Taseko Mines Ltd.
TASEKO ANNOUNCES SECOND QUARTER RESULTS FOR FISCAL 2007

Taseko Mines Limited. / Quarter Results

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TASEKO ANNOUNCES SECOND QUARTER RESULTS FOR FISCAL 2007

May 14, 2007, Vancouver, BC – Taseko Mines Limited ('Taseko' or the
'Company') (TSX: TKO; AMEX: TGB) announces its financial results for the
quarter ending March 31, 2007, including production and sales for the
Gibraltar Mine located near the City of Williams Lake in south-central
British Columbia.   All dollar amounts are stated in Canadian currency
unless otherwise indicated.

Overview & Highlights

Taseko’s cash flow from operations was $12.3 million and earnings were
$11.5 million or $0.09 per share ($0.08 per share fully diluted) for the
quarter ended March 31, 2007.

As shown in the table below, cash flow from operations for the quarter
increased by $5.0 million and net earnings increased by $8.4 million, over
the comparable period in the previous fiscal year.


                         Quarter Ended             Quarter Ended
                         March 31, 2007            March 31, 2006
                                                            
Revenue1                 $51.6 million             $37.5 million
Copper                   $46.3 million             $31.2 million
Molybdenum               $4.8 million              $6.3 million
Cash Flow2               $12.3 million             $7.3 million
Cash Flow per Share      $0.10                     $0.07
(basic)
Earnings (after tax)     $11.5 million             $3.1 million
Earnings per share       $0.09                     $0.03
(basic)




1 Includes revenue from sales of silver of $0.4 million (Q2-2007) and $0.3
million (Q2-2006)

2 Cash flow and cash flow per share are measures used by the Company to
assess its performance.  They are not terms recognized under generally
accepted accounting principles.  Cash flow is defined as cash flow from
operations including net change in working capital balances and cash flow
per share is the same measure divided by the number of common shares
outstanding during the period.

Taseko’s realized prices for copper and molybdenum sales for the quarter
were US$3.13 per pound and US$26.60 per pound, respectively, reflecting the
Company’s unhedged selling program.

The Phase 1 Mill Expansion is on time and budget; the first bank of
flotation cells was operational May 10.

Scoping level engineering for a Phase 2 Mill Expansion indicates an
additional 10,000 tons per day can be achieved at a capital cost of $35
million; detailed engineering is underway.

Taseko sourced and purchased three new 240-ton Haulage Trucks in Edmonton,
Alberta, thereby reducing the time for manufacture and delivery by eight
months.  The trucks were assembled and put into operation in April 2007.

A new larger Primary Crusher was purchased for early delivery to complement
mine and concentrator expansion.

$2 million was spent on drilling to further expand the reserves of the
Pollyanna and Granite Pits at Gibraltar.

Taseko spent $2.5 million during the quarter to advance the feasibility and
environmental assessment studies on the Prosperity Gold-Copper Project.

Gibraltar Mine

Second Quarter 2007 Production

The following table is a summary of the operating statistics for the second
quarter of fiscal 2007 compared to the same quarter in fiscal 2006.


                                                     Q2 - Fiscal Q2 -
Fiscal
                                                     2007        2006
Total tons mined (millions)1                         8.7         9.9
Tons of ore milled (millions)                        2.3         2.7
Stripping ratio                                      2.6         2.8
Copper grade (%)                                     0.315       0.300
Molybdenum grade (%Mo)                               0.010       0.010
Copper recovery (%)                                  78.2        79.7
Molybdenum recovery (%)                              33.8        42.7
Copper production (millions lb)                      11.83       12.8
Molybdenum production (thousands lb)                 160         231
Copper production costs, net of by-product credits2, US$0.96     US$1.07
per lb of copper
Off property costs for transport, treatment          US$0.37     US$0.43
(smelting & refining) & sales per lb of copper
Total cash costs of production per lb of copper      US$1.33     US$1.50




1 Total tons mined includes sulphide ore, oxide ore, low grade stockpile
material, overburden, and waste rock which were moved from within pit limit
to outside pit limit during the period.

2 The by-product credit is based on pounds of molybdenum and ounces of
silver sold.

   3 Copper production includes 11.2 M lb in concentrate and 0.6 M lb in
cathode.

  

Total tons mined in the second quarter were affected by low drill fleet
productivity as a result of harder waste rock being encountered in the
Granite Pit.  The lower drill production reduced material available for
movement by both shovel and trucks during February and March. Concentrator
operations were negatively affected by a high percentage of very fine ore
with high moisture content.  This material affected mill throughput by
plugging the primary crusher as well as screens and surge bins in the
secondary crushing system.  Molybdenum recovery was also affected by the
performance of the copper circuit.

