TKO ANNOUNCES TK0 ANNOUNCES TKO AN |
Taseko Mines Limited
1020 - 800 W Pender St.
Vancouver BC
Canada V6C 2V6
Tel 604 684 - 6365
Fax 604 684 - 8092
Toll Free 1 800 667 - 2114
www.tasekomines.com
TASEKO UPDATES STATUS OF
THE GIBRALTAR MILL EXPANSION AND SX/EW RESTART
August
14, 2006, Vancouver, BC -
Taseko Mines Limited (TSX: TKO; AMEX: TGB) announces a status update on the
Mill Expansion Project and restart of the Solvent Extraction/Electrowinning
(SX/EW) Plant at its Gibraltar Mine, located near the City of Williams Lake
in south-central British Columbia.
The Mill Expansion Project is proceeding on schedule and on budget.
This Project will result in a 30% increase in annual metal production capacity
and a 10% reduction in Gibraltar's site unit operating costs by the end
of 2007. These improvements will be achieved by increasing mill throughput
to 46,000 tons per day with a new semi-autogenous grinding (SAG) mill, and
by increasing metal recovery with new state of the art flotation equipment.
The international engineering firm HATCH Ltd has been retained to perform
overall engineering, procurement, construction and management services for
the project and Farnell-Thompson has been retained to direct source the components
of the SAG Mill.
Major SAG Mill components are ordered and scheduled to arrive at site by mid
2007. The new large tank flotation cells are on order from Outokumpu, with
delivery to site in late 2006.
The project construction team is on the mine site and work has commenced.
Major excavation for the SAG mill facility will begin August 16th
and the foundations will be completed prior to the end of 2006. Winter construction
will focus on the flotation installation inside the existing mill building.
The expansion project will not cause any significant interruption to mill
operations during the construction phase.
The new flotation cells will be commissioned in August 2007 and the new SAG
mill in December 2007.
The SX/EW Plant, which has been idled since 1997, is undergoing a re-start
program. The project is on schedule and on budget. Refurbishment of the plant
mechanical and electrical systems and an upgrade of the plant control system
are underway. As the restart work has progressed, many components have been
found to be in better condition than anticipated and the availability and
pricing of operating supplies is as good, or better, than anticipated.
The SX/EW plant has the capacity to add 7 million pounds to Gibraltar's
annual copper production. Cathode copper production from the plant will commence
in late 2006.
For further details on Taseko Mines Limited, please contact Investor Services
at (604) 684-6365 or within North America at 1-800-667-2114.
Russell Hallbauer
President and CEO
The TSX Exchange and the American Stock Exchange have neither approved nor
disapproved of the contents of this press release.
This news release contains forward-looking statements that
are based on current expectations and which involve risks and uncertainties,
including those referred to in Taseko's Annual Information Form ("AIF")
filed with Canadian securities regulatory authorities, or Taseko's annual
Form on 20F ("20F") filed with United States securities regulatory
authorities, that could cause actual events or results to differ materially
from estimated or anticipated events or results reflected in the forward-looking
statements. Such forward-looking statements include statements regarding financial
results and expectations for 2006 and include, among other things, statements
regarding targets, estimates and/or assumptions in respect of copper production
and/or copper prices, cash operating costs, expenditures on property, plant
and equipment, increases and decreases in production, reserves and/or resources
and anticipated grades and recovery rates and are or may be based on assumptions
and/or estimates related to future economic, market and other conditions.
Factors that could cause actual results, developments or events to differ
materially from those anticipated include, among others, the factors described
or referred to elsewhere herein and/or in the AIF and 20F, and include unanticipated
and/or unusual events. Many of such factors are beyond Taseko's ability
to control or predict. Actual results may differ materially from those anticipated.
Readers are cautioned not to put undue reliance on forward-looking statements
due to the inherent uncertainty therein. Taseko disclaims any intent or obligation
to update publicly any forward-looking statements, whether as a result of
new information, future events or results or otherwise.
For further information on the Company, Investors should review the Company's
Canadian public filings at www.sedar.com or its US public filings at www.sec.gov.