Taseko Mines Ltd.
Taseko Mines Ltd.: TASEKO’S C$1.05 PER SHARE OFFER FOR BCMETALS CORP.
Corporate News transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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TASEKO’S C$1.05 PER SHARE OFFER FOR BCMETALS CORP.
SET TO LAUNCH NOVEMBER 23, 2006
November 21, 2006, Vancouver, BC – Taseko Mines Limited (‘Taseko’ or the
‘Company’) (TSX:TKO) (AMEX:TGB) announced today that further to its
November 2, 2006 news release, it will launch a C$1.05 per share take-over
bid offer for all of the outstanding shares of bcMetals Corporation
(‘bcMetals’) (TSX VENTURE:C) on November 23, 2006. The offer represents an
11% premium over a recent third party offer for bcMetals. In light of
intervening events, Taseko has decided to lower the tendering threshold
condition for its bid from 90% to 66 2/3%. The other principal conditions
remain as previously announced and include the requirement for a
conditional settlement that would allow Taseko to acquire the minority
shares of bcMetals’ subsidiary, American Bullion Minerals Ltd., and the
defeat by bcMetals shareholders at their November 30, 2006 special meeting
of both the Limited Purpose Shareholder Rights Plan (or the deactivation of
the plan by the Board) and the resolution to approve the proposed joint
venture of the Red Chris Property with Global International Jiangxi Copper
Mining Company Limited.
Taseko President and CEO, Russ Hallbauer, stated, ‘As we have previously
commented, this is a solid bid and should appeal to the bcMetals
shareholders who would prefer to see cash-in-hand rather than hold shares
in a minority participant in a joint venture.’
The details of the offer will be included in a formal take-over bid
circular to be mailed to bcMetals shareholders and publicly filed in
accordance with applicable securities laws. The Taseko bid will also offer
C$0.02 for each out-of-the-money bcMetals share purchase warrant. Taseko
intends to promptly make the necessary regulatory filings in respect of the
offer. The offer will be subject to other customary conditions, including
receipt of any necessary regulatory approvals and absence of material
adverse changes, all of which conditions will be described in detail in the
formal bid circular.
About Taseko Mines Limited
Taseko is positioned to provide immediate returns and longer term growth
through its large scale, long life Gibraltar copper-molybdenum mine, its
advanced stage Prosperity gold-copper project on which feasibility-level
studies are underway; and its Harmony property that hosts a large gold
deposit with longer term development potential. All the projects are
located in British Columbia, Canada.
For further details on Taseko and its properties, please visit the
Company’s website at www.tasekomines.com 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 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 oriented information includes the timing of making a take-over
bid and the uncertainties of in regards to its possible success and related
regulatory approvals. Mining is a risky business and 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
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
(c)DGAP 21.11.2006
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