VANCOUVER, April 13, 2017 /CNW/ - Taseko Mines Limited (TSX:
TKO; NYSE MKT: TGB) ("Taseko" or the "Company") is pleased to
announce first quarter Gibraltar Mine production of 41.3 million
pounds of copper and 0.9 million pounds of molybdenum. These
production results represent a continuation of the strong operating
performance in the fourth quarter of 2016 in which Gibraltar produced 40.7 million pounds of
copper and 0.8 million pounds of molybdenum.
Total sales for the first quarter of 2017 were 40.8 million
pounds of copper and 0.9 million pounds of molybdenum.
Gibraltar's operating
performance in the first quarter was in line with management
expectations and the mine continues to benefit from higher than
average ore grade. For the second straight quarter since it was
restarted, Gibraltar's molybdenum
plant operated at design capacity. Revenue from molybdenum sales
provides a significant by-product credit towards total operating
costs. Total operating costs (C1) were approximately 5% to 10%
lower than the previous quarter costs of US$1.48 per pound, as a result of increased
molybdenum by-product credits and reduced site operating costs.
Russell Hallbauer, President and
CEO of Taseko, stated, "Gibraltar
throughput, grade and recoveries were all in line with our
operating budget and the previous quarter. The strong operational
results will translate into another quarter of impressive financial
results as operating costs remained low and copper and molybdenum
pricing were both higher."
"The LME average price in the first quarter was roughly
US$2.65 per pound, ten percent higher
than the fourth quarter last year. Molybdenum pricing has steadily
been rising as well and is now close to US$9.00 per pound, from approximately
US$7.50 per pound last quarter. We
believe that in spite of some South American mines restarting over
the past few weeks, the market will benefit from improving global
demand and a tight copper supply going forward," 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.
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