July 7, 2008, Vancouver, BC - Taseko Mines Limited (TSX: TKO; AMEX: TGB) (“Taseko” or the “Company”) announces that it has been notified by the Ministry of Environment of the Province of British Columbia that the province will be moving forward under provisions of the Environmental Assessment Act with an Environmental Assessment Review of Taseko’s proposed $800 million Prosperity Gold-Copper Mine development near Williams Lake, BC.
Russell Hallbauer, President & CEO commented, “This decision by the Provincial Government clears the way for the formal assessment review period to begin. As a Company we are very pleased the public will now have the opportunity to examine the merits of building a long-life mine, and evaluate the social, economic and environmental aspects of this project.
“We currently employ 475 people at our Gibraltar Mine and are investing nearly $500 million in its future. If we had a permit for Prosperity today we would be investing a further $800 million, which in turn would create 500 direct and 1,200 indirect jobs, resulting in operating expenditures of goods, services and salaries of over $200 million per year for 20 years. This future mine is very important to South-Central British Columbia which is dealing with the economic fallout from the Pine Beetle destruction of our forests. This one mine will add 0.3 percent to the Provincial GDP which is more than three times the output of the entire commercial fishing industry and larger than BC’s film and television industry.
“We urge the government to expedite this Environmental Assessment in a timely manner so we can move forward and provide similar benefits to the Cariboo from Prosperity as we presently contribute from our Gibraltar Mine.”
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.
President and CEO
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.
Back to the News Releases page