May 18, 2012, Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) (the “Company”) announces that in order to bring the Company’s Share Option Plan (the “Plan”) within the value transfer guidelines established by ISS Proxy Advisory Services, the Company will propose an amended and restated Plan to Shareholders at the Company’s June 1, 2012 annual shareholders meeting. The principal amendments to the Plan from that disclosed in the Company’s Information Circular include a reduction of the number of shares reserved under the Plan from 10% to 9.5% of issued shares and a reduction in the permissible term of options from 10 years to 5 years. In addition annual option grants to independent directors will be also subject to a value-at-issuance limit of $100,000 in addition to the 1% of issued shares limit to all independent directors. The Plan is clarified to provide that any amendment to eligibility, option transferability or changes to the insider or independent director limits and the amendment section itself will require shareholders’ approval. The Plan will be filed at www.SEDAR.com prior to the meeting for persons interested in reviewing the Plan terms in further detail prior to the shareholders meeting. Adoption of the Plan is subject to shareholders approval and acceptance by the Toronto Stock Exchange.

For further information on Taseko, please see the Company’s website tasekomines.com or contact: Brian Bergot, Director, Investor Relations - 778-373-4533 or 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.

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.

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