VANCOUVER, Dec. 21, 2016 /CNW/ - Taseko Mines Limited
(TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company") is pleased to
announce that the United States Environmental Protection Agency
(EPA) has today issued the final required permit, the Underground
Injection Control (UIC) permit, to construct and operate the Phase
1 Test Facility at Taseko's Florence Copper Project in Florence, Arizona.
The comprehensive Phase 1 Test Facility will serve to optimize
the copper recovery process and demonstrate its environmental
integrity and reliability.
The project has now successfully met all of its regulatory
obligations at both the state and federal levels. Including the UIC
permit, and the Aquifer Protection permit which was issued by the
Arizona Department of Environmental Quality in August, the project
has received 19 permits and authorizations. The UIC permit will
become effective on January 30, 2017.
For further details, the Notice of Final Permit Decision can be
found on the EPA website.
"Securing the UIC permit is a significant milestone which
further validates the technical and environmental work performed by
our engineering and project development teams in Florence," said Russell Hallbauer, President and CEO of Taseko
Mines Limited. "The issuance of this permit by the EPA
confirms that our proposal meets the highest environmental
standards required under federal law."
"Permitting any industrial project is a lengthy and challenging
process, which is why the receipt of the UIC permit is a major
milestone achieved by the Company. There is a possibility that
opposing parties will attempt to appeal the UIC permit, similar to
the challenge made to the previously granted Aquifer Protection
permit, but we expect that the regulatory authorities will
successfully defend their thorough process," concluded Mr.
Hallbauer.
The Florence Copper Project strengthens and diversifies Taseko's
copper production capabilities.
More about the project
The deposit contains 2.4 billion pounds of copper in 340 million
tons of probable reserves* (at a grade of 0.358% copper) and
represents a pre-tax net present value (7.5% discount rate) of
US$725 million with an internal rate
of return of 36% using a long-term copper price of US$2.75 per pound. Once commercial
production is reached, the project will produce an average of 75
million pounds annually for over 20 years.
The in-situ copper recovery (ISCR) project offers attractive
direct operating costs of just US$0.80/lb and allows the copper to be recovered
using a water-based solution without disturbing the land and with
minimal environmental impact.
The Phase 1 Production Test Facility at Florence Copper is a
pilot-scale demonstration of commercial ISCR operations. It
incorporates the drilling of 24 wells, the injection and recovery
of ISCR solution, the manufacture of LME Grade A copper cathode,
and the observation and monitoring of groundwater quality and other
environmental conditions.
The extraction process occurs deep in the bedrock and involves a
combination of straight-forward physics and basic chemistry to
dissolve and then pump copper-rich solution to the surface. Once at
the surface, the solution is converted into sheets of pure
copper.
*Based on the April 2013 NI 43-101
Technical Report Pre-Feasibility Study (available on the Company's
SEDAR profile at www.sedar.com). Please see the press release
dated March 26, 2013 of Curis
Resources Ltd. ("Curis"), the Company's wholly-owned subsidiary,
for further details regarding the report available on Curis' SEDAR
profile at www.sedar.com.
For further information on Taseko and the Florence Copper
Project, please visit the Taseko website at www.tasekomines.com or
contact:
Brian Bergot, Vice President,
Investor Relations - 778-373-4533 or toll free 1-877-441-4533
Russell Hallbauer
President and CEO
No regulatory authority has approved or
disapproved of the information contained in this news release.
Cautionary Note to U.S. Investors Concerning Reserve
Estimates
The mineral reserves disclosed in this news release have been
estimated in accordance with Canadian National Instrument 43‐101 ‐
Standards of Disclosure for Mineral Projects ("NI 43‐101"), as
required by Canadian securities regulatory authorities. The
Company's U.S. investors are cautioned that SEC Industry Guide 7
under the Exchange Act, as interpreted by Staff of the SEC, applies
different standards in order to classify mineralization as a
reserve.
As a result, the definitions of proven and probable reserves
used in NI 43‐101 differ from the definitions in the SEC Industry
Guide 7. Under SEC standards, mineralization may not be classified
as a "reserve" unless the determination has been made that the
mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. Among
other things, a final feasibility study and all necessary permits
would be required to be in hand or issuance imminent in order to
classify mineralized material as reserves under the SEC standards.
Accordingly, mineral reserve estimates contained in this news
release may not qualify as "reserves" under SEC standards.
In addition, disclosure of "contained metals" is permitted
disclosure under Canadian regulations; however, the SEC only
permits Exchange Act reporting companies to report reserves in
ounces, and requires reporting of mineralization that does not
qualify as reserves as in place tonnage and grade without reference
to unit measures.
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 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