VANCOUVER, Jan. 31, 2012 /CNW/ - 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
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
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.
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 are based on
Taseko's intentions to re-purchase shares. 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. Taseko's
intentions in regards to re-purchasing shares may change at any time
and there is no guarantee that the targeted number of shares or any
shares will be re-purchased. .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:
on Taseko, please see the Company's website www.tasekomines.com or contact Investor Relations 778-373-4533, toll free 1-877-441-4533.