VANCOUVER, July 18, 2017 /PRNewswire/ - Taseko Mines
Limited (TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company") has
received approval from the Province of British Columbia to undertake a site
investigation program to conduct exploratory work at the New
Prosperity Gold-Copper project site. The Notice of Work (NOW),
which is a multi-year permit, will allow the Company to gather
information for the purpose of advancing mine permitting under the
British Columbia Mines Act.
"The opportunities associated with New Prosperity are
rare. It has the potential to generate significant wealth and
employment for the Province of British
Columbia and more specifically, the Cariboo," commented
Russell Hallbauer, President and CEO
of Taseko Mines Limited. "Once in production, it will employ
approximately 600 people and contribute roughly $1 million per day of spending on goods, services
and labor. This combination of employment and spending means New
Prosperity will create $12.7 billion
of provincial GDP and increase provincial revenues by over
$4 billion and federal revenues by
over $2 billion during its
life."
"The value of New Prosperity has yet to be unlocked, however, I
believe the magnitude of New Prosperity's benefits are such that it
will be developed into a world-class mine with the highest
environmental and safety standards, similar to our nearby
Gibraltar Mine," added Mr. Hallbauer. "New Prosperity would be
similar in size to Gibraltar which
currently employs 650 people from the Cariboo region. The
development of New Prosperity would be an economic catalyst for the
struggling communities of the Cariboo. In authorizing Taseko to do
this work, the Government of British
Columbia is giving us the tools needed to move the project
towards its ultimate development."
In addition to securing Provincial Government approval, the
project also requires specific authorizations from the Government
of Canada. This work program will yield information which is
necessary to advance the Mines Act permitting process.
New Prosperity is located 125 km southwest of Williams Lake in the Cariboo-Chilcotin region
of central British Columbia on a
low level rolling plateau with a moderate climate and minimal
precipitation. Its close proximity to important infrastructure
makes for an ideal location for this large-scale project. It
is not by any means an engineering or technical challenge.
However, like all projects of significance regardless of location
in the world, there will be those who object to its
development. Provincial regulators and Taseko personnel have
been working on the specific details of this work program for over
10 months. Great care and attention has been taken by each to
ensure all necessary steps have been taken to fully meet their
respective obligations under the permit including those duties
related to consultation with local First Nations.
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