1020
- 800 W Pender St.
Vancouver BC
Canada V6C 2V6
Tel 604 684 - 6365
Fax 604 684 - 8092
Toll Free 1 800 667 - 2114
www.tasekomines.com
TASEKO ANNOUNCES
QUARTERLY COPPER PRODUCTION
April 6, 2009, Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") is pleased to provide the following update on production results for the first quarter 2009.
Q1 2009 Production Highlights
|
January |
February |
March |
Copper Grade |
0.350% |
0.352% |
0.403% |
Average Tons Per Day Milled (thousands) |
35.5 |
39.3 |
39.31 |
Copper Recovery |
81.6% |
82.2% |
83.3% |
Copper Production (millions lbs) |
6.4 |
6.2 |
7.3 |
Molybdenum (thousands lbs) |
75 |
57 |
55 |
1Excludes
3.5 days of a scheduled maintenance shutdown.
During the first quarter of 2009, the Gibraltar Mine produced nearly 20
million pounds of copper and 187 thousand pounds of molybdenum, representing
a 70% increase to copper production over the same period in 2008. These
quarterly production figures are in line with annual production guidance
of 80 million pounds of copper and 800 thousand pounds of molybdenum.
Russell Hallbauer, President and CEO of Taseko stated, "Over the past
two years we have invested $250 million into the Gibraltar Mine to increase
production and reduce operating costs. The results we are now reporting
are validating the importance of these initiatives. First quarter production
and our low cost structure combined with a strengthened copper price will
provide healthy margins and cash flow.
"In only three months the price of copper, as quoted on the London Metal
Exchange, has risen from a low of US$1.26/lb in late December to nearly
US$1.90/lb today. At the same time, after major cost reduction initiatives
our total cash costs have dropped to approximately US$1.15/lb for the first
quarter."
Mr. Hallbauer continued, "The dramatic rebound in copper prices is encouraging
and has allowed us to recommence work on our Phase II expansion; however,
given the general uncertainty in the global economy, we will remain extremely
cautious as we proceed with our capital spending to ensure we maintain sufficient
working capital lines. As market conditions stabilize, we expect to complete
the necessary work to increase the Gibraltar concentrator capacity to 55,000
tons per day, or 115 million pounds of annual copper production."
Contact: Brian Bergot, Investor Relations - 778-373-4545, toll free
1-800-667-2114
Russell Hallbauer
President and CEO
No regulatory authority has approved
or disapproved of the information 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 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.