Press release from CNW Group
New Prosperity Gold Copper Project enters environmental assessment process
Tuesday, November 08, 2011
New Prosperity Gold Copper Project enters environmental assessment process08:00 EST Tuesday, November 08, 2011VANCOUVER, Nov. 8, 2011 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") has been advised that a 'Notice of Commencement' has been posted by the Canadian Environmental Assessment Agency ("CEAA") related to its New Prosperity Gold-Copper Project. The Notice of Commencement confirms that the project description has met all criteria required for an environmental assessment and that a panel review will be conducted by the Federal review agency. The Minister of the Environment indicated that CEAA will complete this review in not more than 12 months and that CEAA would use information gathered in the previous environmental assessment to manage this timeline.Russell Hallbauer, Taseko's President & CEO, stated, "Today's announcement by CEAA recognizes the importance of this project and provides a path for Taseko to continue to advance New Prosperity. While we need to develop a better understanding of the specifics of the panel review, the timeline evidences a significant commitment by CEAA to work effectively with us in this process. It is our sincere desire that New Prosperity moves through the panel review process in this timeframe and that the benefits of the project begin to be realized by the Country, the Province, the local communities and Aboriginals in the coming years."Russell HallbauerPresident and CEONo 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.com and home jurisdiction filings that are available at www.sedar.com.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.