VANCOUVER, Jan. 9, 2012 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the
"Company") announces fourth quarter production of 22.3 million pounds
of copper and 388,000 pounds of molybdenum for its 75% owned Gibraltar
Mine. Total production for the 12 months ended December 31, 2011 was
82.9 million pounds of copper and 1.3 million pounds of molybdenum.
Taseko's 75% share of copper sales was 15.4 million pounds for the
fourth quarter and 60.5 million pounds for the year, on a payable
basis. The Company's share of molybdenum sales for the fourth quarter
was 269,000 pounds and 974,000 pounds for the year.
The quarterly production summary is as follows:
Mill Throughput (millions, tons)
Copper Production (millions, lbs)
Molybdenum Production (thousand, lbs)
Russell Hallbauer, President and CEO of Taseko, commented, "Our key 2011 operational objectives at Gibraltar were to commission the
SAG mill direct feed system and progressively increase the
concentrator's daily throughput to its design capacity. I am pleased
with the accomplishments of the Gibraltar team with the commissioning
of the SAG direct feed in the first half of 2011 and the steady
progress we have made on the mill production levels."
Mr. Hallbauer continued, "I look forward to 2012 as a year where Taseko will continue to unlock
the value of its key assets; Gibraltar will be central to this theme."
Note: Gibraltar is a Joint Venture owned by Taseko Mines Limited (75%)
and Cariboo Copper Corp. (25%). All production figures are reported on
a 100% basis.
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 include 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.gov 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 at www.tasekomines.com or contact: Investor Relations - 778-373-4533, toll free1-877-441-4533.