VANCOUVER, July 20, 2016 /CNW/ - Taseko Mines Limited (TSX:
TKO; NYSE MKT: TGB) ("Taseko" or the "Company") today announced
that the British Columbia Environmental Assessment Office is
proceeding with Taseko's request to amend the environmental
assessment certificate for its New Prosperity Gold/Copper Project
in central British Columbia.
In addition to this undertaking, Taseko will be filing a Notice
of Work (NOW) with the Ministry of Energy & Mines which will
allow the Company to gather information to advance mine permitting
under the British Columbia Mines Act. Taseko looks forward to
working with the six local Tsilhqot'in First Nation bands as
represented by the Tsilhqot'in National Government on the
consultative and substantive aspects of the NOW as per the terms in
the 2012 settlement agreement.
"Ownership and development of mineral resources are explicit
areas of provincial jurisdiction and responsibility, granted under
The 1982 Amendments to the Constitution Act 1867," commented
Russell Hallbauer, President and CEO
of Taseko. "The New Prosperity environmental assessment
process has been unduly influenced by the actions of the federal
government. The fact that the Government of British Columbia is moving forward with the
certificate amendment process indicates the importance it places on
the development of the New Prosperity Mine."
Mr. Hallbauer continued, "The Government of Canada's position, regarding the federal
authorizations required for New Prosperity, can be rectified if
discussions around the salient issues raised by the Federal Panel
in 2013 are objectively and scientifically reviewed. The
information we will gather from the Notice of Work field program
will aid those discussions."
New Prosperity is the largest undeveloped gold/copper porphyry
in North America and contains 11
million ounces gold and four billion pounds of copper and, when in
production, will produce 250,000 ounces of gold and 110 million
pounds of copper annually for 20 years.
Mineral Reserves @
C$5.50 NSR/t Cut-Off
|
|
Size M
Tonnes
|
Grade
|
Recoverable
Metal
|
Contained
Metal
|
Au
(g/t)
|
Cu
(%)
|
Au (M
oz)
|
Cu (B
lbs)
|
Au (M
oz)
|
Cu (B
lbs)
|
Proven
|
481
|
0.46
|
0.26
|
5.0
|
2.4
|
7.1
|
2.8
|
Probable
|
350
|
0.35
|
0.18
|
2.7
|
1.2
|
3.9
|
1.4
|
Total
|
831
|
0.41
|
0.23
|
7.7
|
3.6
|
11.0
|
4.2
|
Note: Recoveries for Cu and
Au are 87% and 69% respectively.
|
Remaining measured and indicated resources are grading 0.40 g/t
gold and 0.30% copper containing 2.3 million ounces of gold and 1.2
billion lbs of copper (no recoveries applied).
The mineral resource and reserve estimations were completed by
Taseko staff under the supervision of Scott
Jones, P.Eng., Vice-President, Engineering and a Qualified
Person under National Instrument 43-101. Mr. Jones has verified the
methods used to determine grade and tonnage in the geological
model, reviewed the long range mine plan, and directed the updated
economic evaluation. The estimates for the reserves used long term
metal prices of US$1.65/lb for copper
and US$650/oz for gold and a foreign
exchange of C$0.82 per US dollar. Mr.
Jones has reviewed this release. A technical report is filed
on www.sedar.com.
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.gov and home jurisdiction filings
that are available at www.sedar.com.
SOURCE Taseko Mines Limited