VANCOUVER, BC, Oct. 12, 2021 /CNW/ - Taseko Mines Limited (TSX:
TKO) (NYSE MKT: TGB) (LSE: TKO) ("Taseko" or the "Company") is
pleased to announce the Gibraltar Mine produced 34.5 million pounds
of copper and 600 thousand pounds of molybdenum in the third
quarter, increases of 29% and 50%, respectively, over the second
quarter.
Stuart McDonald, President and
CEO, commented, "Gibraltar had
another solid operational quarter, with improved copper grades and
recoveries resulting in production that was on target and in line
with guidance. The mine is well positioned for the year ahead as
mining operations are smoothly transitioning into the Gibraltar pit, where grade is meeting
expectations and the mills are efficiently processing the new
ore."
"We are currently mobilizing a drill crew at Gibraltar to continue the site-wide
exploration program that started in spring 2021. A deep-penetrating
geophysics survey has identified a number of anomalies outside
Gibraltar's current resources and
the drill program will further test those areas with the eventual
goal of increasing Gibraltar's
already large resource base," continued Mr. McDonald.
"The average LME copper price of US$4.25 per pound in the third quarter, combined
with increased production volumes and declining unit costs, will
translate directly to improved financial performance this quarter.
And our growing cash balance along with the recently closed
US$50 million Revolving Credit
Facility puts us in a strong position to move into construction of
the Florence Copper Project upon completion of the permitting
process," concluded Mr. McDonald.
Stuart McDonald
President and CEO
No regulatory authority has approved or disapproved of the
information contained in this news release.
Note: Taseko's 75%
owned Gibraltar Mine is located north of the City of Williams Lake
in south-central British Columbia. Production volumes stated in
this release are on a 100% basis unless otherwise
indicated.
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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 about the effect of COVID-19 and the response of
local, provincial, federal and international governments to the
threat of COVID-19 on our operations (including our suppliers,
customers, supply chain, employees and contractors) and economic
conditions generally and in particular with respect to the demand
for copper and other metals we produce;
- 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, including the "Risk Factors"
included in our Annual Information Form.
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SOURCE Taseko Mines Limited