Taseko Mines Limited

Taseko Mines Limited

April 21, 2008 05:45 ET

Taseko Signs Six-Year, Fixed-Rate Treatment and Refining Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2008) - Taseko Mines Limited (TSX:TKO)(AMEX:TGB) is pleased to announce that it has entered into a six-year agreement with MRI Trading AG, a Swiss-based metal trading house, for the treatment and refining of Gibraltar copper concentrate. Under the terms of the agreement, Taseko has secured long-term, fixed, low cost rates for processing six years of Gibraltar mine production, or approximately 1.1 million tons of copper concentrate production, into copper metal.

Within the framework of this treatment and refining agreement, Taseko has also secured a US$30 million Line of Credit, to add to its $53 million on hand.

Taseko will continue to have the ability to sell copper metal at market prices.

Russell Hallbauer, President and CEO of Taseko, stated, "The finalization of this new agreement has taken well over a year and has included many bidders. The agreement that we have negotiated reflects the tightness of the concentrate market where many smelters are trying to source from limited concentrate supply."

Mr. Hallbauer continued, "Gibraltar produces one of the highest quality copper concentrates in the world which is reflected by the financial terms for processing our concentrate and the Line of Credit that has been secured. Stabilization of our treatment and refining costs for a period of six years is an important step as we continue to build our business and decrease Gibraltar's cost structure while providing superior returns to our shareholders."

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 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 capital market conditions, commodities market prices, exploitation and exploration successes, lack of continuity of mineralization, completion of the mill upgrade on time estimated and at scheduled cost, 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.

Neither the TSX Exchange nor the American Stock Exchange accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Taseko Mines Limited
    Brian Bergot
    Investor Services
    (604) 684-6365 or Toll Free: 1-800-667-2114
    (604) 684-8092 (FAX)
    Website: www.tasekomines.com