Taseko Mines Limited

Taseko Mines Limited

July 10, 2007 08:02 ET

Taseko's Gibraltar Mine Expansion on Schedule

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2007) - Taseko Mines Limited ("Taseko" or the "Company") (TSX:TKO)(AMEX:TGB) is pleased to announce that the key components of the Semi Autogenous Grinding ("SAG") mill for the Gibraltar concentrator expansion have commenced shipment from Europe. Mill motors and ancillary systems are already on site at Gibraltar and ready for installation in the newly erected SAG mill building. With the shipment of the SAG mill components now underway, delivery is on target for August of this year as projected in the original plans in May 2006.

Additionally, all ten new 160 cubic metre flotation cells are expected to be operational, on schedule, within the next two weeks. These new cells will improve copper and molybdenum recoveries and provide sufficient capacity for planned increases in the concentrator throughput.

As a result of mill installation and flotation upgrades, the ore processing capacity of the concentrator at Gibraltar will increase from 36,750 to 46,000 tpd by the end of calendar 2007. The Phase 2 expansion announced in May 2007, designed to increase the concentrator capacity from 46,000 to 55,000 tpd by late 2008, is also proceeding on schedule.

In parallel with the extensive work being undertaken in the concentrator, major mining equipment has been purchased with accelerated delivery times. Delivery of this equipment has been reduced to just 12 months from the current industry average of 24 months.

A new 60 x 89 primary crusher, capable of crushing 70,000 tpd, and a P&H 4100 shovel are scheduled to be on site by the summer of 2008 and operational by the fall of 2008.

Russell Hallbauer, President and CEO of Taseko, commented, "All of the Taseko team in Vancouver and at Gibraltar have done an exceptional job over the last 15 months advancing this complex project. There are very few mining companies that have the ability to more than double their production in such a short time frame at a very low capital cost. This accomplishment truly sets us apart from our peers."

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 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.

No regulatory authority has approved or disapproved the information contained in this news release.

Contact Information

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