Inventory and Sales

  - Copper concentrate sales for the quarter were 20,094 wet metric tonnes
    ('WMT'), containing 11.8 million pounds of copper and molybdenum
    concentrate sales of 162 WMT, containing 155,395 pounds of molybdenum.

  - Copper concentrate inventory at March 31, 2007 was 2,608 WMT (1.5
    million pounds of copper), and molybdenum in concentrate inventory was
    14.9 WMT (14,408 pounds of molybdenum).

 Mill Expansion Project

Expansion and upgrade of the concentrator facility at the Gibraltar mine
commenced in the third quarter of fiscal 2006.  The upgrade and expansion
project will increase the copper production capacity of the Gibraltar mine
to approximately 100 million pounds of copper per year by calendar 2008 by
increasing throughput and improving metal recovery.

The expansion consists of the addition of a new 34-foot semi-autogenous
(SAG) mill, conversion of three rod mills to ball mills, and replacement of
the 98 small-cell rougher flotation circuit with ten 160-cubic meter tank
flotation cells. The major SAG mill components are being constructed in
Europe and are on-schedule for delivery during the summer of 2007.  The
construction of the foundations for the mill itself and the associated
facility is complete and erection of the mill building has begun.  The
first five of ten tank flotation cells are in place and operational.
Commissioning of the next five tank cells will occur at the end of July. 
The SAG mill is on schedule for commissioning in December 2007.

Labour

There was one lost time accident during the quarter. The number of
personnel at the end of the quarter was 311, compared to 274 at the end of
the same quarter of fiscal 2006.

Exploration Drilling

In fiscal 2006, a 61,500-foot exploration drilling program was carried out
to define the mineral resources between the existing Gibraltar open pits,
tie together the extensive mineralization zones, and test for additional
mineralization at depth.  The program was very successful, leading to a 40%
increase in mineral reserves.

A $5 million, 106,000-foot (32,300 m) second phase drilling program began
during the second quarter of fiscal 2007.  Fifty-one drill holes were
completed or in progress at the end of the quarter, for a total of 43,860
feet (13,370 m).

2007 Production Forecast

Forecasted metal production for fiscal 2007 was initially estimated to be
between 60 and 70 million pounds of copper and one million pounds of
molybdenum. Achievement of the forecast was dependent on the concentrator
receiving ore with similar characteristics to that handled in the fourth
quarter of fiscal 2006, and ensuring that the changeover from the old
flotation systems to the new flotation cells being installed as part of the
concentrator expansion project went as planned.

Copper and molybdenum production in the first six months of 2007 has been
22.4 million pounds and 280,000 pounds, respectively.  Production has been
affected by the continued downtime of the primary crusher caused by fine,
wet ore coming from the Pollyanna pit, and cold temperatures, which caused
significant operational and throughput issues. Milling rates, however, have
exceeded the nameplate 60 million pounds per year capacity over extended
periods.

Moving forward, production results for 2007 will be contingent on the
success of cycling the remaining Pollyanna ore through the concentrator
during the spring and summer months, blending of the Granite Pit ore that
is currently coming on-line, and ensuring that the downtime to switch over
to the new flotation systems is kept to a minimum.

 Prosperity Project

On January 11, 2007, Taseko announced the positive results of a
pre-feasibility level study of its 100% owned Prosperity Gold-Copper
Project.

The Company initiated a Feasibility Study for the project in late 2006. 
The Study is undergoing a thorough review and optimization which will move
the final date for completing the report into June.

Taseko’s efforts have resulted in a Department of Fisheries and Oceans
recommendation to the federal Minister of Environment that the Project be
referred to a Joint Panel Review.  Taseko and its environmental consultant
are actively engaged at a technical level with federal and provincial
regulatory agencies in the review of the Project. This work will continue
in anticipation of a Joint Panel Review, and maintaining the overall
timeline for an Environmental Assessment Certificate for the Project.

Financial Results

The Company’s pre-tax earnings for the quarter ended March 31, 2007
increased to $23.0 million, compared to $5.5 million in the same period in
2006. The increase in pre-tax earnings is due mainly to higher realized
metal prices for sales during the quarter compared to the same period in
the prior year.  The Company’s after-tax earnings for the quarter increased
to $11.5 million, compared to $3.1 million for the same period in fiscal
2006.

The Company reported revenues (including silver) of $51.6 million for the
quarter, compared to $37.5 million in the second quarter of 2006.  Despite
a decrease in pounds sold, revenues increased due to significantly higher
copper prices compared to the same period in 2006. The average price per
pound of copper concentrate sold increased to US$3.13 per pound, up from
US$2.06 in second quarter of fiscal 2006.

Revenues for the quarter consisted of copper concentrate sales of $46.3
million (Q2-2006 – $31.2 million); molybdenum concentrate sales of $4.8
million (Q2-2006 – $6.3 million); and silver concentrate sales of $0.4
million (Q2-2006 – $0.3 million).

