October 18, 2011
October 18, 2011, Vancouver, BC - A new comprehensive economic study of Taseko Mines’ (TSX: TKO; NYSE Amex: TGB) (“Taseko”) proposed $1.5 billion New Prosperity Gold Copper Project located in British Columbia reveals that the project would provide a significant economic stimulus to the economy, and create thousands of new jobs for Canada over its 20 year mine life.
Using a macroeconomic model of the British Columbian economy, The Centre for Spatial Economics (C4SE), who has previously developed Canadian Department of Finance fiscal forecasts, reviewed the New Prosperity Project, starting with the 2013 construction phase and ending with the anticipated 2036 closure of the mine. The conclusions of the report suggest long term contributions to national, provincial and regional economies, including a significant increase in federal and provincial revenues and sustained job growth.
On June 6th, 2011, Taseko Mines responded to an invitation by the Federal government of Canada to submit a revised proposal for the development of its Prosperity Gold and Copper deposit in BC. New Prosperity, the company’s revised plan, includes an additional $300 million in capital investment to limit the mines environmental impact, notably the preservation of Fish Lake.
Highlights of the C4SE report on New Prosperity, released today, include the following:
“New Prosperity offers significant benefit for people, including First Nations - new jobs, new opportunities for business and new revenues for governments, all of which will boost the economy and help fund essential public service. In New Prosperity we have fully addressed federal concerns as identified in the first environmental assessment. We have the full intention of building New Prosperity and anticipate an appropriately efficient and timely assessment of the new design elements,” said Mr Hallbauer, President and CEO of Taseko Mines.
To obtain a PDF copy of the C4SE report on New Prosperity, or to arrange further comment on the report, please contact:
Brian Battison - 778-373-4543, toll free 1-877-441-4533
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.