Taseko Mines Limited

Taseko Mines Limited

November 10, 2006 08:30 ET

Taseko Re-Evaluating bcMetals Situation

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 10, 2006) - On November 2, 2006 Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO)(AMEX:TGB) announced its intention to make a take-over bid for bcMetals Corporation ("bcMetals") (TSX VENTURE:C), subject to various conditions. On November 3, 2006 Imperial Metals Corporation ("Imperial") advised that it had taken up all shares tendered to its offer and held 6,891,694 shares of bcMetals (18.09%). On November 6, 2006 bcMetals announced that it had filed an application to the British Columbia Securities Commission ("BCSC") for an order restraining Imperial from taking up and paying for the shares of bcMetals deposited under the Imperial offer. On November 7, 2006 Imperial reported that it had filed an application with the BCSC to issue a permanent order to cease trade any securities that may be issued under bcMetals' shareholder rights plan dated October 19, 2006. In the same press release, Imperial stated that the BCSC will hear Imperial's application on Friday, November 10, 2006 together with the application filed by bcMetals in connection with the take-up of bcMetals shares by Imperial. In light of uncertainties resulting from this situation as it relates to the conditions cited in Taseko's November 2nd press release, Taseko is re-evaluating its options.

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 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