300-905
West Pender St.
Vancouver BC
Canada V6C 1L6
Tel 778-373-4533
Fax 778-373-4534
Toll Free 1 800 667 - 2114
www.tasekomines.com
TASEKO UPDATES PROSPERITY
ENVIRONMENTAL ASSESSMENT STATUS
October 14, 2009, Vancouver, BC - Taseko Mine Limited
(TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") wishes
to provide an update on the Provincial and Federal Governments' Environmental
Assessment review processes of Taseko's wholly-owned Prosperity Gold-Copper
project.
The provincial process, conducted by the Environmental Assessment Office,
is nearing the final phase of its work. As of today, 54 days remain in the
180-day legislated review period, meaning that by December 7, 2009 the Environmental
Assessment Office will refer the application to the Minister of Environment
and Minister of Energy, Mines and Petroleum Resources for a decision. The
Ministers will then have 45 days to render their final decision on the project.
Barring any unforeseen process delays, we expect a decision by the Government
of British Columbia on or before January 20, 2010. A provincial Environmental
Assessment Certificate will be an important milestone as it is the provincial
government which is responsible for mine development in British Columbia.
The federal process, conducted by a 3-person Panel operating under defined
Terms of Reference are required to complete their work in a timely and efficient
manner. The dates of the public Panel hearings have not yet been set. The
earliest the hearings could commence is mid-January and the Terms of Reference
commits the Panel to make best efforts to conclude those public hearings
within a 30-day period. Following conclusion of the hearings, the Panel
will submit their findings to the Federal Minister of Environment for a
decision.
Russell Hallbauer, President and CEO of Taseko commented, "The Environmental
Assessment process is a time-consuming and expensive undertaking and one
that has taken governments longer to advance than anticipated. Great care
is being exercised to ensure delivery of a completely thorough examination,
one which is fully transparent.
Receiving provincial approvals will allow certain aspects of the mine development
to move forward while the federal process continues."
Mr. Hallbauer continued, "Once the panel delivers its report to the
federal government we anticipate that the applicable ministries will work
diligently towards an expeditious delivery of the project through the remaining
regulatory process. As a company, we are very confident in the work presented
in our Environmental Assessment Report and fully expect a favourable outcome
from both governments."
The Prosperity Project, located in south-central British
Columbia, is one of the largest undeveloped gold-copper deposits in Canada
with 1.0 billion tonnes of measured and indicated resources containing 13.3
million ounces of gold and 5.3 billion pounds of copper. Average annual
production over the 20-year mine life is estimated to be 247,000 ounces
of gold and 108 million pounds of copper. [1]
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.