January 5, 2011
Vancouver, BC
- Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) (“Taseko” or the “Company”) announces fourth quarter production of 23.4 million pounds of copper and 276,000 pounds of molybdenum for it’s 75% owned Gibraltar Mine. Total production for the 12 months ended December 31, 2010 was 92.3 million pounds of copper and 941,000 pounds of molybdenum.
Russell Hallbauer, President and CEO of Taseko, stated,
“2010 was an excellent year at Gibraltar and we expect continued improvements in 2011 as we debottleneck the ore feed system. The many operational achievements have translated into strong financial performance for the Company.
Although we were extremely disappointed with the Federal Government’s decision on Prosperity, we accept that decision and are working to address the concerns raised by the many levels of Government involved. We expect to submit a revised proposal to Federal authorities which should address the impact that the Prosperity Mine would have on Fish Lake.”
Mr. Hallbauer continued,
“Looking forward, we plan on moving ahead with an increase in Gibraltar’s copper and molybdenum production capacity over the next 20 months by a further investment in both the mine and the concentrator. This will allow the operation to more efficiently process near-term, higher grade ore and optimize mining of the Gibraltar orebody during this period of high copper prices.”
I am very excited by the many opportunities that will continue to unlock significant shareholder value in 2011, including the highly encouraging drill program just completed on our Aley Niobium Project.”
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 1-877-441-4533
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.