Taseko Purchases Royalty Interest, Initiates Drilling At Gibraltar Mine

May 1, 2008

May 1, 2008 - Taseko Mines Limited (“Taseko” or the “Company”) (TSX:TKO; AMEX:TGB) is pleased to announce that it has purchased a 30% Net Profits Interest in claims that are part of the Gibraltar mine property and located adjacent to the Gibraltar East pit. The purchase was structured as the acquisition of a privately held company, Oakmont Ventures Ltd., whose sole asset was the 30% net profits interest. The purchase price was approximately $5 million.

A drill program on the Oakmont ground in the 1980’s by a previous operator indicated significant mineralization exists on these claims which adjoin the Gibraltar East pit, the original starter pit of the Gibraltar operation. Geological interpretation from surface and drilling information suggests this mineralization is likely an extension of the Gibraltar East and West deposits.

The results of the drilling program are included in the Table of Oakmont Assay Results, as attached. Highlights are as follows:

Drill Hole Number From
(feet)
To
(Feet)
Intercept (Feet) Cu
(%)
Mo
(%)
92-28 490 740 250 1.063 0.002
E90-15 430 740 310 0.818 0.004
E90-16 380 780 400 0.671 0.002

A historical estimate performed in 1993 by an independent mining consultant indicates there is approximately 70-80 million tons of mineralization on the Oakmont ground at an average grade of 0.40% copper, with minor amounts of silver, gold and zinc. This determination was based on assays from 90 drill holes averaging 850 feet deep.1

Russell E. Hallbauer, President and CEO of Taseko, commented “The acquisition of the Oakmont interest is very strategic to Gibraltar. Based on our preliminary review of Placer’s drill program, it is apparent that the higher grade mineralization mined in the 1970’s in the Gibraltar East pit continues onto the Oakmont ground. The detailed drilling program we have planned is expected to provide a significant increase in Gibraltar mineral resources with grades comparable to those mined from the Gibraltar East pit.”

John McManus, P.Eng., Senior Vice President, Operations for Taseko and a qualified person, has reviewed and approved the contents of this news release.

For further details on Taseko and its properties, please visit its website at www.tasekomines.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.

