Taseko Mines Limited

Taseko Mines Limited

November 21, 2006 08:28 ET

Taseko's C$1.05 per Share Offer for bcMetals Corp. Set to Launch November 23, 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 21, 2006) - Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO)(AMEX:TGB) announced today that further to its November 2, 2006 news release, it will launch a C$1.05 per share take-over bid offer for all of the outstanding shares of bcMetals Corporation ("bcMetals") (TSX VENTURE:C) on November 23, 2006. The offer represents an 11% premium over a recent third party offer for bcMetals. In light of intervening events, Taseko has decided to lower the tendering threshold condition for its bid from 90% to 66 2/3%. The other principal conditions remain as previously announced and include the requirement for a conditional settlement that would allow Taseko to acquire the minority shares of bcMetals' subsidiary, American Bullion Minerals Ltd., and the defeat by bcMetals shareholders at their November 30, 2006 special meeting of both the Limited Purpose Shareholder Rights Plan (or the deactivation of the plan by the Board) and the resolution to approve the proposed joint venture of the Red Chris Property with Global International Jiangxi Copper Mining Company Limited.

Taseko President and CEO, Russ Hallbauer, stated, "As we have previously commented, this is a solid bid and should appeal to the bcMetals shareholders who would prefer to see cash-in-hand rather than hold shares in a minority participant in a joint venture."

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 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