Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) (“Taseko” or the “Company”) announces that it has received Toronto Stock Exchange approval to proceed with a normal course issuer bid for up to 10 million common shares of the Company, which is approximately 5.1% of the Company’s 196,504,895 issued shares as of today’s date. The targeted purchases over a one year period are subject to the restricted payment limitations in the Company’s senior notes indenture calculated as $20 million plus 50% of Taseko’ cumulative consolidated net income from January 1, 2011 (consolidated net income (unaudited) was $34.7 million for the nine months ended September 30, 2011). The Company’s normal course bid will commence February 3, 2012. Purchases will be made on the TSX at the market price at the time of acquisition.

The Company’s normal course issuer bid will terminate on February 2, 2013 or earlier if the number of shares sought in the issuer bid has been obtained. The Company reserves the right to terminate the bid earlier at any time.

The Company will purchase common shares when it believes that they are undervalued at the current market prices based on its current earnings and future prospects and provided that the repurchase of common shares at such market prices is an appropriate use of corporate funds. The Company has not determined a maximum price it will pay as the price will be determined in the context of the market and the outlook for the Company’s operations.

All shares will be purchased on the open market through the facilities of the TSX and other recognized Canadian markets, and payment for the share will be in accordance with TSX policies. The price paid for the shares will be the market price at the time of purchase. The maximum number of shares that may be purchased on a daily basis is 122,660 shares (which is 25% of Taseko’s daily TSX volume over the last half of 2011), except where purchases are made in accordance with “block purchases” exemptions under applicable TSX policies. The shares purchased by the Company will be cancelled. The Company will periodically report its purchases as required by regulatory policy.

To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any common shares under this bid. However, sales by such persons through the facilities of the TSX may occur if the personal circumstance of any such person change, or any such person makes a decision unrelated to these normal course purchases. The terms of sale for any insider would be identical to those available to all other holders whose shares are purchased.

For further information on Taseko, please see the Company’s website www.tasekomines.com or contact Investor Relations 778-373-4533, toll free 1-877-441-4533.

Peter C. Mitchell
Chief Financial Officer

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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