VANCOUVER, Aug. 28, 2018 /CNW/ - Taseko Mines Limited (TSX:
TKO; NYSE American: TGB) ("Taseko" or the "Company") announces that
The Government of British Columbia
was successful in defending its First Nation's consultation process
in regards to Taseko's New Prosperity Project.
The Supreme Court of British
Columbia's August 23, 2018
decision allows Taseko to proceed with investigative work at the
New Prosperity site. This decision reaffirms Provincial Government
authority over mine development in the Province and will be
beneficial to the future of the New Prosperity Gold-Copper Project
and also helpful to the mining industry, in general, in
British Columbia.
"The court decision is unequivocal. The Government of
British Columbia has the authority
to approve resource development work even in the face of aboriginal
opposition. The Crown's obligation is to consult with aboriginal
people and to accommodate their interests where reasonable to do
so. However, there is no duty or obligation to secure aboriginal
support for the work being proposed," said Russell Hallbauer, President and CEO of Taseko
Mines Limited.
"Last week's decision provides important guidance to the
evolving and often complex relationship between the constitutional
rights of aboriginal people and the responsibilities, duties and
obligations the Government has to its citizens and their
resources," added Mr. Hallbauer. "The court's decision, and reasons
for the decision, will be helpful to provincial and federal
governments, especially statutory decision makers who carry the
responsibility to authorize important resource development
projects. These decision makers can now move ahead with their
decisions knowing the extent, and the limits, of the duties they
owe to resource developers and to aboriginal people alike."
The work proposed by Taseko is investigative in nature and will
gather hydrological data and other information required for the
British Columbia Mines Act Permitting process. The information will
also address many of the concerns expressed by the local aboriginal
group (the Tsilhqot'in First Nation) during the federal
environmental assessment, including outstanding questions relating
to environmental protection and the New Prosperity water management
plan.
As the judge noted in his decision, "In issuing the Second
Federal Rejection, the Federal minister left the door open for
additional efforts to justify approval, stating that the federal
government "invites the submission of another proposal that
addresses the Government's concerns." This alone undermines the
petitioners' suggestion that there was no purpose in doing further
work unless the Second Federal Rejection was overturned. It is
reasonable to infer that TML (Taseko) would wish to gather further
data to address the federal government's stated technical concerns,
which would assist in any response TML makes to the federal
government's invitation."
The judge added, "Based on the evidence presented to me, all
parties and governments appear to be acting in good faith to
advance what they each perceive to be the proper use for the land.
But unfortunately good faith cannot always prevent disagreement.
That is when courts must step in to help the parties move
forward."
Mr. Hallbauer continued, "Taseko is confident that with the
further information gathered under this permit, we will have the
additional scientific evidence needed to satisfy key elements of
the federal government's 2014 decision."
Further noted in the judge's decision: "TML's tenure rights
remain in place until at least 2035. As such, barring further
developments, TML will remain entitled to take steps to seek
approval to build a mine for many more years, whether or not the
present version of the Redesigned Project is rejected."
Mr. Hallbauer concluded, "As a Company, Taseko has always been
committed to engaging with all levels of government, local,
Provincial, Federal and First Nations, with the express goal of
finding a path forward for our project in a manner that supports
the court's decision. We look forward to advancing these
discussions in the weeks and months ahead."
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" within the
meaning of applicable Canadian securities legislation and the
United States Private Securities Litigation Reform Act of 1995
(collectively, "forward looking statements") that were based on
Taseko's expectations, estimates and projections as of the dates as
of which those statements were made. Any statements that express,
or involve discussions as to, expectations, believes, plans,
objectives, assumptions or future events or performance that are
not historical facts, are forward-looking statements.
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 title,
licenses and permits for development projects and project delays
due to third party opposition;
- our ability to comply with the extensive governmental
regulation to which our business is subject;
- 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;
- 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,
equipment failure or other events or occurrences, including third
party interference that interrupt the production of minerals in our
mines
- .;
- the availability of, and uncertainties relating to the
development of, infrastructure necessary for the development of our
projects;
- our reliance upon key personnel; and
- uncertainties relating to increased competition and conditions
in the mining capital markets.
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, including the "Risk Factors"
included in our Annual Information Form.
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SOURCE Taseko Mines Limited