800 West Pender
Street, Suite 1020
Vancouver , British Columbia
Canada V6C 2V6
TASEKO ANNOUNCES FIRST QUARTER PRODUCTION RESULTS
April 6, 2010, Vancouver, BC - Taseko Mines
Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company")
reports unaudited first quarter production results for its Gibraltar Mine.
For the first quarter of 2010, the Gibraltar Mine produced 23.2 million
pounds of copper and 194 thousand pounds of molybdenum.
A quarter over quarter production comparison is below:
Q4
2009 |
Q1
2010 |
|
Mill Throughput (millions, tons) | 3.2 |
3.6 |
Copper Recoveries (%) | 84.1 |
89.8 |
Copper Production (millions, lbs) | 17.4 |
23.2 |
The improved first quarter production performance was
primarily a result of continued optimization of recently upgraded concentrator
components and circuits. Mill throughput has steadily increased and tons
per operating day reached 45,000 tons in the quarter, even during the operationally
challenging winter months, as material handling issues were effectively
managed. Metal recoveries have significantly improved since the tower mill
was integrated into the recovery circuit, increasing regrind capacity. Additionally,
copper grade for the quarter was approximately 10% above life of mine average
grade.
Russell Hallbauer, President and CEO of Taseko, commented, "These sustainable
production improvements are reflecting the modern, efficient mining operation
we have built. In approximately six months, major construction projects
will be complete and the targeted annual production level of 115 million
pounds of copper will soon follow. Simultaneous with our production ramp
up, copper prices are at two-year highs putting Taseko in an excellent position
to move forward with other growth initiatives."
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 intended future agreements, 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 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.