Russell Hallbauer

President and CEO

TABLE OF OAKMONT ASSAY RESULTS

Drill Hole
Number
From
(feet)
To
(feet)
Intercept
(feet)
Cu
(%)
Mo
(%)
86-54 80 100 20 0.340 0.001
87-01 90 200 110 0.563 0.001
87-01 210 260 50 0.254 0.004
89-01 120 240 120 0.413 0.001
89-32 190 290 100 0.313 0.002
89-36 110 160 50 0.432 0.002
89-36 230 330 100 0.240 0.002
91-08 360 380 20 0.355 0.001
91-08 470 500 30 0.253 0.001
91-08 580 630 50 0.448 0.003
91-08 710 750 40 0.618 0.001
91-08 860 890 30 0.663 0.001
91-09 460 480 20 0.495 0.001
91-09 570 590 20 0.295 0.011
91-09 840 860 20 0.750 0.003
91-09 900 920 20 0.295 0.001
91-09 980 1000 20 0.455 0.001
91-10 170 200 30 0.283 0.002
91-10 480 510 30 0.500 0.001
91-10 660 680 20 0.310 0.001
91-10 810 870 60 0.323 0.003
91-10 950 970 20 0.385 0.001
91-11 500 520 20 0.430 0.001
91-12 340 720 380 0.533 0.003
91-13 280 330 50 0.362 0.007
91-13 410 700 290 0.640 0.002
91-14 440 480 40 0.308 0.005
91-14 560 630 70 0.611 0.004
91-14 710 730 20 0.250 0.001
91-14 880 900 20 1.130 0.001
91-15 540 560 20 0.815 0.004
91-15 620 700 80 1.293 0.001
91-17 530 670 140 0.777 0.002
91-17 710 730 20 1.040 0.008
91-18 340 370 30 0.527 0.001
91-18 450 470 20 0.650 0.001
91-18 630 650 20 1.215 0.001
91-19 230 270 40 0.573 0.002
91-19 490 620 130 0.239 0.003
91-20 800 830 30 0.373 0.001
91-21 370 390 20 0.875 0.002
91-21 440 550 110 0.442 0.002
91-21 590 680 90 0.497 0.001
91-27 310 390 80 0.511 0.001
91-27 570 670 100 0.471 0.002
91-27 810 880 70 0.551 0.001
91-28 410 430 20 1.155 0.001
91-28 520 560 40 0.508 0.001
91-29 230 250 20 1.150 0.001
91-29 280 380 100 0.641 0.001
91-29 470 540 70 0.636 0.001
91-29 630 720 90 0.289 0.001
91-30 170 190 20 0.245 0.002
91-30 320 390 70 0.370 0.001
91-30 430 510 80 0.638 0.001
91-30 540 620 80 0.539 0.001
91-31 270 360 90 0.569 0.002
91-31 400 430 30 0.270 0.002
91-31 440 490 50 0.664 0.004
91-31 590 610 20 0.430 0.001
91-31 660 680 20 0.215 0.002
91-32 390 430 40 1.015 0.011
91-33 140 160 20 0.280 0.001
91-33 270 340 70 0.453 0.001
91-33 390 540 150 1.343 0.002
91-33 600 710 110 0.746 0.003
92-01 270 290 20 0.385 0.001
92-01 410 510 100 0.513 0.001
92-01 600 650 50 0.516 0.002
92-02 40 70 30 0.827 0.001
92-02 100 140 40 0.825 0.004
92-02 380 490 110 0.541 0.006
92-02 570 630 60 0.860 0.007
92-02 660 684 24 0.403 0.001
92-03 370 450 80 0.358 0.003
92-04 240 260 20 0.615 0.001
92-04 300 350 50 0.612 0.002
92-04 410 430 20 0.495 0.001
92-04 590 680 90 0.550 0.001
92-04 760 780 20 0.605 0.001
92-05 410 430 20 0.850 0.001
92-05 500 690 190 0.494 0.001
92-06 250 280 30 0.743 0.001
92-06 390 620 230 0.730 0.001
92-07 430 510 80 0.919 0.002
92-07 620 670 50 0.338 0.001
92-07 720 760 40 0.405 0.003
92-08 260 280 20 0.345 0.109
92-08 320 390 70 0.290 0.006
92-08 430 460 30 0.350 0.001
92-08 500 610 110 1.027 0.003
92-08 670 730 60 0.680 0.001
92-09 520 540 20 0.665 0.004
92-10 250 270 20 0.250 0.001
92-10 400 420 20 0.535 0.001
92-11 550 640 90 0.334 0.001
92-11 720 800 80 0.753 0.001
