Taseko Mines (ticker: TGB, exchange: American Stock Exchange (.A))
News Release -
Taseko Mines Limited: Gibraltar Concentrator Expansion UpdateVANCOUVER, BRITISH COLUMBIA, Feb 6, 2008 (Marketwire via COMTEX News Network) -- Taseko Mines Limited (TSX:TKO)(AMEX:TGB)("Taseko") is pleased to provide an update on the concentrator expansion at its 100% owned Gibraltar Mine in south central British Columbia.
The Semi-Autogeneous Grinding Mill ("SAG mill") and its Ancillary operating components were released from the construction group to Gibraltar's mill operations team December 27, 2007. Over the past 4 weeks, conversion work on the secondary grinding system has been completed ahead of schedule. As of February 1st, the Gibraltar concentrator facility has achieved the engineering designed milling rates expected from the SAG mill.
Russell Hallbauer, President and CEO of Taseko stated:
"It has been a short 16 months from the start of this process to having our new concentrator facility commissioned on time and on budget. With the bulk of the critical construction and concentrator conversion behind us, Gibraltar is positioned to increase its production rate by the end of 2008 to 120 million pounds of copper and 1.3 million lbs of molybdenum annually.
The Gibraltar team has completed this complicated expansion program while continuing to increase copper production and lowering the cost of that production. We are on schedule to more than double our metal production at a capital cost per ton of processing capacity that is significantly below that of any other copper producer. This will allow us to increase our earnings and cash flow as we continue to take advantage of the present regime of copper and molybdenum price."
For further details on Taseko Mines Limited, please contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
Russell Hallbauer, President and CEO
Forward Looking Statements
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address estimated resource quantities, grades and contained gold, possible future mining, exploration and development activities, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of reserves or resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to the Company on terms acceptable to it or at all. The Company is subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on the Company, Investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.
SOURCE: Taseko Mines Limited
Taseko Mines Limited
(604) 684-6365 or Toll Free: 1-800-667-2114
(604) 684-8092 (FAX)