Taseko Mines Limited

Taseko Mines Limited

November 02, 2006 09:11 ET

Taseko Mines to Offer C$1.05 Per Share for bcMetals Corp.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2006) - Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO)(AMEX:TGB) announced today that it will shortly make a C$1.05 per share take-over bid offer for all of the outstanding shares of bcMetals Corporation ("bcMetals") (TSX VENTURE:C). The offer will represent an 11% premium over the current bid price for bcMetals being made by Imperial Metals Corporation (TSX:III). The Taseko bid will be formally initiated within the next few days and will be subject to a number of conditions, principally that 90% of bcMetals shares are tendered to the bid, the concurrent acquisition by Taseko of the minority shares of bcMetal's subsidiary, American Bullion Minerals Ltd., and rejection by bcMetals shareholders at their November 30th, 2006 special meeting of bcMetals' recently announced Limited Purpose Shareholder Rights Plan and its proposed joint venture of the Red Chris Property with Global International Jiangxi Copper Mining Company Limited.

Taseko President and CEO, Russ Hallbauer, stated, "We believe this offer represents a solid premium over the Imperial Metals bid and fairly values bcMetals shares. It means immediate cash in the hands of bcMetals' shareholders rather than a minority position in a mine development joint venture. We will finance this acquisition from existing cash reserves."

The details of the offer will be included in a formal take-over bid circular to be mailed to bcMetals shareholders and publicly filed in accordance with applicable securities laws. The Taseko bid will also offer C$0.02 for each out-of-the-money bcMetals share purchase warrant. Taseko intends to promptly make the necessary regulatory filings in the respect of the offer. The offer will be subject to other customary conditions, including receipt of any necessary regulatory approvals and absence of material adverse changes all of which conditions will be described in detail in the formal bid circular.

About Taseko Mines Limited

Taseko is positioned to provide immediate returns and longer term growth through its large scale, long life Gibraltar copper-molybdenum mine, its advanced stage Prosperity gold-copper project on which feasibility-level studies are underway; and its Harmony property that hosts a large gold deposit with longer term development potential. All the projects are located in British Columbia, Canada.

Russell Hallbauer, President and CEO

Forward-Looking Statements

This news release contains forward-looking statements that are based on current expectations and which involve risks and uncertainties, including those referred to in Taseko's Annual Information Form ("AIF") filed with Canadian securities regulatory authorities, or Taseko's Annual Form on 20F ("20F") filed with United States securities regulatory authorities, that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in the forward-looking statements. Such forward oriented information includes the timing of making a take-over bid and the uncertainties of in regards to its possible success and related regulatory approvals. Mining is a risky business and actual results may differ materially from those anticipated. Readers are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Taseko disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

For further information on the Company, Investors should review the Company's Canadian public filings at www.sedar.com or its US public filings at www.sec.gov.

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