VANCOUVER, July 17, 2012 /CNW/ - Taseko (TSX: TKO) (NYSE Amex: TGB) (the
"Company") is pleased to provide an update on its GDP3 project that
will increase Gibraltar concentrator capacity to 85,000 tons per day.
Commissioning will begin in December of this year and ramp up to design
capacity is expected to take six months.
On a 100% basis, total budget for the construction of the 30,000 ton per
day concentrator is $235 million. Total funds spent or committed on
that portion is approximately $190 million. Total budget for the
project of $325 million includes $90 million for new mining equipment.
New mining equipment has been ordered and these costs are fixed.
The SAG mill and ball mill components are on site and erection of the
grinding mills is underway. Flotation cells will be shipped to
Gibraltar in July. Over the next few weeks, contractors on site will
increase to 270 as construction shifts from civil and structural
activities to major mechanical and electrical installations.
Additional mine equipment has already started arriving with the first
two of ten additional haul trucks now operating and the remaining eight
trucks arriving over the next 12 months. Components of a new Bucyrus
495R mining shovel are arriving at site and the shovel will be
operational in November.
Russell Hallbauer, President & CEO commented, "Our GDP3 project team
continues to effectively manage schedule and costs, and today, we are
80% through the project schedule and remain on time and on budget for a
December startup. Key elements to the success of this project include
an experienced owner's team combined with a high quality engineering,
procurement and construction management group. The outcome has been
cost control and budget adherence."
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
uncertainties related to feasibility studies that provide estimates of
expected or anticipated costs, expenditures and economic returns from a
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
uncertainties related to unexpected 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
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
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.com and home jurisdiction filings that are available at www.sedar.com.
SOURCE Taseko Mines Limited
For further information:
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