September 30, 2009
September 30, 2009, Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE AMEX: TGB) (“Taseko” or the “Company”) is pleased to announce that it has recently completed the repurchase of the remaining US$10 million of Convertible Bonds. The entire US$30 million of Convertible Bonds were repurchased from June to August out of working capital.
In September, Taseko completed two debt financings totalling C$29.0 million that will enable the Company to complete planned production enhancements at its Gibraltar Mine, as well as increase general working capital. The debt financings include a US$20.0 million increase to its existing credit facility with Credit Suisse, adding Investec Bank PLC to its lender group, and a C$7.1 million royalty financing, placed in Canada, which pays a 6% royalty. The terms of the expanded credit facility are consistent with the existing facility.
Peter Mitchell, CFO of Taseko commented, “In the last six months, under difficult financial market conditions, we have closed $50 million of debt financing and eliminated the convertible debt and associated dilution, as well as significantly reducing other short-term liabilities. Our improved balance sheet now provides financial flexibility and will allow our Gibraltar operational staff to continue to advance capital projects and cost containment initiatives, further enhancing profitability.
Mr. Mitchell continued, “Strong relationships with multiple international banks will be very important and create opportunities as we progress financing activities related to Prosperity.”
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.