92-12 250 420 170 0.626 0.001
92-12 470 490 20 0.500 0.001
92-12 520 690 170 0.541 0.005
92-12 750 770 20 0.360 0.001
92-13 140 190 50 0.330 0.001
92-13 220 260 40 0.820 0.002
92-13 370 390 20 0.910 0.001
92-13 440 520 80 0.343 0.001
92-13 580 620 40 0.718 0.003
92-13 660 690 30 0.257 0.003
92-13 720 750 30 1.147 0.004
92-14 400 750 350 0.455 0.001
92-14 840 860 20 0.240 0.001
92-15 150 180 30 0.497 0.002
92-15 270 310 40 0.325 0.001
92-15 420 540 120 0.679 0.002
92-15 610 670 60 0.508 0.001
92-15 740 810 70 0.733 0.001
92-17 250 280 30 0.583 0.002
92-17 310 630 320 0.547 0.003
92-17 690 800 110 0.329 0.001
92-18 530 560 30 0.473 0.001
92-18 640 790 150 0.633 0.001
92-18 830 850 20 0.375 0.001
92-19 240 270 30 0.857 0.001
92-19 370 390 20 0.785 0.004
92-19 500 700 200 1.151 0.003
92-19 730 750 20 0.610 0.001
92-20 380 400 20 0.505 0.011
92-20 510 690 180 0.854 0.001
92-20 730 800 70 0.724 0.001
92-21 350 410 60 0.393 0.001
92-21 460 480 20 0.220 0.002
92-21 510 640 130 0.584 0.001
92-21 740 760 20 0.395 0.001
92-22 360 390 30 0.853 0.001
92-22 490 690 200 0.605 0.001
92-23 530 550 20 0.615 0.001
92-23 570 590 20 0.535 0.005
92-23 680 710 30 0.897 0.001
92-24 430 480 50 0.588 0.001
92-27 70 110 40 0.868 0.001
92-27 290 350 60 0.653 0.003
92-27 590 690 100 0.495 0.001
92-27 730 880 150 0.641 0.001
92-27 940 980 40 0.328 0.001
92-28 220 240 20 0.345 0.002
92-28 260 280 20 0.780 0.001
92-28 490 740 250 1.063 0.002
92-28 760 810 50 0.280 0.001
92-29 160 190 30 0.350 0.001
92-29 240 260 20 1.235 0.001
92-29 290 320 30 0.460 0.002
92-30 350 430 80 0.415 0.001
92-30 490 520 30 0.427 0.001
92-30 600 680 80 0.288 0.004
92-30 780 830 50 0.374 0.001
92-30 860 930 70 0.414 0.001
92-31 490 510 20 0.465 0.001
92-31 540 590 50 0.556 0.002
92-31 670 730 60 0.687 0.004
92-32 180 230 50 0.742 0.001
92-32 360 380 20 0.220 0.001
92-32 620 700 80 0.589 0.001
92-32 830 850 20 0.410 0.001
92-33 530 610 80 0.434 0.001
92-33 660 680 20 0.580 0.002
92-33 870 890 20 0.340 0.001
92-34 510 600 90 0.900 0.006
92-34 730 750 20 0.585 0.002
92-34 870 980 110 0.385 0.002
92-35 100 140 40 0.985 0.001
92-35 250 290 40 0.380 0.001
92-35 320 340 20 0.275 0.001
92-35 390 430 40 0.523 0.001
92-35 480 520 40 0.463 0.001
92-35 820 920 100 0.307 0.001
92-42 180 230 50 0.824 0.006
92-42 330 370 40 0.498 0.001
92-42 420 470 50 0.372 0.001
92-42 600 670 70 0.533 0.002
92-42 740 760 20 0.380 0.002
92-42 800 830 30 0.583 0.031
92-42 870 910 40 0.593 0.006
92-43 870 960 90 0.367 0.006
92-44 540 780 240 0.729 0.002
92-45 50 150 100 0.564 0.001
92-45 200 220 20 0.455 0.002
92-45 370 390 20 0.800 0.002
92-45 420 440 20 0.590 0.001
92-45 520 570 50 0.908 0.002
92-45 610 640 30 0.323 0.002
92-45 670 740 70 0.386 0.001
92-46 370 390 20 0.400 0.001
92-46 430 460 30 0.447 0.001
92-46 540 680 140 0.455 0.001
92-46 740 780 40 0.250 0.001
92-46 860 920 60 0.415 0.001
92-46 970 990 20 0.225 0.001
92-47 670 740 70 0.380 0.004
92-47 770 790 20 0.290 0.001
92-47 880 900 20 0.315 0.002
92-48 380 560 180 0.472 0.002
