9 780 1020 240 73.2 0.26 0.007 0.29
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076 387.1 429.8 1270 1410 140 42.7 0.37 0.013 0.43
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079 38.7 111.9 127 367 240 73.2 0.36 0.009 0.40
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079 Incl. 50.9 81.4 167 267 100 30.5 0.48 0.011 0.54
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080 172.8 264.3 567 867 300 91.5 0.38 0.011 0.43
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080 Incl. 206.4 221.6 677 727 50 15.2 0.54 0.017 0.62
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080 Incl. 233.8 242.9 767 797 30 9.1 0.56 0.020 0.66
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081 96.6 142.3 317 467 150 45.7 0.30 0.009 0.35
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084 17.4 87.5 57 287 230 70.1 0.25 0.007 0.29
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084 Incl. 38.7 63.1 127 207 80 24.4 0.34 0.012 0.40
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086 264.3 294.7 867 967 100 30.4 0.41 0.010 0.45
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088 188.1 300.8 617 987 370 112.7 0.32 0.009 0.37
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088 Incl. 188.1 206.4 617 677 60 18.3 0.38 0.017 0.46
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088 Incl. 215.5 236.8 707 777 70 21.3 0.54 0.007 0.58
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088 And 215.5 221.6 707 727 20 6.1 1.00 0.013 1.06
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092 139.3 166.7 457 547 90 27.4 0.55 0.002 0.56
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(1) Copper equivalent calculations use metal prices of US$1.25/lb for
copper and US$6.00/lb for molybdenum.
CuEQ equals Cu % + (Mo % x 132.28/27.558)


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 Toll Free: 1-800-667-2114
    (604) 684-8092 (FAX)
    Website: www.tasekomines.com