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

To: npguy who wrote (414)	2/25/1999 8:52:00 PM
From: glen	Read Replies (1) \| Respond to of 572

$6 MILLION ACQUISITION COMPLETED February 25, 1999 Robert G. Hunter, Chairman of Taseko Mines Limited (VSE-TKO;NASDAQ-TKOCF) is pleased to announce that further to its news release of January 15, 1999, Taseko has completed the acquisition of 100% of the issued and outstanding shares of Concentrated Exploration Ltd. All conditions of Taseko's offer were met and Taseko has issued approximately 1.6 million of its common shares to the former owners of Concentrated Exploration Ltd., which is now a 100% subsidiary of Taseko. Concentrated Exploration Ltd. had controlled a 9% working interest in the Prosperity Project through the recent completion of approximately $6 million in exploration expenditures on the Project. These expenditures were incurred on feasibility level studies and have significantly advanced the Project. With the completion of this acquisition transaction Taseko owns a 100% interest in the Prosperity Project with no underlying interests whatsoever. In addition, the Company also advises that the terms of the private placement announced by news release dated December 11, 1998 have been amended to increase the price per unit to $2.04. The warrants comprised in the units will be exercisable at a price of $2.04 in the first year and $2.34 in the second year from the date of issuance. Under this amended private placement financing, $1,721,250 has been received for the issuance of 843,750 shares. Kilborn/SNC Lavalin is nearing completion of a $7.0 million comprehensive feasibility study of the Prosperity Gold-Copper Project. Kilborn's schedule calls for the Prosperity Gold-Copper Project Feasibility Study to be tabled during March 1999. 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 rank among the lowest 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. ON BEHALF OF THE BOARD Robert G. Hunter Chairman The Vancouver Stock Exchange has neither approved nor disapproved the information contained in this news release.