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Gold/Mining/Energy : Taseko Mines Ltd. (TGB) -- Ignore unavailable to you. Want to Upgrade?

To: npguy who wrote (391)	9/25/1998 7:13:00 PM
From: Mr Metals	Read Replies (1) \| Respond to of 572

Maybe Hunter finally pulled it off. **NEWS RELEASE** Taseko Mines Ltd - Limited partnership to finance Prosperity project Taseko Mines Ltd TKO Shares issued 15,420,000 1998-09-04 close $1.65 Friday Sep 25 1998 Mr. Robert Hunter reports The company has entered into a farm-out and joint venture agreement with Concentrated Exploration Limited Partnership of Vancouver, B.C., whereby Concentrated has the right to finance up to $4.5-million on feasibility and mine planning expenditures on Taseko's Prosperity project and will earn a 1.5 per cent working interest in the project for each $900,000 expended prior to Dec. 31, 1998. Concentrated is raising funds through a private offering being managed by Strand Securities of Vancouver. Taseko has a call privilege in certain events to reacquire the working interest by paying 122 per cent of the earn-in amounts expended in shares of Taseko valued at market. Concentrated expects to raise $5-million through an offering of limited partnership units in order to finance the earn-in. Insiders of Taseko intend to participate in the Concentrated offering to the extent of $1-million. Based on 143,945 metres of large diameter core drilling in 326 holes, Independent Mining Consultants has calculated a mineable mineral reserve for the Prosperity deposit of 633 million tonnes grading 0.253 per cent copper and 0.466 grams gold per tonne. The reserve has a very high level of continuity which provides for efficient open pit mining and an overall life of mine waste to ore stripping ratio of 1.89 to 1. The mineable reserve contains 9.49 million ounces of gold and 3.53 billion pounds of copper, making Prosperity the largest mineable resource of gold and copper in Canada. Pilot plant metallurgical and process programs, including bulk sample testing of the Prosperity deposit, completed at Lakefield Research have confirmed detailed process criteria for the Prosperity project, including copper and gold recovery into a copper-gold flotation concentrate. Results from a 60 tonne pilot plant program averaged 90 per cent copper recovery and 75.6 per cent gold recovery producing a 25 per cent copper concentrate containing 38.9 grams gold per tonne and 92 grams silver per tonne. Independent Mining Consultants is now completing a mine plan and a mine production schedule based on a $5.25 per tonne net smelter return cutoff and seven mining phases. The mine schedule provides for a 32.9 million tonne per year uninterrupted flow of direct mill feed and a relatively constant removal of waste rock over a 19.3 year period followed by six years of milling lower grade stockpile material. During the 25.3 year milling period, mill feed is processed at the rate of 90,000 tonnes per day by two parallel grinding lines followed by bulk sulphide flotation, regrind and rougher/scavenger flotation, cleaner flotation and concentrate dewatering. At a milling throughput rate of 90,000 tonnes per day, metal production is scheduled to range up to 416,000 ounces of gold and 211 million pounds of copper annually. The Prosperity project is in the harmonized federal/provincial environmental review process. Comprehensive and advanced environmental studies are continuing for presentation, upon completion of a final feasibility study, to the government project review committee and to local stakeholders in anticipation of meeting the mine certification requirements of the citizens of the Cariboo-Chilcotin region and the British Columbia and Canada Environmental Assessment Acts. Taseko has a project community office in Williams Lake to facilitate the participation of all Cariboo-Chilcotin residents in review of the Prosperity project. In other developments, Taseko has agreed to issue 200,000 shares to an affiliate of a director in consideration of the continuation of a $2-million guarantee of Taseko's operating line with its chartered bank. Taseko is also issuing 60,667 shares in settlement of services provided by an arm's-length party. The VSE has provided written advice it has no objections to the farm-out agreement with Concentrated. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com Mr Metals