Taseko Announces a New 7.7 Million Oz Gold and 3.6 Billion Lb Copper Reserve
at Prosperity

VANCOUVER, Nov. 2 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") is pleased to announce a 70% increase in mineral reserves at its 100% owned Prosperity Project, from 487 million tonnes to 830 million tonnes.

The reserve increase will add 3.0 million ounces of recoverable gold and 1.6 billion lbs of recoverable copper to the Prosperity reserve base, bringing total recoverable metal to 7.7 million ounces of gold and 3.6 billion lbs of copper.

This increase in recoverable metal, under present mine design criteria, extends Prosperity's mine life from 20 years to 33 years.

Reserves were previously based on a $5.25 Net Smelter Return ("NSR") cut-off using gold and copper prices of $500/oz and $1.50/lb, respectively. Current reserves are based on a $5.50 NSR cut-off using gold and copper prices of $650/oz and $1.65/lb, respectively.

Russell Hallbauer, President and CEO of Taseko commented, "In keeping with our historically conservative approach to reserve calculations, we have modestly adjusted our gold and copper price assumptions to better reflect longer-term metal price expectations. This increase in metal price assumptions will allow us to mine deeper, higher grade mineralization.

Prosperity now has the largest gold/copper reserve base of any mining project in Canada. At present gold and copper prices the projected operating costs per ounce of gold, net of copper credit, will be negative US$330/oz. With the size of this reserve and the longevity of its mine life, Prosperity will be one of the great mines of Canada. The 64% increase in recoverable gold and 80% increase in recoverable copper will allow Prosperity to operate for over 3 decades.

We look forward to the upcoming completion of our Environmental Assessment Review and getting on with building a mine that can benefit so many local, provincial and national stakeholders."

    
    -------------------------------------------------------------------------
                       Mineral Reserves @ C$5.50 NSR/t Cut-off
    -------------------------------------------------------------------------
                                 Grade    Recoverable Metal   Contained Metal
                   Size       -----------------------------------------------
                 M Tonnes      Au      Cu     Au      Cu        Au      Cu
                              (g/t)    (%)  (M oz)  (B lbs)   (M oz)  (B lbs)
    -------------------------------------------------------------------------
    Proven          481       0.46    0.26    5.0     2.4       7.1     2.8
    -------------------------------------------------------------------------
    Probable        350       0.35    0.18    2.7     1.2       3.9     1.4
    -------------------------------------------------------------------------
    Total           831       0.41    0.23    7.7     3.6      11.0     4.2
    -------------------------------------------------------------------------
    Note: Recoveries for Cu and Au are 87% and 69% respectively
    

Remaining measured and indicated resources are grading 0.40 g/t gold and 0.30% copper containing 2.3 million ounces of gold and 1.2 billion lbs of copper (no recoveries applied).

The mineral resource and reserve estimations were completed by Taseko staff under the supervision of Scott Jones, P.Eng., Vice-President, Engineering and a Qualified Person under National Instrument 43-101. Mr Jones has verified the methods used to determine grade and tonnage in the geological model, reviewed the long range mine plan, and directed the updated economic evaluation. The estimates for the reserves used long term metal prices of US$1.65/lb for copper and US$650/oz for gold and a foreign exchange of C$0.82 per US dollar. Mr Jones has reviewed this release. A technical report will be filed on www.sedar.com.

    
    Russell Hallbauer
    President and CEO

    No regulatory authority has approved or disapproved of the information
    contained in this news release.
    

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 future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not 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 capital market conditions, commodities market prices, exploitation and exploration successes, lack of continuity of mineralization, continued availability of capital and financing, the ability to obtain and maintain required permits, including environmental, construction and mining permits and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission or the Company's home jurisdiction filings at www.sedar.com.

SOURCE Taseko Mines Limited

For further information: For further information: on Taseko, please see the Company's website www.tasekomines.com or contact: Brian Bergot, Investor Relations -- (778) 373-4545, toll free 1-800-667-2114


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