Press release from CNW Group
Taseko announces third quarter sales and production results
Wednesday, October 12, 2011
Taseko announces third quarter sales and production results13:10 EDT Wednesday, October 12, 2011VANCOUVER, Oct. 12, 2011 /CNW/ - Taseko Mines Limited (TSX: TKO) (NYSE Amex: TGB) ("Taseko" or the "Company") reports unaudited third quarter sales and production results for the Gibraltar Mine.For the third quarter of 2011, Gibraltar produced 21.3 million pounds of copper and 324 thousand pounds of molybdenum. The Company's 75% share of Gibraltar's copper sales were 21.8 million pounds on a payable basis. The Company's share of molybdenum sales for the third quarter was 239.5 thousand pounds.A quarter over quarter production comparison is below: Q1 2011Q2 2011Q3 2011Mill Throughput (millions, tons)18.104.22.168Copper Recoveries (%)89.888.087.2Copper Production (millions, lbs)19.220.021.3Russell Hallbauer, President and CEO of Taseko, stated; "Daily mill production has continued to increase with throughput currently over 50,000 tons per day. We expect to achieve mill throughput of 55,000 tons per day by year end."Mr. Hallbauer continued, "The Company is well positioned for the remainder of 2011 with a minimum revenue stream secured through our hedging program, and a fully financed Gibraltar Development Plan 3 (GDP3). We are on schedule and on budget for the December 2012 project completion and have placed orders for 50% of the $235 million construction component of GDP3." Mr. Hallbauer added, "We are very excited about the Aley Niobium Project. Our extensive 2011 drilling program is now complete, assay work is underway along with preliminary metallurgical studies, and baseline environmental analysis all in support of our objective to complete a feasibility study later in 2012."Russell HallbauerPresident and CEONote: Gibraltar is a Joint Venture owned by Taseko Mines Limited (75%) and Cariboo Copper Corp. (25%). All production figures are reported on a 100% basis.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 include 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; andlabour 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.gov and home jurisdiction filings that are available at www.sedar.com. For further information: For further information on Taseko, please see the Company's website at www.tasekomines.com or contact: Investor Relations - 778-373-4533, toll free1-877-441-4533.