VANCOUVER, Sept. 16 /CNW/ - Taseko Mines Limited (TSX: TKO; AMEX: TGB; TSX: CUM) (the "Company") announced today that as a significant shareholder of Copper Mountain Mining Corp. ("Copper Mountain") it has expressed concerns to Copper Mountain over its highly dilutive $1.15 brokered financing (the "Brokered Financing") announced today.
Taseko advises that on September 15, 2009 it delivered a written share exchange merger proposal to the Copper Mountain Board which valued Copper Mountain at a large premium to the Brokered Financing announced by Copper Mountain today. The Brokered Financing will only net Copper Mountain less than $1.10 per share and will result in well over 130% dilution to its shareholders.
The Taseko offer also included an unconditional and immediate cash financing of $10 million at a similar premium price per Copper Mountain share relative to the Brokered Financing. Taseko plans to take legal steps to try to subject the Brokered Financing to a Copper Mountain shareholders' vote. Other concerned Copper Mountain shareholders are invited to contact Taseko at the numbers below.
Russell Hallbauer, Taseko President and Chief Executive Officer commented: "We believe the $1.15 brokered financing badly undervalues Copper Mountain and we were astonished that our offer was not properly responded to before the brokered deal was priced. We see this as a large loss of value for the current Copper Mountain shareholders and we intend to do what we can to allow Copper Mountain shareholders to have a voice in this."
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, completion of the mill upgrade on time estimated and at scheduled cost, continued availability of capital and financing, 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 forwardlooking 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: Peter Mitchell, Chief Financial Officer, (778) 373-4545, toll free 1-800-667-2114