Taseko Announces First Quarter Production Results

News provided by

Apr 06, 2010, 04:58 ET

VANCOUVER, April 6 /PRNewswire-FirstCall/ - 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."

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.

SOURCE Taseko Mines Limited