April 6, 2010
Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) (“Taseko” or the “Company”) reports unaudited first quarter production results for its Gibraltar Mine.
For the first quarter of 2010, the Gibraltar Mine produced 23.2 million pounds of copper and 194 thousand pounds of molybdenum.
A quarter over quarter production comparison is below:
|
Q4 2009 | Q1 2010 |
---|---|---|
Mill Throughput (millions, tons) | 3.2 | 3.6 |
Copper Recoveries (%) | 84.1 | 89.8 |
Copper Production (millions, lbs) | 17.4 | 23.2 |
The improved first quarter production performance was primarily a result of continued optimization of recently upgraded concentrator components and circuits. Mill throughput has steadily increased and tons per operating day reached 45,000 tons in the quarter, even during the operationally challenging winter months, as material handling issues were effectively managed. Metal recoveries have significantly improved since the tower mill was integrated into the recovery circuit, increasing regrind capacity. Additionally, copper grade for the quarter was approximately 10% above life of mine average grade.
Russell Hallbauer, President and CEO of Taseko, commented, “These sustainable production improvements are reflecting the modern, efficient mining operation we have built. In approximately six months, major construction projects will be complete and the targeted annual production level of 115 million pounds of copper will soon follow. Simultaneous with our production ramp up, copper prices are at two-year highs putting Taseko in an excellent position to move forward with other growth initiatives.”The improved first quarter production performance was primarily a result of continued optimization of recently upgraded concentrator components and circuits. Mill throughput has steadily increased and tons per operating day reached 45,000 tons in the quarter, even during the operationally challenging winter months, as material handling issues were effectively managed. Metal recoveries have significantly improved since the tower mill was integrated into the recovery circuit, increasing regrind capacity. Additionally, copper grade for the quarter was approximately 10% above life of mine average grade.
For further information on Taseko, please see the Company’s website www.tasekomines.com or contact:
Brian Bergot, Investor Relations - 778-373-4545, toll free 1-800-667-2114
Russell Hallbauer
President and CEO
No regulatory authority has approved or disapproved of the information contained in this news release.
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:
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.