Taseko Announces Gibraltar Production

 

VANCOUVER, BC - Taseko Mines Limited reported on production and cost results for the second quarter 2009.

During the second quarter of 2009, the Gibraltar Mine produced 19.1 million pounds of copper and 217 thousand pounds of molybdenum. For the first six months of 2009, Gibraltar has produced 39.0 million pounds of copper and 404 thousand pounds of molybdenum, representing a 46% increase in copper production compared to the same period in 2008. These quarterly production figures are in line with annual production guidance of 80 million pounds of copper and 800 thousand pounds of molybdenum.

Total (on-site and off-site) cash costs for the second quarter were US$1.30 per pound. For the first six months of 2009, total cash costs averaged US$1.23 per pound.

Russell Hallbauer, President and CEO of Taseko stated, "These production and cost results demonstrate the improved capabilities of Gibraltar's upgraded concentrator and new mining equipment. The copper price strengthened during the second quarter, averaging US$2.12 per pound on the London Metals Exchange. Hallbauer continued, "Concentrator upgrade work recommenced in the second quarter with the installation of the new vertimill will increase metal recoveries by an estimated 3%. In conjunction with additional capital projects, we are on track to achieve annual production capacity of 115 million pounds of copper by the middle of 2010. Engineering and operations personnel are currently examining ways to accelerate this timeframe."

The company’s address is 300 - 905 West Pender Street, Vancouver, BC V6C 1L6, (778) 373-4533, fax: (778) 373-4534.