92-48 620 680 60 0.495 0.001
92-49 360 390 30 0.413 0.001
92-49 490 600 110 2.359 0.002
92-49 670 690 20 0.405 0.001
92-50 380 420 40 1.090 0.006
92-50 480 500 20 0.395 0.005
92-50 530 750 220 0.296 0.007
92-50 800 820 20 0.640 0.001
92-51 330 350 20 0.235 0.001
92-53 110 130 20 0.300 0.001
92-53 300 320 20 0.285 0.001
92-53 440 570 130 0.643 0.002
92-53 620 700 80 0.498 0.001
92-54 360 430 70 0.390 0.001
92-54 520 590 70 0.504 0.001
92-54 610 630 20 0.210 0.001
92-54 710 750 40 0.253 0.001
92-55 80 100 20 0.240 0.001
92-55 210 230 20 0.705 0.001
92-55 350 370 20 0.335 0.001
92-55 480 550 70 0.474 0.004
92-55 610 630 20 0.250 0.002
92-55 670 690 20 0.370 0.009
92-57 300 320 20 0.310 0.001
92-58 300 410 110 0.302 0.001
92-58 450 470 20 0.505 0.001
92-58 500 630 130 0.591 0.001
92-58 670 690 20 0.660 0.001
92-59 590 610 20 0.230 0.003
92-59 770 810 40 0.483 0.001
92-59 840 870 30 0.400 0.002
92-60 320 350 30 0.557 0.001
92-60 550 570 20 0.340 0.006
92-60 610 800 190 0.335 0.001
92-60 850 870 20 0.585 0.001
92-61 620 640 20 0.250 0.010
92-61 660 680 20 0.410 0.001
92-61 710 840 130 0.354 0.001
92-61 910 930 20 0.230 0.001
92-62 340 390 50 0.604 0.001
92-62 500 720 220 0.604 0.002
92-62 760 780 20 0.255 0.001
92-62 810 874 64 0.792 0.001
92-63 30 110 80 0.844 0.001
92-63 630 660 30 0.530 0.001
92-64 330 420 90 0.347 0.001
92-64 550 890 340 0.477 0.001
92-65 500 520 20 0.310 0.002
92-66 190 220 30 0.553 0.011
92-66 490 510 20 0.305 0.002
92-66 540 610 70 0.753 0.004
92-66 810 835 25 0.262 0.001
92-67 150 190 40 0.855 0.001
92-67 450 490 40 1.068 0.001
92-67 530 580 50 0.602 0.001
92-67 710 780 70 0.344 0.002
CS68-04 260 295 35 0.241
CS68-05 70 90 20 0.420
CS68-09 172 196 24 0.536
CS68-09 454 474 20 0.295
CS68-11 180 233 53 0.578
CS68-12 127 190 63 0.668
CS68-12 250 270 20 0.275
CS69-01 37 80 43 0.597
CS69-01 130 150 20 0.665
CS69-02 50 150 100 0.387
CS69-03 190 210 20 0.375
CS69-03 290 370 80 0.505
CS69-08 50 210 160 0.328
CS70-01 200 250 50 0.320 0.004
CS70-01 330 350 20 0.275 0.002
CS70-02 40 60 20 0.200 0.001
CS70-02 240 260 20 0.220 0.002
CS70-02 340 360 20 0.615 0.001
CS70-04 480 500 20 0.295 0.001
CS70-05 550 600 50 0.272 0.001
CS70-06 290 310 20 0.260 0.001
CS70-06 540 628 88 0.468 0.002
CS70-07 370 430 60 0.680 0.001
CS70-07 530 560 30 0.203 0.001
CS70-08 400 440 40 0.560 0.001
CS70-08 590 668 78 0.295 0.003
CS70-11 290 310 20 0.360 0.004
CS70-12 180 200 20 0.270 0.001
CS70-12 440 470 30 0.663 0.002
CS70-14 440 470 30 0.867 0.002
CS71-01 190 210 20 0.370
CS71-02 240 260 20 0.620
CS71-03 140 160 20 0.505
E90-12 460 510 50 0.604 0.003
E90-15 430 740 310 0.818 0.004
E90-16 130 160 30 1.267 0.001
E90-16 380 780 400 0.671 0.002
E90-17 90 110 20 0.255 0.001
E90-17 200 240 40 0.558 0.001
E90-17 340 580 240 0.340 0.002
E90-17 720 750 30 0.403 0.001
E90-18 330 680 350 0.237 0.001
E90-20 560 640 80 0.790 0.003
E90-20 700 720 20 0.460 0.002
G69-146 110 200 90 0.304 0.001


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

.