November 20, 2014, Vancouver, British Columbia - Taseko Mines Limited (“Taseko”) (TSX:TKO, NYSE MKT:TGB) and Curis Resources Ltd. (“Curis”) (TSX: CUV) are pleased to announce today the completion of the previously announced statutory plan of arrangement pursuant to which Taseko has acquired all of the issued and outstanding Curis common shares (the “Transaction”). Under the terms of the Transaction, Curis shareholders will receive 0.438 of a Taseko common share for each Curis common share held. Outstanding options to acquire Curis common shares will be exchanged for Taseko common sharesbased on an exchange formula set forth in the plan of arrangement implementing the Transaction. As a result of the Transaction, Curis has become a wholly owned subsidiary of Taseko.
The Transaction was approved by securityholders of Curis at a special meeting held on November 10, 2014. The British Columbia Supreme Court issued a final order approving the Transaction on November 17, 2014. Curis common shares are expected to cease trading and be de-listed from the Toronto Stock Exchange after the close of trading on or about November 25, 2014. Applications will also be made for Curis to cease to be a reporting issuer in the applicable jurisdictions.
Russell Hallbauer, President and CEO of Taseko, commented, “We strongly believe this transaction creates significant, long-term value for Taseko shareholders. The advanced-stage Florence Copper Project is a high quality asset located in Arizona with large copper reserves, a favourable capital and operating cost structure and access to key infrastructure. With the Curis acquisition now complete we can focus on project development and permitting initiatives for the Florence Copper Project. We feel the project is at the stage where Taseko management can support the Arizona-based Florence project team to achieve significant milestones in the near-term.”
If registered holders of Curis common shares haven’t already done so, they are encouraged to complete, execute and submit the letter of transmittal included in the special meeting materials previously sent to Curis securityholders as soon as possible in order to receive the Taseko common shares to which they are entitled under the Transaction. Non-registered holders of Curis common shares should contact their broker or other intermediary for assistance receiving the Taseko common shares to which they are entitled under the Transaction.
Headquartered in Vancouver, Canada, Taseko is the owner (75%) and operator of the Gibraltar Mine, the second largest open pit copper-molybdenum mine in Canada. Taseko also owns the New Prosperity Project, one of the largest undeveloped gold-copper deposits in the world. The Aley Niobium Project and Harmony Gold Project provide Taseko with a diverse project pipeline.
Curis is focused on advancing the 100%-owned Florence Copper project in Arizona, USA, to production. A Phase 1 Production Test Facility (“PTF”) for the in-situ copper recovery project is in the final stages of permitting. The PTF includes a 24-well in-situ recovery well field and a state of the art SX-EW plant that will produce 99.99% pure copper cathode. The PTF will assist in demonstrating the science and safety of the in-situ process and provide an opportunity for the public to fully engage and understand this modern copper extraction technology. Florence Copper continues to advance engineering, testwork, environmental studies and permitting for Phase 2 commercial operations.
For further information on Taseko, please see Taseko’s website at www.tasekomines.com or contact:
Vice President, Investor Relations
Tel: 778-373-4533 or toll free 1-877-441-4533
For further information on Curis, contact:
Manager Investor Relations
No regulatory authority has approved or disapproved of the information contained in this news release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:
- uncertainties and costs related to the Company’s exploration and development activities, such as those associated with continuity of mineralization or determining whether mineral resources or reserves exist on a property;
- uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and future cash and total costs of production and milling;
- uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project;
- uncertainties related to our ability to complete the mill upgrade on time estimated and at the scheduled cost;
- uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition;
- uncertainties related to unexpected or ongoing judicial or regulatory proceedings;
- changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations, particularly laws, regulations and policies;
- changes in general economic conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing;
- the effects of forward selling instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk;
- the risk of inadequate insurance or inability to obtain insurance to cover mining risks;
- the risk of loss of key employees; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates;
- environmental issues and liabilities associated with mining including processing and stock piling ore; and
- labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.
For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com.
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