May 6 , 2010, Vancouver, BC - Taseko
Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company")
announces that six weeks of Federal Panel Review Hearings into the Company's
Prosperity Gold-Copper Project (the "Project") have now concluded,
the record has been closed and no additional information will be considered
by the Panel. The Panel has 60 days to prepare its report for submission to
the federal Minister of the Environment and other agencies - no later than
July 2, 2010 - as directed by its Terms of Reference. The Minister will then
take the matter to the federal Cabinet for a final decision.
"All potential environmental effects were examined by the responsible
federal departments, agencies and authorities and based on the evidence and
findings presented during these past 6 weeks of hearings, and we remain fully
confident that the Cabinet will grant approval for mine development,"
said Russell Hallbauer, President and CEO. "After hearing all of the evidence,
our position remains that there are no significant environmental effects after
taking the mitigation measures into account," added Mr. Hallbauer.
Health Canada is satisfied that there are no human health effects or any ecological
health concerns associated with building and operating this mine. Both Environment
Canada and Natural Resources Canada agree with Taseko's findings concerning
water quality and aquatic ecology. On the matter of compensation for impacts
on fish habitat, the Company and the Department of Fisheries and Oceans continue
to work cooperatively towards resolving any outstanding issues.
Taseko's closing submission to the Panel emphasized some key points, including
the economic and social needs of the region, an area in which over the last
year consumer bankruptcies have increased by 70 percent, the unemployment
rate has increased 84 percent and, in Williams Lake, the residential rental
vacancy rates have increased 700 percent. The closing submission is posted
on the Taseko website www.tasekomines.com under Events and the Prosperity
Project website www.prosperityproject.ca under What's New.
The area where the proposed Prosperity Mine is located is not subject to aboriginal
title; it is Crown land, owned and regulated by the Province of British Columbia
which issued the Project an Environmental Assessment Certificate and approved
the Project for development on January 14, 2010.
Russell Hallbauer
President and CEO
Contact: Brian Battison, VP, Government & Corporate Affairs - 778-373-4543,
toll free 1-800-667-2114 or Brian Bergot, Investor Relations - 778-373-4545,
toll free 1-800-667-2114
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 forward-looking
statements. For more information on the Company, Investors should review the
Company's annual Form 20-F filing with the United States Securities and
Exchange Commission or the Company's home jurisdiction filings at www.sedar.com.