Cost of sales for the second quarter of fiscal 2007 was $24.0 million,
compared to $29.2 million for the same period in fiscal 2006.  Costs of
sales consists of total production cost of $19.4 million (Q2-2006 – $22.5
million) for metal produced and sold during the quarter, plus a copper
inventory adjustment of $0.5 million (Q2-2006 – ($0.4 million)), and
transportation and treatment costs of $5.1 million (Q2-2006 – $6.6
million).  The decrease in cost of sales for the quarter was due to lower
sales quantities and lower waste to ore ratios in the Pollyanna Pit.

Amortization expense for the quarter was $0.7 million compared to $0.9
million for the same period in fiscal 2006.  The decrease from the prior
year was the result of a change in the recoverable reserves and expected
mine life at Gibraltar in fiscal 2007.  Mining and milling assets are
amortized using the units of production method based on tons mined and
milled divided by the estimated tonnage to be recovered in the mine plan. 
An increase in recoverable reserves results in higher estimated tonnage to
be recovered in the mine plan and hence, a reduced annual amortization
rate.

Exploration expenses for the quarter increased to $2.5 million, compared to
$0.5 million for the same period in fiscal 2006.  This increase was due to
a higher level of exploration activity at the Company’s Prosperity project,
and includes activities relating to the preparation of an environmental
impact assessment and an updated feasibility study for Prosperity.  During
the quarter, the Company also capitalized $2.0 million of exploration
expenses related to increasing the reserves and life of mine at Gibraltar.

General and administrative costs for the quarter increased to $2.8 million
from $1.5 million for the same period in fiscal 2006.  The main increase
was attributable to higher staffing levels and an increase in corporate
activities relating to the Company’s acquisition and tax planning
initiatives.

Stock-based compensation increased to $2.3 million, compared to $0.5
million in the same period in fiscal 2006, as a result of new share
purchase options and a higher fair value on the options granted during the
quarter.

The Company recorded a foreign exchange gain of $0.5 million in the quarter
which was mostly unchanged compared to $0.4 million in the same period in
fiscal 2006.  A significant portion of the Company’s cash reserves are
denominated in US dollars, along with convertible debt.

Interest and other income increased significantly to $3.0 million as
compared to $1.5 million in Q2-2006.  The increase was mainly due to
interest earned on the Company’s increasing cash balances and a realized
gain of $0.6 million on the repayment of the investment in Continental
Minerals Corporation. The Company also recorded a $1.5 million gain on
disposition of marketable securities of the bcMetals Corporation.

Current and future income taxes of $11.5 million were recorded in the
quarter, compared to $2.4 million in the same period of fiscal 2006.  The
increase in income taxes is due mainly to the depletion of tax pools as a
result of the Company’s continued profitability.  The Company also has a
tax liability provision of $22.1 million (2006 – $19.6 million) recorded on
the Company’s balance sheet.  This provision relates to an income tax
expense recorded in fiscal 2004 for a subsidiary company which management
believes is less than likely of ever becoming payable.  For further
details, see the Management Discussion and Analysis for the year ending
September 30, 2006.

Taseko will host a conference call on Tuesday, May 15 at 11:00 a.m. Eastern
Time (8:00 AM Pacific Time) to discuss these results. The conference call
may be accessed by dialing (800) 688-0836, or (617) 614-4072
internationally. The passcode is 18680305. A live and archived audio
webcast will also be available at www.tasekomines.com in the Corporate
Events section of the Investor Centre.  The quarterly financials will be
posted with this news release on the Company’s website.

For further details on Taseko Mines Limited, please visit the website or
contact Investor Services at (604) 684-6365 or within North America at
1-800-667-2114.

Russell Hallbauer 

President and CEO

No regulatory authority has approved or disapproved the information
contained in this news release.

Forward Looking Statements

This release includes certain statements that may be deemed
'forward-looking statements'. All statements in this release, other than
statements of historical facts, that address estimated resource quantities,
grades and contained gold, possible future mining, exploration and
development activities, are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements should not
be in any way construed as guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market
prices for metals, the conclusions of detailed feasibility and technical
analyses, lower than expected grades and quantities of reserves or
resources, mining rates and recovery rates and the lack of availability of
necessary capital, which may not be available to the Company on terms
acceptable to it or at all. The Company is subject to the specific risks
inherent in the mining business as well as general economic and business
conditions. For more information on the Company, Investors should review
the Company's annual Form 20-F filing with the United States Securities and
Exchange Commission and its home jurisdiction filings that are available at
www.sedar.com.



Contact:
Brian Bergot

1020 · 800 W Pender St.
Vancouver BC
Canada V6C 2V6
Tel  604 684 · 6365
Fax 604 684 · 8092
Toll Free 1 800 667 · 2114
http://www.tasekomines.com


DGAP 16.05.2007 
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