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Taseko Mine's proposed Prosperity Project would require draining Fish Lake, located 125 kilometres southwest of Williams Lake in the traditional territories of the Xeni Gwet'in First Nation.

Shares in Taseko Mines Ltd. took a drubbing today after Ottawa rejected its proposed Prosperity Mine near Williams Lake, B.C., but at least one analyst suggests it could be a buying opportunity in disguise.

Environment Minister Jim Prentice gave the $800-million project the thumbs down late Tuesday because of concerns it could hurt the local grizzly bear population and fish habitats.

Taseko closed trading today at $4.94, down nearly 25 per cent, but far above its low of the session of $4.36.

Analyst Orest Wowkodaw of Canaccord Genuity suggested if shares fall "materially" below $5, it could be time to purchase the stock.

Mr. Wowkodaw downgraded his rating on the stock to "hold" from "buy" but his revised 12-month target of $5.25 (from $6.85) is above today's trading range.

TD Newcrest analyst Craig Miller was slightly harsher on the stock, lowering his 12-month target to $5 from $6.75 and downgrading his rating to "reduce" from "hold."

Prosperity may not be dead in the water just yet. The federal government's statement said development "can not be justified as it is currently proposed." As Mr. Miller sees it, that wording opens the window, albeit just a crack, for the company to consider modifying its mine plans. Company management said it would review the decision before evaluating its options.

Nevertheless, Mr. Miller's valuation for Prosperity was based solely on the company's ability to develop the project as is, and is eliminating all value ascribed to Prosperity.

While Prosperity has been a recent focus for the company, Taseko also owns resource properties and operates the producing copper-molybdenum Gibraltar mine, all in British Columbia.

Even more bearish on the stock is Wellington West Capital Markets Inc. analyst Steve Parsons, who cut his target to $4.25 from $6.55 and downgraded the stock to "underperform" from "market perform."



Thompson Creek Metals Co. Inc. has completed the acquisition of Terrane Metals Corp., owner of the Mount Milligan copper-gold project in British Columbia. The purchase will help offset declining grades at the nearby Thompson Creek mine, said RBC Dominion Securities Inc. analyst Fraser Phillips.

Upside: Mr. Phillips upgraded the stock to "outperform" from "sector perform" and hiked his price target by $2 to $15.00 a share.

Talisman Energy Inc. reported generally favourable third-quarter results, as its strategy of disposing non-core assets in North America and focusing efforts on the rest of its asset base is "now coming into fruition," said Raymond James Ltd. analyst Rafi Khouri. He argues the stock is undervalued compared to several of its Canadian-listed peers.

Upside: Mr. Khouri raised his price target by $1 to $22 and maintained an "outperform" rating.

Enbridge Income Fund reported better-than-expected quarterly earnings and is poised to benefit from higher contributions from a number of its recently completed organic growth projects, said TD Newcrest analysts Linda Ezergailis and Robert Hope. The fund should be able to maintain its current level of distributions beyond 2011, he said.

Upside: The TD Newcrest analysts hiked their 12-month price target by $2 to $14 but still rates the stock as a "reduce".

Bombardier Inc. is poised for significant upside once more signs of an aerospace recovery emerge, Desjardins Securities analyst Benoit Poirier said after management presentations and facilities tours this week. The company's global production bottleneck is likely to be resolved and an increase in the production of global aircraft will more than offset potential softness in Learjet and Challenger production, he said.

Upside: Mr. Poirier maintained his "buy-average risk" rating and $7 target price.

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