The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

TASEKO GRANTS EPCM CONTRACT TO AUSENCO FOR GDP3 PROJECT

Friday, May 06, 2011

TASEKO GRANTS EPCM CONTRACT TO AUSENCO FOR GDP3 PROJECT13:10 EDT Friday, May 06, 2011 VANCOUVER, May 6 /PRNewswire/ - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") is pleased to announce that Ausenco - Minerals and Metals has been awarded the Engineering Procurement and Construction Management (EPCM) contract for the $237 million infrastructure portion of the Gibraltar Development Plan 3 (GDP3) project. Ausenco is an international engineering and project management company, who specialize in the energy and resource sector. They have vast experience in the mining industry on Greenfield and expansion projects, including the Lumwana Copper Project in Zambia, the Sepon Copper Project in Laos, and the Kinsevere Stage II Copper Project in the Democratic Republic of Congo. GDP3's completion date is scheduled for December 2012, and will bring Gibraltar's annual copper production capacity to 180 million pounds, double that achieved in 2010. Russell Hallbauer, President and CEO of Taseko, stated; "We are extremely pleased to have awarded our EPCM contract to Ausenco. Their employees engaged fully on GDP3 are second to none. In addition, we are fully confident that our operations, construction and EPCM team will complete the project within a short timeframe of 17 months." Russell Hallbauer President and CEO No regulatory authority has approved or disapproved of the information contained in this news release. CAUTION REGARDING FORWARD-LOOKING INFORMATION This document contains "forward-looking statements" that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to: uncertainties and costs related to the Company's exploration and development activities, such as those associated with continuity of mineralization or determining whether mineral resources or reserves exist on a property; uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and future cash and total costs of production and milling; uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project; uncertainties related to our ability to complete the mill upgrade on time estimated and at the scheduled cost; uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition; uncertainties related to unexpected judicial or regulatory proceedings; changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations, particularly laws, regulations and policies; changes in general economic conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing; the effects of forward selling instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk; the risk of inadequate insurance or inability to obtain insurance to cover mining risks; the risk of loss of key employees; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; environmental issues and liabilities associated with mining including processing and stock piling ore; and labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines. For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.com and home jurisdiction filings that are available at www.sedar.com. SOURCE Taseko Mines LimitedFor further information: <p> For further information on Taseko, please see the Company's website <a href="http://www.tasekomines.com/">www.tasekomines.com</a> or contact: Investor Relations - 778-373-4533, toll free 1-877-441-4533. </p>