VANCOUVER, Jan. 9, 2017 /CNW/ - Taseko Mines Limited (TSX:
TKO; NYSE MKT: TGB) ("Taseko" or the "Company") is pleased to
announce fourth quarter copper production of 40.7 million pounds
and 0.8 million pounds of molybdenum. Total production for the year
was 133.2 million pounds of copper and 0.9 million pounds of
molybdenum (for the four months the molybdenum plant operated).
Total sales for the year were 131.1 million pounds of copper and
0.9 million pounds of molybdenum.
Despite challenging weather conditions in the fourth quarter,
mill throughput was maintained at a similar level to previous
quarters. The 23% increase in copper production over the third
quarter was mainly a result of higher copper grades, as planned,
but also from improved copper recoveries. The fourth quarter was
the first full quarter the molybdenum plant has operated since it
was restarted in September. It operated exceptionally well with
recoveries averaging approximately 50% for the quarter.
Russell Hallbauer, President and
CEO of Taseko, stated, "We are extremely happy with copper and
molybdenum production in the fourth quarter. It is a quarter that
truly demonstrates the production and cash flow capability of
Gibraltar. Higher copper and
molybdenum production is having a significant positive impact on
unit costs."
"Recently, the many factors that affect our profitability have
aligned to create an ideal scenario. Higher production at a much
lower cost, a copper price which has climbed nearly 25% since
October and a weak Canadian dollar which has the Canadian dollar
price of copper back to 2011/2012 levels. Each of these factors has
a significant and an immediate financial impact on our business,"
concluded Mr. Hallbauer.
Note: Gibraltar is a Joint
Venture owned by Taseko Mines Limited (75%) and Cariboo Copper
Corp. (25%). All production and sales figures are reported on a
100% basis, unless otherwise noted.
For further information on Taseko, 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.
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