1020 - 800 W Pender St.
Vancouver BC
Canada V6C 2V6
Tel 604 684 - 6365
Fax 604 684 - 8092
Toll Free 1 800 667 - 2114
www.tasekomines.com
TASEKO PROVIDES THIRD QUARTER PRODUCTION UPDATE
October 7, 2009, Vancouver, BC - Taseko Mines
Limited ("Taseko" or the "Company") (TSX: TKO; NYSE Amex:
TGB) reports third quarter 2009 production results for its Gibraltar Mine.
For the third quarter of 2009, the Gibraltar Mine produced 14 million pounds
of copper and 112 thousand pounds of molybdenum.
Metal production in the quarter was affected by a geotechnical problem, related
to surface soil instability at the edge of the Granite Pit, which occurred
in mid-July. As a result, mining operations had to deviate from the mine plan
for the balance of the third quarter. Subsequently, ore release could only
be achieved from mining faces that were significantly below the Granite Pit
average grade. Normally, lower grade ore would be mined in conjunction with
higher grade ore to maintain the pit average grade. Additionally, the lower
grade ore resulted in decreased metal recoveries that negatively affected
production. The combination of lower grade and lower metal recoveries reduced
metal production by approximately four million pounds of copper and 100 thousand
pounds of molybdenum for the third quarter.
The geotechnical issue has been resolved and Gibraltar mine operations re-established
mining faces during August and September allowing a return to mine plan grade
in October.
Russell Hallbauer, President and CEO of Taseko commented, "After four
consecutive quarters of strong production performance, this geotechnical issue
is an unfortunate setback for the mine. However, the mine operations team
effectively managed the deviation from the mine plan and the mine and mill
have now returned to normal operating conditions."
In August, as reported during Taseko's second quarter results conference
call, the decision was made to begin increasing waste stripping towards the
deposit average, a full year ahead of the schedule laid out in late 2008.
The increase is in anticipation of daily concentrator throughput growing to
55,000 tons per day now that expansion activities are again underway. Copper
price strength is allowing the Company to invest in waste stripping while
maintaining healthy operating margins.
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
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.