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

To: leisuresports who wrote (409)	1/21/1999 4:20:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 572

Taseko Min: Giant Gold Copper Deposit Advancing Towards Prod 1/21/99 16:2 99/01/21 Market News Publishing Inc. No: 000284 TASEKO MINES LTD ("TKO-V;TKOCF-Q") - Giant Gold-Copper Deposit Advancing Towards Production Decision Robert G. Hunter, Chairman of Taseko Mines Limited is pleased to report that the Company is rapidly advancing its Prosperity Gold-Copper Project in the Cariboo-Chilcotin region of British Columbia towards a production decision. Taseko is completing a $7.0 million comprehensive feasibility study in conjunction with Concentrated Exploration Limited Partnership and has established with stakeholders an environmental assessment review schedule that is expected to facilitate government certification of the Prosperity Project during 1999. Based on 143,945 metres (472,265 feet) of large diameter core drilling in 326 holes, Independent Mining Consultants, Inc. has calculated a mineable reserve (proven and probable) for the Prosperity Deposit of 631 million tonnes (695 million tons) grading 0.254% copper and 0.464 grams gold per tonne (0.014 oz/ton). The reserve has a very high level of continuity which provides for efficient open pit mining. The mineable reserve contains 9.4 million ounces of gold and 3.5 billion pounds of copper. Mine plans call for the mineable reserve to be mined and milled in years 1 thru 16 of project life, followed by processing of low grade stockpiles. At the planned milling rate of 110,000 tonnes per day (40.15 million tonnes per year) annual metal production in concentrate during the initial 10 years of the 21 year project life is schedule to average 460,000 ounces of gold and 190 million pounds of copper. Gold production at this level would rank Prosperity the largest gold mine in Canada. //st AVERAGE ANNUAL METAL PRODUCTION SCHEDULE Production Period Recovered Metal in Concentrate Year Million lbs Cu Ounces Au 1- 5 186 474,000 6-10 194 445,000 11-15 206 416,000 16-21 129 257,000 1-10 190 460,000 CANADA'S LARGEST GOLD MINES RANKED BY 1997 GOLD PRODUCTION Mine Gold Production 1997 Gold Reserves Name Ounces Million Ounces Williams 402,000 4.9 Golden Giant 362,000 2.6 Dome 329,000 1.8 Campbell 325,000 2.2 PROSPERITY 460,000* 9.4 * Indicates Prosperity's comparative average annual gold output when in production. //et "We have some of Canada's best and brightest mine planners working around the clock on the advancement of this exciting project and more than 45,000 professional hours are being dedicated to a detailed Prosperity Project Feasibility Study," said Taseko President and Chief Executive Officer, Robert A. Dickinson. Kilborn Engineering, a subsidiary of SNC Lavalin, one of North America's oldest and most respected full-service mining and mineral processing consulting groups is spearheading the final feasibility study for the Prosperity Project. Kilborn and SNC Lavalin have earned a strong reputation with financial institutions around the world for excellence in mining feasibility and construction management. Other acknowledged independent experts consulting to the Prosperity Project include: Ian Hayward International Ltd.; Independent Mining Consultants Inc.; Knight Piesold Ltd.; Lakefield Research; Melis Engineering Ltd.; and Triton Environmental Consultants Ltd. The Prosperity Project will use conventional mining and milling technology and is being designed to utilize the economies of scale, with attendant high productivities and low unit operating costs, to achieve sustainable, high quality, long life production and profitability. Taseko recently signed a Cooperative Resource Development Protocol with the Government of British Columbia to develop terms and conditions for the potential supply of electrical power at a preferred rate to the Prosperity Project, pursuant to its 'Power for Jobs' initiative to utilize surplus hydroelectric power. The goal of both parties is to conclude an arrangement by March 31, 1999. Taseko is also reporting significant progress in the harmonized federal-provincial environmental review of the Prosperity Project. Taseko is expected to submit its final Comprehensive Project Study Report to the governments of British Columbia and Canada in mid' 1999, paving the way for certification of the Project. At the Company's extensive public meetings in the nearby community of Williams Lake, the vast majority of local stakeholders are expressing their overwhelming support for the mine development proposal. "Given the significant world-class internal and external resources working on the project, and the public and political support for its development, we fully expect that Prosperity will soon take its place among the most important mineral resource developments in Canadian history," Dickinson said. The Prosperity Deposit is located in the most efficient and productive open pit mining region in the world, in close proximity to a skilled workforce and excellent highway, railway and energy infrastructure. The operating cost per ounce of gold produced at Prosperity is expected to be in the lowest quartile of world gold mine production costs due to the opportunity for the Project to take advantage of the economies of scale available at a throughput rate of 110,000 tonnes per day; modern mining/processing technologies; flexible two metal price hedging strategies; and high copper by-product credits. Taseko Mines Limited is a British Columbia public company with 17.2 million common shares issued with shareholders located in Canada, United States, and Europe. Taseko shares are quoted in the United States on the NASDAQ National Market System (TKOCF) and trade in Canada on the Vancouver Stock Exchange (TKO). TEL: (604) 684-6365 Robert G. Hunter, Chairman FAX: (604) 684-8092 TOLL FREE: 1 800 667-2114 ______________________________________ (c) Market News Publishing Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041. -0- (CMN) Jan/21/ 99 16:02